The Australian Tax Office is cracking down after discovering GST refund fraud. About 40 000 people received payments after submitting fraudulent business documents.
The scale of the fraud is considerable. The scam, which appears to have been widely transmitted on social media, amounted to about A$850 million.
ATO officials issued a statement warning claimants that their identities are known to authorities.
However the ATO deputy commissioner, Will Day, conceded that some applicants may “have unwittingly followed advice they have read online, claiming to help access a loan from the ATO”.
He explained that the ATO does not offer loans or financial support. “If you see something that sounds too good to be true, it probably is,” day said.
Authorities added that any persons found to have intentionally defrauded the ATO will face severe consequences.
As global tax offices move to advanced technology to monitor compliance, VAT/GST evasion is more likely to be detected and punished. And cross-border cooperation means that even sophisticated VAT/GST scams such as carousel fraud schemes are under the eye of law enforcement.
For most businesses, however, there’s a more mundanely compliance issue. Often, you simply get it wrong. Businesses are, quite reasonably, loath to maximise their VAT reclaim opportunities because they don’t have effective processes to ensure complete and fully accurate claims.
Without the right technology and expertise, erroneous tax receipts and expenses will continue to be submitted, putting a company at major risk.
Fortunately, there’s an effective end-to-end VAT/GST compliance and reclaim solution that saves time, makes compliance more cost-effective and maximises VAT reclaim opportunities. All while ensuring you are always 100% compliant.
Get in touch with VAT IT for a technology-driven VAT and GST recovery solution customised to meet your company’s strategic goals.
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This webinar explains how US businesses can identify and recover foreign VAT, breaking down key concepts like reciprocity and showing where refund opportunities are often missed.
