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Budget 2023: Business on notice for GST compliance

The Australian Bookkeepers Network (ABN) has responded to the 2023 Budget announcement with an urgent call for small business to get ahead of their books considering the ATO's GST compliance mandate.

The ATO is tasked to recover $7.6 billion in GST and a further $7.6 billion in other taxes owed over a 4 year period, and will be using $589 million of clout received under the 2023/24 Federal Budget to recover that debt, signalling there will be tougher measures for businesses set to come.

ABN Director, Kelvin Deer, explains there has never been greater pressure on business owners and their bookkeepers and accountants to get their books up to date and their taxes paid.

“Business owners can no longer expect the kind of leniency the ATO has showed in the past to paying their tax bill,” said Kelvin. “The mood has changed even in the past 6 months in the ATO ranks, with this budget announcement another string to the ATO bow of collection measures.”

This year, the ABN has shared insights from the highest ranks of the ATO and industry, reporting on the ATO’s changed approach. This includes comments from the ATOs Assistant Commissioner for Risk and Strategy in their Lodge and Pay business line, Anita Challen, and Executive Director of debt management firm de Jonge Read, Ashley Shield.

For more insights on other Budget2023 measure and those most impacting ABN members, visit: ABN Budget Wrap 2023.

Kelvin further highlighted that business owners now need to pay heed to the professional advice from their bookkeepers and accountants, who are themselves under pressure to help their clients avoid penalties.

“Bookkeepers and accountants work hard to clarify the right information for the ATO and inform the business owner of their obligations” said Kelvin, “Problems can arise when business owners don’t give the right information, push back or are slow to respond to the advice.”

“Some ABN members have been trying for ages to get their clients to take notice,” said Kelvin. “Some business owners think nothing much will happen if failing their taxation obligations but data matching techniques have improved significantly” Kelvin said.

“We’re here to help bookkeepers support their clients with resources that explain what they need to do and what will happen if they don’t.”

For more ABN information and resources, visit member page or login from the homepage. 

Category
ABN
Published
17 May 2023
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