ATO has discovered and looked into a sizable number of efforts at fraudulent GST refunds.
The anticipated total amount of the offence is $ 850 Mn, and the ATO has prevented the release of $ 770 Mn in payments.
Online advertising for fraudulent activities has been growing, especially on social media.
In an effort to obtain a fake GST refund, people create a business, submit a fake ABN application, and then submit forged BAS statements.
Digital platforms and the ATO have been collaborating to block this advertising and prevent additional fraud efforts.
As more controls are implemented, legitimate firms may need to take additional measures in order to obtain their refunds. Additionally, ATO has implemented stricter rules on ABN and GST registration to stop people from filing false claims.
We, at Rands Tax, are here to assist you if you have any issues with the accuracy of GST refunds or whether such refunds comply with the Goods and Services Tax Act 1999.
Please feel free to reach out to Rands Financial Services on 0434391331 or send us an email at https://www.randsfinancialservices.com.au/contact-us for more information.