New Supplementary Annual GST Return for Large Businesses

The Introduction of the Supplementary Annual GST Return

In an effort to enhance its engagement with large businesses under the Top 100 and Top 1,000 Justified Trust programs, the Australian Taxation Office (ATO) is introducing the Supplementary Annual GST Return. This new return is aimed at simplifying future GST reviews for businesses that have undergone a GST assurance review and have adopted best practice governance and system processes.

Purpose of the Return

The Supplementary Annual GST Return will be introduced for the 2024–25 financial year and applies to taxpayers who have received a GST assurance rating on or before 30 June 2024. By providing information on key governance and GST-related changes during the financial year, the return will help streamline Justified Trust reviews, enabling more focused and efficient assessments.

The return covers:

• The implementation of recommendations from previous GST assurance reviews.
• Changes in GST governance and control frameworks.
• Reconciliation between financial statements and GST reports.
• Identification of any material GST errors or uncertain GST positions.

Pilot Program and Future Implementation

To support a smooth transition, the ATO will conduct a pilot program with a small number of Top 100 and Top 1,000 businesses to ensure clarity and functionality of the return. The broader rollout will follow, with specific deadlines for taxpayers based on their financial year-end.

Benefits for High-Assurance Taxpayers

Businesses that have already attained medium or high assurance levels will benefit most from this initiative, as it reduces the intensity of future reviews while maintaining transparency. High-assurance taxpayers can expect more tailored engagements, minimising the scope of future GST assurance reviews.

BTG works with the largest organisations in Australia to enhance their indirect tax risk management and governance and successfully achieve Stage 3 level assurance. If you’re open to a chat, contact us today!

Call 1300 650 258, email contact@btgi.com.au, or leave your details, and we will be in touch.