The returns will be used to assess the confidence level of a taxpayer’s compliance with GST law, and their investments placed into GST governance.  

The Supplementary annual GST return will first apply to the 2024-25 financial year for those Top 100 and Top 1,000 taxpayers who received a GST assurance rating on or before 30 June 2024. The ATO will notify taxpayers if they are required to complete the return and provide the submission deadline. In the meantime, the ATO has published the form and detailed instructions so taxpayers can begin their preparation.

What information does the GST return contain?

The return contains several questions for impacted taxpayers and their advisors, including:

•  how the taxpayer has actioned ATO recommendations, areas of low assurance or red flags raised as part of the most recent review  
• how the taxpayer has maintained or increased its level of GST governance, and whether there have been any material business or systems changes that impact its GST control framework since the last review
• whether the taxpayer has undertaken any reconciliation between its audited financial statements and its annualised business activity statements
• whether the taxpayer has taken any material uncertain GST positions; and
• whether the taxpayer has identified any material GST errors in the period and how these have been rectified, and whether the taxpayer claimed any material amounts of credits in the period that were referrable to earlier periods.

Who needs to lodge?

Taxpayers who received one of the following on or prior to 30 June 2024 must lodge the annual return:

• Top 100 GST Assurance Report
• Top 1,000 Combined Assurance Review Report with a GST assurance rating
• Top 1,000 GST Streamlined Assurance Review

Due dates

Taxpayers who received a GST assurance report on or prior to 30 June 2024 must lodge the return annually from the 2024-25 financial year. The following table sets out the relevant due dates:

How SW can help

Reach out to our GST experts for help reviewing your GST governance and ensure your annual GST return is completed accurately.

Taxpayers should also review their progress on implementing action items from their last ATO assurance review as part of the process of completing the return. By executing action items, this will reinforces the ATO’s confidence in their compliance and reduces the risk of future challenges for your business.

Contributors

William Zhang

Michael Chen

Blake Trad

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Sejla Kadric supports local and foreign owned businesses across a range of sectors, with particular focus on assisting property developers with all of their key requirements.

She brings a commercial pragmatism to all her client engagements, where she skilfully combines accounting and tax compliance advice with strategic and commercial consulting.

Sejla’s experience includes:

• advice and establishment of property ownership structures for private ownership, joint venture ownership, closely and widely held syndicated groups, development management agreements, development rights agreements, co-ownership agreements
• entity structuring for property acquisition, property development and disposal transactions
• GST advice on acquisition, development, leasing and disposal of property assets
• advice and reporting services during the application process for land acquisition and construction funding
• provision of tax advice in relation to all state and federal taxes including land tax, stamp duty, payroll tax and fringe benefits tax
• advice with respect to foreign owner property state and federal taxes and duties.

Sejla is also an active Committee member of the Property Council of Australia Academy for Property Developers. She is also a regular presenter in the SW flagship series, Emerging Property Developers that has been running for 8 years.

Sejla is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

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Compliance obligations apply from a wide range of bodies at various times in the year, including:

• Australian Taxation Office
• income tax returns
• FBT returns
• GST returns
• superannuation payments and reporting
• Australian Securities and Investments Commission (ASIC)
• Australian Securities Exchange (ASX)
• financial Institutions
• industry bodies and regulators
• State Revenue Offices(s)
• Land Titles Offices(s)
• Australian Charities and Not For Profits Commission.

Our team has both the experience and adaptability to deal with your evolving needs as compliance becomes more complex.

We work with you to help you understand your requirements and establish lodgement deadlines. We then provide the accounting and taxation services to ensure you meet your reporting obligations.

Our compliance services are designed to work with you efficiently so that you can continue focusing on your business while we take care of the back office requirements.

We also utilise the latest technology where appropriate to make compiling your documents as pain free as possible. Our team provides advice to maximise your position while ensuring you meet your obligations.

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