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GST Crackdown Update

15 February 2011

The ATO has updated its advice about the crackdown on GST compliance, which was announced in May 2010. According to business website SmartCompany the ATO will be targeting businesses that have fallen behind in lodging their business activity statements, property transactions and refund fraud as part of a four-year crackdown. The property industry will be a focus in 2011, particularly as property deals are the biggest GST related transactions the ATO tracks.

The ATO has released guidelines about the methods it will use to encourage business to lodge their BAS on time, including SMS messaging before lodgement date as well as how it will contact taxpayers with overdue activity statements.

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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