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Simpler BAS for small businesses

The ATO have introduced a simpler BAS to take effect from 1 July 2017 to help reduce GST compliance costs for small businesses.

From 1 July 2017, small businesses will only need to report GST on sales (1A); GST on purchases (1B) and Total sales (G1) on their BAS. Businesses will no longer need to report Export sales (G2), other GST free sales (G3), Capital purchases (G10) and Non-capital purchases (G11).

Newly registered small businesses will have the option to report less GST information on a simpler BAS from 19 January 2017.

Small businesses registering from 19 January 2017 will need to do the following:
– If ‘quarterly’ GST reporting cycle is selected when registering for GST, you will need to select ‘Option 2: Calculate GST quarterly and report annually’ on your first BAS.
– If a ‘monthly’ GST reporting cycle was selected at registration, you can insert ‘0′ at G2, G3, G10 and G11 on your BAS.
– If an ‘annual’ GST reporting cycle was selected at registration, you can leave G2, G3, G10 and G11 blank on your Annual GST Return.

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What to consider when consolidating your super

August 27, 2020

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds’ policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready: