Australia

Details

  • Service: Tax, Indirect Tax
  • Type: Business and industry issue, Regulatory update
  • Date: 17/02/2014

Tax Insights

KPMG's analysis of tax issues and developments.

Michelle Bennett

Michelle Bennett
Partner, Tax

+61 3 9288 5910

mabennett@kpmg.com.au

Is everyone singing the same tax power ballad? 

by Michelle Bennett, Indirect Tax Specialist

 

If you grew up watching 80s movies you will have fond memories of the cinematic montages which defined the era. Today, a Head of Tax montage would have to feature calendar pages falling like autumn leaves with dates for tax returns, FBT returns, BAS, IAS, PAYG statements, payroll tax, quarterly, half and full year reporting swirling in and out of focus.  [Soundtrack: Eye of the Tiger, Survivor]

But, much like those movies, the risk is that not all of your key players are reading from the same script. Finding an error in an FBT return, for example, can have a domino effect; flowing through to income tax returns, GST returns, Payroll tax and PAYG statements. So if you have an income tax manager, a GST manager and an FBT manager, they all need to be talking to each other, as well as your HR team. If you have one or two hardworking souls trying to wear all those hats, the risk is making sure there is time in their schedule to pause and work through all the implications. [Safety Dance, Men in Hats]

 

The ATO talks to other state and federal agencies and their international counterparts. They have invested in data matching programs and are warning taxpayers if their returns have characteristic common to other taxpayers found to be non-compliant. It can’t be long until ATO officers start talking to each other. So you need to make sure your tax managers and your advisers are talking to each other and no-one is telling the ATO something that doesn’t connect. [Out of Touch, Hall and Oates]

 

Your KPMG contact can assemble the right cast of advisers, and facilitate the conversations your team should be having. [Call Me, Blondie]

 

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