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.

{{content.question}}

Mastercard

{{ twilioFailed ? 'SMS Code Failed to Send…' : 'An SMS verification code has been sent ...' }}

Hi {{ user.FirstName }}

Looks like you have already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to complete your SMS verification

We cannot send you a code via SMS to {{user.DayPhone}}

If you didn't receive SMS code please

SMS code cannot be sent due to: {{ twilioStatus }}

Please select one of the options below:

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device


Verify your mobile number to proceed...

Please check your mobile number below and press the Send Verification Code button. This will be used to complete your verification in the next step.

Please sign up for full access

Mastercard

Updating information

Please wait ...

Trial

Mastercard
{{ productPrice }} / day
( GST included )
Price $0
GST $0
Discount -{{productDiscount}}
TOTAL {{productPrice}}
  • Mastercard
  • Visa

Please click on the ACTIVATE button to finalise your membership

Mastercard

The email address you entered is registered with InvestSMART.

Please login or select "Don't know password"

Please untick this box when using a public or shared device


Register as a new member

(using a different email)

Related Articles