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Turn transaction data into value with our GST consulting and GST compliance services
Businesses need to consider Goods and Services Tax (GST) when expanding internationally, creating new structures, developing new projects, or engaging in mergers and acquisitions.
However, as a transaction-based tax, the ongoing and efficient management of GST is a day-to-day business issue. The ATO expects all businesses – whether SMEs or large organisations - to have effective processes, finance systems, and controls to identify and meet GST obligations. Managing GST obligations can be one of the most significant administrative challenges for businesses. Many organisations end up overpaying GST, where even the smallest errors can be costly, and minor improvements can have a substantial impact.
What is GST?
Goods and Services Tax (GST) is a broad-based tax of 10% on the sale of most goods, services and anything else consumed in Australia. Not-for-profit organisations with a turnover of $150,000 or more must register for GST. If your business is registered for GST, you must collect this extra money (one-eleventh of the sale price) from your customers. You pay this to the Australian Taxation Office (ATO) when it’s due.
How RSM can help with GST advice and indirect taxes:
Our GST experts have in-depth experience in providing practical and commercial advice to organisations of all shapes and sizes and can advise your business when structuring your transactions and arrangements.
OUR GST CONSULTING SERVICES
Our GST experts have indepth experience in providing practical and commercial advice to organisations of all shapes and sizes and can advise your business when structuring your transactions and arrangements.
Our GST consulting team can:
- Assist businesses structure their organisations and their supply chain to minimise unrecoverable GST costs
- Assisting with the GST issues for proposed merger and acquisition activity
- Structure local, international contracts and transactions and cross border activity to minimise GST and customs duty costs
- Assist property developers and other property holders with GST issues for property sales, including the going concern and margin scheme concession
- Manage dealings with the ATO, including ATO reviews, ATO audits, securing GST refunds and remission of penalties and General Interest Charge
- Assist financial institutions, credit unions and managed funds on maximising their input tax credit recovery, including RITC reviews
- Assist government agencies, councils, NGOs and NFPs on the specific and particular GST and indirect tax issues faced by the public and charitable sectors
- Process improvement, systems and compliance reviews for GST identification and management
- Indepth data analysis of your business’ data to identify GST opportunities, compliance issues or other process anomalies such as duplicate payments
- Development of GST procedures, manuals and training of accounts payable and finance staff
KEY CONTACT
Sam Mohammad leads RSM's National indirect tax practice and has over 16 years of experience advising on indirect taxes. Sam specialises in providing practical and easy-to-understand GST, duty, payroll tax, and fuel tax credit advice on complex matters.
