Check whether you are at risk
Businesses going through a change are most at risk of reporting their GST incorrectly. This can include businesses that are:
- growing rapidly
- going through a merger or de-merger
- installing new accounting software
- experiencing a change in accounting staff.
For the 2012–13 financial year, we identified over $72 million in unreported GST liabilities after contacting about 5,700 businesses that we considered were at risk of incorrectly reporting GST.
Industries that had the highest number of GST reporting adjustments as a result of our contact were:
- retail trade – accounting for 27% of adjustments
- transport, postal and warehousing – 16%
- mining – 15%
- construction – 15%
- the remaining 23% of adjustments were spreading across the other 16 industries listed under the 2012 business industry codes.