Australia

Details

  • Service: Tax, Indirect Tax
  • Type: Regulatory update
  • Date: 9/12/2013

Tax Insights

KPMG's analysis of tax issues and developments.

Lisa Smith

Lisa Smith
Director, Tax

+61 8 8236 3117

lisasmith1@kpmg.com.au

Indirect Tax Compliance – at what cost? 

by Lisa Smith, Indirect Tax Specialist

A survey conducted last year indicated that in Australia, the goods and services tax (GST) compliance costs of small businesses constituted a whopping 58 percent of their total internal tax compliance costs.

In today’s tough economic environment, together with the ever increasing pressure on internal client teams to deliver efficiencies – ‘more with less’ – this is simply not sustainable.

 

But it is not all just about reducing costs. To stay competitive, businesses are now being challenged to develop practical, effective and efficient frameworks to not only manage GST compliance, but to simultaneously create value for the broader business.

 

In the world of limited resources that we all operate in, the more time a business’ in-house tax professionals spend on compliance, the less time they can devote to higher-value activities such as strategic tax planning, stakeholder management and risk management. Put simply, many businesses are leaving potential value on the table that could easily be accessed with a more effective and strategic management of GST compliance.

 

KPMG has a proven capacity to assist businesses to efficiently manage their indirect tax compliance function, in multiple countries. With an integrated, streamlined process, we can not only assist in freeing up scarce staff time while delivering cost efficiency savings, we can also assist businesses to unlock value that may be ‘hidden’ in transactional data through advanced data analytics.

 

To find out more,contact your local Indirect Tax contact.

 

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Indirect Tax

KPMG can assist in all aspects of indirect tax, from education and training, policy, compliance and technology through to audits and disputes.