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With GST debt rising, the ATO is set to ramp up their focus on GST audits.
With GST debt rising by almost 30% to $15.9 billion in the 2022-23, the ATO is set to ramp up their focus on GST audits.
GST debt is climbing faster than total collections which rose just 10% in the same period to $81.3 billion. Interestingly, tougher compliance measures have already increased collection results with the GST Compliance Program said to have collected $1.4 billion more than expected. These collection efforts, however, aren’t keeping up with rising debt.
In light of the January release of the ATO’s GST performance report, the Australian Bookkeepers Network (ABN) Director, Peter Thorp, encourages bookkeepers to renew vigilance in recording client GST debt with the heightened focus on collection efforts.
“The ATO has for a year now been tougher on collection efforts to return small business debt to where it was pre-pandemic,” said Peter.
“Given the growing percentage of GST debt despite the collection efforts being more successful than expected, it can be predicted the ATO gives even more attention to GST collection,” continued Peter.
Peter continues by explaining what bookkeepers can be mindful of that red flag issues to the ATO that prompt audits.
“Red flags include significant reductions to liability amounts compared to previous years or continued late lodgement of GST,” said Peter.
Beyond trying to limit insolvent companies trading, fraud is also on the ATO’s radar with the ATO preventative measures said to have kept fraudsters at bay by upwards of a billion dollars GST in the last financial year.
“With fraudsters trying to rob such a big chunk of GST from the tax system, the ATO is leveraging more from the fraud taskforce Operation Protego,” said Peter.
“This all amounts to the next two quarters being an important time for small businesses to get on top of their tax responsibilities or risk deeper scrutiny,” said Peter.
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