GK & Co. Certified Practising Accountants

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Activity Statement

Since the introduction of the Goods and Services Tax has saw the business environment changed. Taxation compliance was increased and the already complex tax regime applicable to businesses sharply multiplied. There was now the need to contend with the addition of Activity Statements, whether monthly or quarterly.

It is now even more critical to furnish the taxation authority with accurate information. Preparation of Activity Statements can be a demanding task; ensuring both the statutory obligation of GST collected and GST paid are properly accounted for, differentiating and recognising that from input taxed and GST free items.

Incorrect returns may end up costly and lead to GST audit. The cost can be categorised into two. Firstly, incorrect declaration of net GST under-payment or over-refund may lead to penalty and pecuniary interest charges, and the compliance costs of amendments are high. Secondly, the failure to property record or declare GST may consequent in a loss of rightful entitlement to GST credits.

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