- The ATO is introducing a Supplementary annual GST return for the 2024-25 financial year.
- This applies to Top 100 and Top 1,000 taxpayers with a GST assurance report by 30 June 2024.
- Taxpayers will be notified by the ATO if they need to complete the return.
- The return includes 12 questions covering ATO recommendations, GST governance, financial statement reconciliation, uncertain GST positions, and GST errors.
- Material issues are defined as GST at issue of $250,000 or more for Top 1,000 taxpayers or $500,000 or more for Top 100 taxpayers.
- Objective evidence should be retained to support responses.
- The ATO will use the return to monitor GST risks and adjust its review approach.
- The return is not expected to lead to compliance activity unless material uncertain GST positions are reported.
- Businesses required to lodge the return are those with specific GST assurance reports received by 30 June 2024.
- Nearly half of the Top 100 and Top 1,000 taxpayers are expected to report for the 2024-25 financial year.
Source: pwc.com.au
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.
