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 3: Financial Services and Insurance
Risk No. 3 of the ATO’s GST compliance risks will come as no surprise to most taxpayers, as financial services is considered one of the most complicated areas of the GST Law.
The main risks being assessed include:
⦾ Confirming that financial service providers and funds are claiming the correct amount of GST through apportionment.
⦾ Ensuring Insurers comply with GST obligations.
⦾ Costs incurred by non-financial institutions are being tracked and claimed appropriately.
If you’d like to enhance your controls around GST, contact BTG International today!
