On October 3, 2024, the Australian Taxation Office (ATO) officially launched a new annual Goods and Services Tax (GST) supplementary declaration form for listed companies and multinational enterprises that have undergone GST audits. This initiative aims to further strengthen corporate tax compliance and ensure that businesses accurately and comprehensively fulfill their tax obligations.
The annual GST supplementary declaration form, specifically designed for the 2024-2025 fiscal year, requires all taxpayers who received a GST confirmation report and obtained a GST Assurance Rating by June 30, 2024 (inclusive), to submit the form. This not only helps the ATO gain a more comprehensive understanding of corporate tax compliance but also allows for the timely detection and correction of potential tax issues.
In the filling guide, the ATO detailed the main content that should be included in the supplementary declaration form. Among them, businesses are required to describe in detail the specific actions taken based on previous tax audit results, including improvement measures and process optimizations. At the same time, businesses also need to report changes in their compliance management levels, including whether more robust internal control mechanisms have been established and the effectiveness of these mechanisms in preventing tax risks.
Furthermore, the supplementary declaration form requires businesses to carefully review their financial statements to confirm their accuracy and explain whether there are specific practices or behaviors that may trigger tax audits. If businesses discover errors in their tax declarations or payments, they also need to provide detailed explanations in this supplementary declaration form and outline the remedial measures taken.
For businesses that fail to submit the supplementary declaration form on time, the ATO will impose penalties in accordance with relevant regulations. This initiative serves as a reminder to all taxpayers that tax compliance is not only a legal obligation but also an important safeguard for corporate credibility and reputation.
The ATO expressed that by launching the annual GST supplementary declaration form, they hope to further promote corporate tax compliance, improve tax collection and administration efficiency, and create a fairer and more transparent tax environment for Australia's economic development.
