Practitioners should not be lulled into a false sense of security because the transition into GST has taken place quite smoothly. You should be aware there are a number of outstanding issues. Some of these issues have been the subject of recent ATO audits.
This convention paper will explore some of those pertinent GST issues, including:
- what are the common errors: property, contracts, margin scheme; FBT, GST interaction for non deductible amounts; attributing GST to the correct period; and are your clients making interest free loans unnecessarily to the ATO?
- self audits - is there a return?
- managing the risk - creditable percentages for CTP & general insurance.