New BAS
Our political masters have responded to the
need to change the BAS to make it simpler, particularly for small businesses.
There will be newly designed BAS forms. Those who report quarterly will receive
the new form for the quarter April to June 2001. Those who report monthly will get
the new form for June 2001 (according to documentation we have received from ATO).
There are two main ways in which the form has been simplified:
-
For GST, there are considerably fewer boxes to complete.
-
Quarterly Reporters. The form is likely to be tailored to you. It will only
seek information on the taxes you have to report on.
There are now several different quarterly BAS layouts, listed in order of
increasing complexity.
-
GST only
-
GST + PAYG tax withheld (i.e. tax deducted from employees’ wages).
-
GST + PAYG withheld + PAYG instalment
-
All of the above plus Fringe Benefits plus Wine Equalisation + Luxury Car Tax.
The intention is that you will receive the simplest form that covers the taxes you
report on.
Also there are other options for GST payment, and PAYG instalment payment. Although
these are not available to all businesses, these new options are generally available
to small businesses, subject to various requirements such as turnover below certain
amounts.
Instalment Activity Statement (IAS)
This form is required by businesses that do not report for GST, but still have tax
reporting obligations. There are now three different quarterly IAS forms. You should
receive the simplest form to cater for your needs.
Version 2.0 of BASiNET and
Version 6.1
of Lewis CROSS-CHEQUE have been modified to be compatible with the new BAS. No changes
were needed for
Lewis Accounts Payable
,
Lewis Accounts Receivable
or
Lewis PAY-PACK
.
Lewis BASiNET
|
Upgrades
|
Price List for BASiNET
