- The ATO released its 2025-26 GST strategy for the financial services and insurance (FSI) sectors, highlighting key GST risk areas.
- Focus areas include GST apportionment methods, reduced input tax credits (RITCs), reverse charge for overseas services, and GST issues in mergers, acquisitions, and IPOs.
- The ATO is targeting specific FSI sub-sectors such as foreign financial suppliers, general insurers, cryptocurrency intermediaries, and specialist lenders.
- The ATO continues to conduct detailed reviews and requests comprehensive documentation to justify GST positions.
- FSI sector taxpayers are advised to review their GST compliance and governance in line with the ATO’s identified focus areas.
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.
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