• GST governance and risk management guide for small-to-medium enterprises

    Introduction

    This guide contains two checklists to help small-to-medium enterprises (SME) self assess the effectiveness of their goods and services tax (GST) governance, risk management, internal assurance processes and procedures against a list of best practice actions.

    Both checklists 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 self-assessment will help you check that:

    • 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 the growth and expansion of your business
    • you are getting the GST credits you are entitled to.

    GST governance and risk assessment checklists

    • SME simple checklist NAT 73949A, 227KB) - helps you undertake a simple self assessment of your GST governance and risk management processes. This checklist is aimed at businesses with a turnover between $2 million and $10 million.
    • SME comprehensive checklist (NAT 73949B, 975KB) - helps you undertake a comprehensive self assessment of your GST governance and risk management processes. This checklist is aimed at businesses with a turnover greater than $10 million but may also be suitable for businesses with a turnover between $2 million and $10 million.
    • Businesses with a turnover between $100 million and $250 million may want to complete the GST governance and risk management guide for large businesses (NAT 73616) instead.
    Attention

    The checklists are designed for you to carry out your own self assessment and do not form part of your reporting requirements.

    This self assessment process is not a substitute for more detailed review processes and monitoring programs that you may already have in place. Each business is unique, so adjust the checklists to specifically suit your needs.

    End of attention

    You can save either checklist on your computer hard drive or print to keep as a hard copy.

      Last modified: 08 Oct 2012QC 25097