- Public and multinational companies with a GST assurance rating must submit a supplementary annual GST return to the ATO via email.
- The ATO published instructions on May 7 for completing the 2025 return form.
- Instructions cover sections of the return form, including entity details and governance recommendations.
- Companies should address ATO recommendations and resolve any identified issues.
- Instructions include guidance on GST governance, reconciling financial statements, and reporting errors.
- Information on penalties for late or incorrect filings is provided.
- An example of a correctly completed return is included for reference.
- Significant global entities face higher penalties for non-compliance.
Source: vatabout.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.
Latest Posts in "Australia"
- Australia Publishes Updated Consolidated Text of New Tax System (GST) Act 1999, Effective Jan. 1
- OECD Urges Australia to Broaden and Raise GST for Fiscal Sustainability and Economic Growth
- OECD Urges Australia to Raise GST and Boost Affordable Housing to Address Budget Deficit
- GST Fraud, False Invoicing, and Gold Dealer Scams Top ATO’s Crime-Fighting Priorities
- Understanding GST Exemptions, GST-Free, and Input Taxed Status for Australian Businesses
