Getting your GST obligations right is essential. In the 14 years since Australia introduced the GST, tax managers' focus has been to ensure BAS returns are filed on time. A challenge for any GST manager is ensuring the integrity and veracity of the underlying GST transactional data. If the underlying numbers used to roll up to the BAS are incorrect the entire BAS return could be invalidated exposing the business to potential penalties and more.
Are you confident that the system configurations and processes you put in place back in 2000 are still operating efficiently? How can you get comfort that the transactional data rolling up to the BAS filing is correct and that there are no hidden issues lurking in your financial systems?
With KPMG Australia’s Tax Intelligence Solution (TIS) you can better leverage the data in your ERP through our fact-based analytical insights approach that identifies irregularities and errors, the root cause of issues, and highlights opportunities to improve your operations and processes.
In brief, the TIS system works through a three step process: