October 1: GST D-Day or BAS relief?

October 1: GST D-Day or BAS relief?

Businesses who think they have successfully handled the GST so far can't relax yet, warns Kevin Lief, managing director of Pastel Accounting Software.

October 1 will be the next GST D-Day for many business with the first business activity statement (BAS) due to be handed to the Australian Taxation Office after the first three months of the new tax system.

"That's the next date we're watching," Lief said. "October 1 will actually be crunch time."Lief said he expects the second wave of GST terror to hit at the end of September when businesses begin to fulfil the BAS requirements.

Meanwhile, according to Lief, most Pastel customers appeared to have survived the new tax reform fairly unscathed.

Pastel's help desk was busy on Friday night and Saturday, but calls reached an all-time low on Monday, Lief claimed. "Call volumes were relatively low," Lief said of the whole weekend.

"Saturday was as busy as a normal weekday, Sunday got very quiet and Monday morning it was like a graveyard," he said.

"Everyone was focusing on the first day of trading."According to Lief, most enquiries have been related to the BAS and capital items tax changes.

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