The Australian Taxation Office (ATO) initiated a public consultation on 4 June, 2024, regarding the Supplementary annual GST returns for the Top 100 and Top 1,000 public and multinational business taxpayers.
The consultation is set to conclude in August, 2024.
In 2024–25, the ATO is introducing a new supplementary annual reporting requirement for the top 100 and top 1,000 taxpayers who have received a GST assurance rating through an earlier GST (Goods and Service Tax) review.
Purpose of the consultation is to seek feedback in order to understand what guidance is required to assist taxpayers with completing the supplementary annual GST return.
The introduction of the return will enable ATO to make informed decisions about future engagements with taxpayers and enhance our treatment strategies and ability to monitor GST risks that arise in the large market.