Technology and taxes: A tough nut to crack

Corporate taxpayers are still making clerical mistakes on the GST to the tune of over $1 billion in the last three years. Taxation compliance and reporting is hard work but it doesn't need to be.

The Goods and Services Tax (GST) is one of Australia's most widely applied taxes, targeting business and consumers alike. However, while it has entered its second decade of administration, corporate taxpayers are still making clerical mistakes to the tune of over $1 billion in the last three years alone. These calculation errors translate into significant overpayments which the Federal government has set a four year time limit on reimbursement.

With tax enforcement becoming the new focus for the new government eager to return the federal budget to surplus, these reimbursements for corporate Australia will have their own shelf life.

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