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The ATO has released a GST governance and risk management guide for small to medium enterprises. This guide is comprised of two interactive checklists to help businesses conduct a simple self-assessment or comprehensive review of the effectiveness of their GST governance and risk management processes and procedures.
Completing the self-assessment will assist businesses to: identify their GST governance, risk management and assurance processes; determine whether their processes follow best practice and assist in accurately meeting GST compliance obligations; and identify additional measures they can take to reduce the risk of GST compliance failures.
It will also help businesses check that: they are paying the correct amount; they are prepared for any unusual transactions or system failures; they and their staff have the skills and expertise to manage their GST affairs; their systems can cater for the growth and expansion of their business; and they are getting the GST credits they are entitled to.
Good governance and effective risk management can help ensure the sustainability and success of small businesses and reduce the risk of GST compliance failures.
For more information about the GST governance and risk management guide refer to www.ato.gov.au/gstbestpractice
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