Some joy in BAS plans

BUSINESS groups have walked away happy from a meeting with senior Federal Government figures about simplifying the Business Activity Statement.

Final outcomes from the meeting are yet to be locked in.

Those who took part are tight-lipped about the proposals but confident simplification is coming.

“The outcomes seemed pretty firm,” Institute of Chartered Accountants in Australia tax counsel Brian Sheppard said.

“The Government had a framework in mind that was pretty similar to our wish list. They’re looking at the right issues.

“There was a difference of opinion over the final option though.”

CPA Australia national president Jocelyn Morton said the discussions went a long way to achieving simplification of the BAS system for small and medium-sized businesses across Australia and will help reduce compliance costs.

Combined Small Business Organisations of Australia chief executive Rob Bastian said he was sure there would be a positive outcome.

“We want to see what the Government intends to do, put in place as quickly as possible and as completely as possible,” Mr Bastian said.

“We don’t want to see simplifications in dribs and drabs.”

Mr Bastian said simplifying the BAS would only be the first step.

“The BAS is only the surface of the issue. There was a lot of extra paperwork created with the introduction of the new tax system,” he said.

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