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Interesting stats from the Australian Tax Office

According to a document on the integrity of GST systems in small to medium enterprises issued by the Australian Tax Office recently:

– In 2009-10 the ATO identified on average $AUD42,000 of under reported GST for every small to medium enterprise they investigated.
– A quarter of all discrepancies arose in the retail sector and 19% in wholesale trades.
– 32% of discrepancies arose from mistakes in GST returns.
– 27% arose from technical misunderstandings.
– 24% were system related issues.

Not surprisingly the Australian Tax Office recommend regular GST systems checks.

It wouldn’t be surprising if similar results are being achieved by the New Zealand IRD.

Iain

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