The GST has been with us for almost 13 years. Many concepts and issues that are essential to the administration of GST remain unsettled. The meaning of central concepts such as “supply”, “consideration” and “nexus” continue to evolve. This can make GST a very complex tax to administer but to some extent many businesses regard GST as a form-filling exercise and do not consider the impact it can have. This means that risks and opportunities are not fully considered and GST may be a real, but hidden, cost waiting to be discovered.
This paper covers:
- what is the ATO finding in their reviews of the SME sector
- are there GST opportunities available and how do you find them
- recent cases – do they create risk or opportunity and how do you take advantage of them
- good GST governance – striking the right balance between risk and opportunity
- the year ahead – what changes do we expect and how should you prepare for them?