Simpler BAS Reporting 1/7/17

  • 1
  • Question
  • Updated 1 year ago
  • Answered
Just received advice from Tax Office re new simpler BAS reporting from 1/7/17. Using Reckon Accounts Plus 2017. Will this need to be changed in anyway to work with the new reduced requirements?
Photo of Tim Cross

Tim Cross

  • 362 Points 250 badge 2x thumb

Posted 1 year ago

  • 1
Photo of Rav

Rav, Community Manager

  • 49,602 Points 20k badge 2x thumb
Hi Tim,

The upcoming tax table update for the Reckon Accounts business range will make slight changes to accommodate the new Simple BAS requirements. Namely, options G2, G3, G10 & G11 will not be available for input.




Photo of John Graetz

John Graetz

  • 16,388 Points 10k badge 2x thumb
Rav, the Simpler BAS only refers to small businesses with a turnover up to $2M.  So by greying out those options, you are not allowing bigger businesses to to use the Simplified BAS report any more.  Why are you not having a selectable option to be classified as a small or a big business instead, so that bigger businesses can still use the report in the same manner as they do now?
John L G
(Edited)
Photo of Neil

Neil, Product Manger

  • 1,200 Points 1k badge 2x thumb
Hi John,

Simpler BAS is going to be the default reporting method for Businesses with an annual GST Turnover less than $10 million.

There's a new Simpler BAS option in the BAS Config window (you can see it in Ravs screenshot). When selected, those additional fields that no longer need to be reported will be greyed out.

Larger businesses can deselect this option and report the BAS including the additional fields of G2 - G11. (the ATO now refers to this as the Full Reporting Method)


Regards
Neil
Photo of John Graetz

John Graetz

  • 16,388 Points 10k badge 2x thumb
Thanks for the clarification Neil.  I should have compared the current format to the new, but I didn't.
John L G
Photo of Peter Blackwood

Peter Blackwood

  • 90 Points 75 badge 2x thumb
For those of us using Quickbook Plus 2009-10, will there be a tax table update from Reckon to accomodage the new Simpler BAS for businesses under $10m?
Photo of Luke

Luke, Employee

  • 3,180 Points 3k badge 2x thumb
Hi Peter,

Unfortunately not, tax table updates are only provided to users on current subscriptions. I.e. you would need to be using Reckon Accounts 2017.

Luke.
Photo of Peter Blackwood

Peter Blackwood

  • 90 Points 75 badge 2x thumb
Oh well, guess I'll muddle on without it.  For my little business, the cost of a subscription is not really justifiable for this one minor inconvenience.  Quickbook Plus already has many features which I neither need nor use, so I can't see the value in paying for these (and probably many more) features again in a new version. 
Photo of Peter Blackwood

Peter Blackwood

  • 90 Points 75 badge 2x thumb
You say 'unfortunatley'.  It must be in Reckon's power to turn this around to something along the lines of:  'fortunately Reckon recognises the loyalty of its customers and is able to offer at a reasonable price tax table updates tailored to those customers whose accounting needs are such that incurring the cost of a complete upgrade is not viable'.
Photo of John Graetz

John Graetz

  • 16,432 Points 10k badge 2x thumb
Peter, as I understand things, the tax table update has nothing to do with the Simpler BAS as it should only relate to payroll.  It is just that at the end of June, the Simpler BAS comes into effect and also new tax scales come into effect too and therefore Reckon is taking the opportunity to provide an update to both at the same time for those who have a current subscription.
John L G
Photo of Peter Blackwood

Peter Blackwood

  • 90 Points 75 badge 2x thumb
OK, I'll re-phrase my propostion: 'fortunately Reckon recognises the loyalty of its customers and is able to offer at a reasonable price the Simpler BAS update to those customers whose accounting needs are such that incurring the cost of a complete upgrade is not viable'.
Photo of John Graetz

John Graetz

  • 16,432 Points 10k badge 2x thumb
Interesting proposition Peter and worthy of some consideration.  However, I am not too sure how they could make it available to a range of people using a range of different versions, but I suppose that there could be a way to do that. Anyway, depending on just how you are lodging your BAS, it may not be an issue.  If you are lodging a paper return, those labels will not appear and no doubt the same would probably apply if you are lodging via Auskey.  It would just be a case of ignoring those figures which appear when you run your Simplified BAS in Reckon or simply deleting them as they are not required..  Perhaps if you are using GovConnect there might be a different issue, but as I don't use that, I cannot comment.
John L G
(Edited)
Photo of Annette Harris

Annette Harris

  • 488 Points 250 badge 2x thumb
I have a question regarding the CAG or label G10 - do we just just NCG instead in our coding to get around the GST not being reported if G10 is not going to be available 
Photo of John Graetz

John Graetz

  • 16,348 Points 10k badge 2x thumb
Annette.  I suggest that you have a look at the following article by the ATO:
https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/In-detail/Simpler-BAS-GST-bookkee...
It would seem from that, that you will probably need to use a specific single code for all sales which include GST and a different code for all purchases which include GST.  Ultimately I would assume that Reckon will dictate which codes are to be used e.g. GST for sales and say NCG for purchases.  One of the beauties with the new system is that where there are mixed supplies in a purchase, it will no longer be necessary to segregate them into NCG and NCF.  Instead, change the GST preferences so that the automatic calculation of GST can be over-ridden and then just record the actual amount of GST included in the purchase.  Reckon already has this option available to override. That is going to save a lot of hassle in the future.
By the way, no purchase costs will be recorded on the BAS in the future, only the amount of GST to be claimed back.
John L G