Surge in GST Audits Expected – How Confident Are You If The ATO Came Knocking?
We all like to sleep well at night and avoid attracting the ATO’s attention.
But how confident are you really if the ATO came knocking?
Chances of that occurring are about to become more likely as the ATO plans to increase GST audits.
They have shed light on their criteria that raise red flags for audit selection:
- Level of turnover and GST liability.
- Material deviations from previous GST lodgements.
- Previous compliance history.
- Frequent late lodgement, extension requests and late payments.
- Retail industries and those with high volumes of cash transactions.
- Property and other sectors involving large, complex transactions.
- Financial records that deviated from industry norms.
- Income tax and GST records that don’t align.
- The size and frequency of GST refunds.
Having a bookkeeper can have a significant impact on the outcome of an audit by:
- Bringing you up to date.
- Keeping you up to date.
- Maintaining data accuracy and integrity.
- Ensuring GST treatment is in line with legislation.
- Assisting to keep your compliance lodgements up to date.
If you have fallen behind, fall into one of the above red flag categories or are not confident that you would stand well, should the ATO come knocking, now is the time to act.
Contact Beam for a free initial consult to discuss how we can help. Click the button below to get in contact with us now!
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