Rands Tax & Business Consultants

Don’t be a Victim of a GST fraud

ATO has identified and investigated a significant number of GST refund fraud attempts. The total size of the offending is estimated to be at $850 Mn and ATO has stopped $770 Mn in payments from being issued. The fraudulent activity has been circulating as online advertising, particularly on social media.

The attempted fraud involves individuals who invent a fake business, lodge a fraudulent ABN application, and then submit fake BAS statements to attempt to gain a false GST refund.

ATO has been working with digital platforms to shut down this advertising and stop further fraudulent attempts.

As a result, legitimate businesses may face extra steps to receive their refunds as extra controls are put in place. Further, ATO has engaged tighter controls around ABN and GST registration, preventing people  from lodging fraudulent claims.

If you have any questions regarding the accuracy of GST refunds and questions on GST refunds as to whether those GST refunds are in line with The A New Tax System (Goods and Services Tax) Act 1999, we are there to help.

Call us on 0434391331 or message us, we will help you to understand your GST obligations as a small business holder.

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