The Australian Taxation Office (ATO) has introduced a new supplementary annual goods and services tax (GST) return for large taxpayers who have undergone a GST assurance review on 3 October 2024.
The new GST tax measure is part of a pilot programme to support the implementation of the new return. ATO will initially ask a small number of Top 100 and Top 1,000 taxpayers to respond to the return questions as part of their assurance reviews. This pilot will focus on the clarity and functionality of the questions.
The return covers:
- How taxpayers actioned recommendations, areas of low assurance, or red flags outlined by us in your most recent GST assurance review (including subsequent interactions);
- Whether taxpayers maintained or increased your level of GST governance and if you’ve had any material business or systems changes that impact your GST control framework since your last GST assurance review;
- The reconciliation between the taxpayer’s audited financial statements and their annualised business activity statements;
- whether taxpayers have taken any material uncertain GST positions in the period;
- whether taxpayers have identified any material GST errors in the period how these have been rectified, and whether they have claimed any material amounts of credits in the period that were referable to earlier periods.
Who is required to lodge
Public and multinational businesses that have received a GST assurance rating through a Top 100 or Top 1,000 assurance review are required to lodge a Supplementary annual GST return.
The return will be implemented for the 2024-2025 financial year and may be necessary for taxpayers who received one of the following GST assurance reports before 30 June 2024:
- Top 100 GST Assurance Report;
- Top 1,000 Combined Assurance Review report with a GST assurance rating;
- Top 1,000 GST Streamlined Assurance Review.
