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Business Tax Tips – ATO and GST Owed to Them – Are You One Like Many Businesses?

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Business Tax Tips – ATO and GST Owed to Them – Are You One Like Many Businesses?

ATO and GST Owed to Them – Are You One Like Many Businesses?

Ignoring how much GST may be an outstanding debt to the ATO, the ATO recently reported that for the 2009/10 year there was a 5.4% GAP between what statistics say should have been collected and paid as GST and what was actually reported to them.

2011/2012 GST Performance Report

GST PERFORMANCE

The ATO 2011-12 performance in relation to GST is in!
It says:
$46b GST (up from $44b in 09-10)

GST Debt outstanding

  • Balance of $5.1b of which only $3.5b is collectable ($4.3b & $3.2b respectively 09-10)
  • $886.8m written off
  • Ageing of balance by no of cases 13,059 totalling $191.7m90days

Interest paid on Delayed refunds (ATO withheld and then had to pay interest) $15.7m ($9.7m)

For a full report http://ato.gov.au/content/00336240.htm

 

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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

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