If you are within this Top 1000, notifications may have started coming in from Monday 22 June 2020. This will provide two months’ notice to prepare for the review.
While Streamlined Tax Assurance Reviews (STARs) will continue from October, GST reviews have been made priority. They will have the support of accurate GST analytical tools to provide greater assurance of the financials.
The GST Analytical Tool (GAT) is a new approach for the ATO and will require selected businesses to provide two financial years of full data which comprise the 12 GST tax periods subject to this review and the preceding 12 GST tax periods.
While they are being mindful of the impacts of COVID on organisations, the ATO are still motivated to conduct these reviews as quickly as possible.
Please reach out to learn more about how we can help you prepare for an upcoming review.