Australia: ATO guidance on GST reverse-charge provisions for financial services, insurance

ATO's findings into taxpayer compliance on the reverse-charge provisions within the financial services and insurance sector

ATO guidance on GST reverse-charge provisions for financial services, insurance

A core objective of the Australian Taxation Office’s (ATO) 2021/2022 Financial Services and Insurance (FSI) strategy is building a goods and services tax (GST) pathway to justified trust for FSI clients.

Underpinning a review of key specific industry risks is an emphasis on good governance and building controls to enable an organisation to achieve justified trust.

In late December 2021, the ATO shared with advisors its findings on one of the key specific industry risks for FSI clients—the GST reverse-charge provisions.

Read a February 2022 report [PDF 168 KB] that summarises the findings and key takeaways for taxpayers, and to help organisations review their own controls and prepare for upcoming GST assurance activities.


For more information, contact a KPMG tax professional in Australia:

Anthony Versace | +61 3 9288 5934 | aversace@kpmg.com.au

Majella Crowe | +61 3 9288 6649 | mcrowe1@kpmg.com.au

 

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