Australia: Supplementary annual GST return for certain large taxpayers

The Australian Taxation Office (ATO) has implemented a new supplementary annual goods and services tax (GST) return for large taxpayers that have had a GST assurance review.

The return will be introduced for the 2024-2025 financial year and may be required for taxpayers that received one of the following GST assurance reports prior to June 30, 2024:

• Top 100 GST assurance report
• Top 1,000 combined assurance review report with a GST assurance rating
• Top 1,000 GST streamlined assurance review

For the first six months, the ATO will run a pilot program, in which a small number of Top 100 and Top 1,000 taxpayers will be asked to respond to questions in the new return as part of their assurance reviews. Going forward, those taxpayers that are required to file the return will be specifically notified in writing.

The return reports qualitative information about items including:

• Actions taken to address areas of low assurance or red flags identified by the ATO, or other ATO recommendations
• Whether the taxpayer is of the view that the current GST governance stage ratings can be maintained or increased and the impact of business or system changes on GST governance stage ratings
• Performance of the GST Analytical Tool (GAT)
• Whether any material uncertain GST positions have been taken and/or material GST reporting errors or credits claimed in a later business activity statement (BAS) (with materiality defined as $500,000* for Top 100 taxpayers and $250,000 for Top 1,000 taxpayers)

^{*$=Australian dollar}
 

For more information, contact a KPMG professional in Australia:

Anthony Versace | aversace@kpmg.com.au

Jacqui Hardwick | jhardwick@kpmg.com.au

Roseanne Ross | roseanneross@kpmg.com.au