In this blog post, we will discuss how you can prepare for a GST assurance review so that you can feel confident that your business is in compliance with all applicable tax regulations.
Indirect Tax is a complex area, and it is important to have a clear understanding of the GST rules before embarking on any assurance review. The ATO has published a number of resources that can help you brush up on your knowledge of the GST system. In addition, Tax Technology solutions, like CCH Integrator — Indirect Tax is available to help you automate your compliance processes and ensure that your data is accurate and meets the regulator frameworks and controls the ATO expects.
Once you have a good understanding of the GST system and the compliance requirements, you should start gathering all of the relevant documentation that will be required for the review. This includes financial statements, invoices, tax returns, and any other supporting documentation. When you have all the necessary documentation gathered, you can start preparing your responses to the ATO’s questions.
The best way to prepare for a GST assurance review is to proactively monitor and address any areas of risk before the review even begins. By being proactive, you can avoid any surprises during the review process and ensure that your business is compliant with all applicable tax regulations.
Tax Governance is an important part of running a business and undergoing a GST assurance review by the ATO is one way to ensure that your business is compliant with all relevant tax regulations. With the right preparation, a GST assurance review can be a straightforward process. By following the tips outlined above, you can ensure that your business is ready for its next GST assurance review.
How can Wolters Kluwer help with your GST assurance reviews?
Technology plays a vital role that may impact your assessment. It is a key consideration within organisational governance frameworks and a significant element in managing quantitative risk. Technology is also key in assessing current and prior period results and provides a medium for finding and storing supporting documentation and audit trails. ATO-approved, CCH Integrator by Wolters Kluwer is Australia’s leading GST compliance software. It provides a streamlined ATO lodgement process and delivers powerful ATO compliance tools to help you meet your GST obligations with confidence. CCH Integrator also offers ATO-certified e-invoicing, which allows you to electronically exchange invoices with the ATO in order to streamline your GST reporting. With CCH Integrator, you can be confident that your company is compliant with GST requirements and that your tax obligations are being met.
Disclaimer: This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your tax, legal, and accounting advisors before engaging in any transaction.