CHECK YOUR SUPPLIER’S ABN
Check your supplier’s ABN Attention – Business Owners It is important that every business making a payment should check the validity of their suppliers ABN to ensure: 1. Suppliers have provided a valid ABN that belongs to them. 2. That the supplier is registered for GST and allowed to charge GST. 3. A valid tax invoice has been received from suppliers. If your supplier provided an invalid ABN on the tax invoice, or is not registered for GST but they have charged it, and you pay it to that supplier, then the ATO position is that you are not allowed to claim back that GST from the ATO. You will be considered to not have received a Valid Tax Invoice. In case ABN mentioned on the tax invoice is invalid and supplier is not registered for GST, you must not pay GST and deduct ABN Withholding Tax @49% of the Ex GST invoice amount and remit this on the next BAS report and complete an Annual Payment Summary for the payee. There are increasing reports of the ATO condu...