'Not the right way forward': accountant calls out ATO powers on GST reporting
An accountant has criticized the Australian Taxation Office's (ATO) new policy to force non-compliant small businesses onto monthly GST reporting cycles. The accountant argues that the measure is impractical and fails to address the underlying reasons why small businesses struggle with tax obligations.
Why it matters
This policy change impacts the administrative burden on small businesses, potentially affecting their operational efficiency and financial stability.
One accountant has called the ATO’s move to change selected small business owners’ GST reporting cycles to monthly intervals unfair.
Share Share this article on: Facebook X LinkedIn Copy link Link copied! p]:text-[16px] [&_p]:leading-[1.4] [&_p]:mb-[30px] [&_ul]:pl-[40px] [&_ol]:pl-[40px] [&_ul]:list-disc [&_ul_li]:mb-2 [&_ol_li]:mb-2 [&_ul]:mb-4 [&_ol]:mb-4 [&_ol]:list-decimal [&_a]:text-[#00a4cb] [&_a]:hover:underline [&_h1,h2,h3]:font-bold [&_h1]:text-[2em] [&_h2]:text-[1.5em] [&_h3]:text-[1.17em]"> With the ATO’s new ability to change GST reporting cycles of non-compliant small businesses to monthly, one accountant said that this move is the government “not practically thinking it through”.
“We may direct you to move to monthly reporting if you have a history of failing to comply with your tax obligations,” the Tax Office's website reads.
“Examples of failing to comply with your tax obligations include lodging or paying late, failing to lodge or pay, or reporting your tax obligations incorrectly .”
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