In this segment, we focus on the GST side of tax governance. 

Episode 10 of the Demystifying Tax Governance Series with Louis Carney and Sam Mohammad. In this segment, we focus on the GST side of tax governance. The first cab off the rank is the newly announced Supplementary Annual GST Return.

What are the top five things to know about the Supplementary Annual GST Return?

• It is not a 12th BAS for the year, but rather a way to introduce more efficient, targeted reviews for top 100 and top 1000 taxpayers. Failure to lodge the Supplementary GST Return could result in penalties over $800,000 for significant global entities.
• Who is the ATO targeting and when must the return be lodged?
• Should you need to complete a supplementary annual GST return. the ATO will notify and send you the GST Return.
• The Supplementary Annual GST Return requires thoughtful consideration to fulfill correctly and spans a number of tax considerations.
• Processes and protocols should be put in place to help provide objective evidence to statements made in the Supplementary GST Return.

Knowing these key five things about the Supplementary Annual GST Return will help you prepare and demystify what it means for your business. 

For more information on this crucial element of tax governance, please join us in the tenth installment of RSM’s Demystifying Tax Governance series.  

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