GST Impact:
- Small business PAYG and GST installment relief
- Small business lodgement penalty amnesty
- AUD 588.8 million to the ATO over four years as from 1 July 2023 to continue a range of activities that promote GST compliance. This measure is estimated to increase GST receipts by AUD 3.8 billion, and other tax receipts by AUD 3.8 billion, over the five years as from 2022–23. These activities are aimed at ensuring businesses meet their tax obligations, including accurately accounting for and remitting GST, and correctly claiming GST refunds. Funding through this extension will also help the ATO develop more sophisticated analytical tools to combat emerging risks to the GST system;
Source Deloitte
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