Australian Tax Office – Focus shift

By November 15, 2013 News No Comments

The Australian Tax Office (ATO) has now shifted its Goods and Services Tax (GST) focus from an education approach to compliance approach phase. It is vital for businesses to have the correct systems in place to ensure that  GST is appropriately accounted for on all transactions and that proper documentation is kept  (for example: copies of valid tax invoices). Failure to comply with the Goods and Services Tax (GST) rules may result in substantial penalties upon an audit by the ATO.