Business News

Class delivers Simpler BAS

Class last week announced Simpler BAS functionality was now supported in both Class Super and Class Portfolio.

According to Class, it is the first SMSF software provider to deliver this new functionality to accountants and administrators.

Simpler BAS is the default reporting method for small businesses, including SMSFs, with a goods and services tax (GST) turnover of less than $10 million.

This means those businesses now need to report less GST information on their business activity statement (BAS).

“We are pleased to have released Simpler BAS support in advance of the reporting deadline – the first SMSF software provider to do so,” Class chief executive Kevin Bungard said.

“The ability to lodge BAS through Class software has always delivered significant time savings for our customers.”

Simpler BAS was a government initiative announced in the 2016 federal budget with the intention of reducing the complexity of GST bookkeeping and reporting, and in doing so, reducing compliance costs.

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