How efficiently and effectively is your organisation managing indirect tax compliance? A small, systemic error can result in a GST adjustment of hundreds of thousands, if not millions, of dollars. More importantly, getting your indirect tax compliance wrong doesn't only impact your immediate bottom line, it can do long-term damage to your reputation and impact your relationship with the tax authorities.
Managing your indirect tax compliance becomes harder if your business operates multiple entities in multiple locations (within Australia or internationally). Placing an increased responsibility on you to be aware of the rules in those jurisdictions. Are you confident that those responsible for determining your indirect tax obligations have the expertise and understanding of the tax specific regulatory requirements in those jurisdictions?
If your staff are spending their time on compliance they may not be spending time on strategic tax management that adds value to your business.
For any business looking to streamline their indirect tax compliance activities, add value to the business and reap the rewards of specialist, multi-jurisdictional tax skills, the following should be high on the agenda: