The Australian Taxation Office (ATO) has recently shared details regarding the GST compliance risk areas it is focusing on with public groups and multinational enterprises (MNEs) during FY 2023-24 (i.e., the year ending 30 June 2024).
The ATO has shared these areas for the review activities it will be conducting, and has also advised that it is moving into its “Next Actions” campaign for those groups that were previously subject to some form of assurance review. The ATO has confirmed that it will be looking to those areas identified previously as “medium” and “high” risk. Where there has been little or no taxpayer action on previously identified risks, taxpayers can expect a more rigorous set of follow-up actions.
Source: taxathand.com
Latest Posts in "Australia"
- ATO Draft GST Ruling on Recipient Created Tax Invoices
- ATO Guidance on Tax Treatment of Renewable Energy Compensation Payments
- ATO Publishes New Guidance on the Income Tax and GST Treatment of Renewable Energy Project Compensation Payments
- Draft LI 2026/D19 Remakes the Purchases Snapshot Simplified GST Accounting Method for Restaurants, Cafes and Caterers
- ATO Rules on GST-Free Gifts and Donations to NFPs
