- The Australian Taxation Office (ATO) has published its latest findings on income tax and goods and services tax (GST) assurance reviews.
- The ATO aims to provide confidence that the largest taxpayers have paid the correct amount of GST.
- The level of assurance for GST payments among the Top 100 and Top 1000 taxpayers is as follows:
- Top 100: 95% assurance
- Top 1000: 90% assurance
- Deloitte Australia supports the ATO’s approach to publishing findings and encourages taxpayers to regularly review their GST outcomes.
- Concerningly, over 40% of Top 1000 taxpayers only make voluntary GST disclosures once they are notified of an assurance review.
- Taxpayer self-review should cover both technical areas and governance processes and systems.
- Preparation for an assurance review can lead to better outcomes and improved efficiencies in processes.
- Higher ratings in assurance reviews result in less intensive ATO attention and can demonstrate tax compliance credentials to stakeholders.
Source: taxathand.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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