According to tax academics, the cost to small business of meeting its goods and services tax (GST) compliance obligations is roughly 50% higher in Australia than in comparable overseas jurisdictions. Moreover, the cost to Australian small businesses of GST compliance comprises 58% of their total internal compliance costs.
Given the high costs involved in being GST compliant, we can assist you in being 100% compliant with the Australian Tax Office so you don’t have to pay any penalties. We have over 15 years of experience providing advice about taxation and GST to small businesses so we will ensure you are GST compliant.
We will check to make sure you are paying the correct amount of GST. We will also ensure that you are getting the correct amount of GST credits from the ATO.
As part of our GST services, we will assess the effectiveness of your GST governance, risk management, internal assurance processes and procedures against a list of best practice actions.
We will also check the level of your GST risk so that we can remove any GST errors that your Business Activity Statements may have so that you are 100% risk free.
We are able to deal with GST tax audits from the tax office. We can work with you either onsite or offsite, as per your preference.
We have in depth knowledge of GST free industries, including, but not limited to food and health / medical industries.
We can also assist in giving advice to small businesses on fuel tax credits and how these tax credits can work for you in your industry.
Worried about being GST compliant – talk to us now.