Business Services Industry
Make GST call sooner, taxman told.
Australasian Business Intelligence, April, 2002
Apr 21, 2002 (The West Australian
ABIX via COMTEX) -- A Western Australian firm has called on the Australian Taxation Office (ATO) to tighten its goods and services tax (GST) collection system. Accounting firm RSM Bird Cameron's Perth insolvency partner, Mark Conlan, said there was an increase in the number of businesses failing, due to bigger tax bills, following the introduction of the GST in July 2000. Conlan said the ATO's slow collection process, with delays of up to six months, left vulnerable those business unable to recover by the time the ATO pushed for collection of outstanding taxes. ATO tax assistant commissioner Megan Yong said changes to the reporting and compliance rules were underway, with late payment penalties due to be rigorously enforced...
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