GST governance and risk management: government
We have developed the Government checklist as a guide to help government-related entities – including local government, government-owned corporations and statutory corporations – assess the effectiveness of their goods and services tax (GST) governance, risk management, internal assurance processes and procedures.
It is an interactive guide that can be completed electronically or on paper and you may add or alter the content to suit your entity's specific needs.
Undertaking a comprehensive assessment of your entity's GST governance and risk management processes allows you to check them against best practice actions. Use this checklist as a guide to help you determine if your processes follow best practice and not as a substitute for any detailed review processes and/ or monitoring programs already in place.
This page explains how to use the checklist, what to do if you find a discrepancy in your GST reporting, and provides an overview of the checklist.
The checklist will help you:
- identify your GST governance, risk management and assurance processes
- determine whether your processes follow best practice
- help you to meet your GST compliance obligations
- identify additional measures you can take to reduce the risk of GST compliance failures.
Completing this assessment will help you check if:
- you are paying the correct amount of GST
- you are able to lodge and pay on time
- you are prepared for any unusual transactions or system failures
- you and your staff have the skills and expertise to manage your GST affairs
- your systems can cater for growth and expansion
- you are getting the GST credits you are entitled to.
The checklist does not form part of your reporting requirements.
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Benefits of good governance and risk management
Managing your tax risk appropriately is core to good corporate governance. Good governance and effective risk management help ensure your entity meets its commitments to government. They are also important in managing the risks associated with the outcomes of compliance failures such as tax shortfalls or overpayments.
Terms we use
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- government related entity: includes government departments, government owned corporations and statutory bodies
- governance: the processes and policies that regulate your organisation
- risk management: the identification, management and minimisation of the risk of your organisation failing to meet its GST obligations
- staff: people who play an active role in the entry of data and the preparation of your activity statement.