In a nutshell, the ATO are focusing on 6 key GST risk areas in 2024. We will unpack each GST compliance risk area one by one.
GST Compliance Focus Area 1: Product classification
With respect to product classification risks, the ATO is assessing whether:
⦾ food and health products are being classified correctly for GST purposes;
⦾ taxpayers have strong controls around onboarding of new products; and
⦾ product master data is being reviewed regularly.
If you’d like to enhance your controls around GST classification of products, contact BTG International today!