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Businesses with an annual turnover of more than $2 million should be given an annual summary of their business activity statement (BAS) forms by the Australian Taxation Office, according to Deloitte Touche Tohmatsu. Deloitte believes the federal government should re-visit the issue of BAS reporting procedures to make it more streamlined, and annual BAS summaries would be a step in the right direction. Deloitte Growth Solutions partner, Craig Kemsley, says the government's BAS changes last year have resulted in a mix of reporting choices and more confusion among growing businesses. Kemsley notes there is presently no formal means for businesses with turnover of more than $2 million to prepare annual BAS data in line with annual accounting and income-tax returns. At present, businesses with annual turnover exceeding $2 million must report their BAS either monthly or quarterly. But Kemsley says many growing businesses of this size are being forced to conduct a separate reconciliation process to ensure their BAS reporting matches their annual tax-compliance procedures. "These companies are telling us an annual summary would allow them to simply compare and contrast BAS data with other annual reportables," he says. "Twelve months after the first BAS changes were announced by the Treasurer, we believe there is scope to make further adjustments which would greatly lift the compliance burden. "Many organisations and companies provide annual summaries to their suppliers, and it would certainly be useful and practical if the ATO were able to do so as well." Under present compliance requirements, Kemsley says each BAS lodgment (monthly or quarterly) is made independently. "Once lodged, BAS data is never revisited and compiled on an annual basis. It should be, to assist companies - and the ATO - in the task of annual tax compliance," he says.