GST - update

Since the introduction of the GST in July 2000, the most common errors identified by the Australian Taxation Office (ATO), the tax accounting profession, and by industry practitioners are as follows:

  • understating total value of goods and services provided
  • overstating input tax credits
  • reporting transactions in incorrect periods
  • incorrectly classifying supplies
  • not meeting specific GST requirements, which includes claiming Input Tax Credits without valid tax invoices