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| Business Integrity & GST Reporting |
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Business Integrity & GST Reporting
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| Are you? |
- A business registered for GST? |
| At a glance: |
- The Tax Office has published a guide to explain the necessity of effective business systems and processes in ensuring accurate GST reporting. |
| You should: |
- Be aware of the system risks which could affect the integrity of information you provide the Tax Office.
- Contact us if you require any clarification or advice. |
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| 1. |
Businesses can often report incorrect amounts of GST if their business systems for capturing and recording GST information fail.
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| 2. |
Statistics show that businesses going through changes such as restructuring and changes in accounting systems and staff, are most at risk of incorrectly reporting GST.
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| 3. |
During the 2007/08 financial year, the Tax Office reviewed 1,864 businesses and raised $363 million in GST liabilities.
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| 4. |
Common causes for incorrect reporting of GST liabilities include:
• Failure of accounting systems;
• Incorrect or incomplete business activity statements;
• Incorrect interpretation of the GST legislation; and
• Incorrect classification of taxable supplies as GST free or non-taxable [click here for information about the ATO's new GST classification tool].
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| 5. |
For more information, click here, or visit the Tax Office website at http://www.ato.com.au.
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we help you?
Contact us
To discuss how we can
help your organisation,
call us on (02) 9874 8038 or
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