The federal government has pledged to simplify Business Activity Statement (BAS) reporting requirements for small businesses, with a trial of “simpler reporting arrangements” to commence on July 1.
While there was limited information about how reporting arrangements will be simplified in the budget papers, Small Business Minister Kelly O’Dwyer said in a statement the arrangements will mean businesses will spend less time “form filling”.
According to the statement, from July 1, 2017, businesses with less than $10 million in annual turnover will be able to “easily classify transactions and prepare and lodge their BAS”.
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