Review activity ahead, with release of ATO’s guidance on reduced input tax credit claims

The ATO has outlined its expectations for supporting reduced input tax credit (RITCs) claims for acquisitions of information technology (IT) processing services, as summarised by Anthony Versace and Rebecca Lawrence.

The Australian Taxation Office (ATO) has published guidance setting out how it will review complex information technology (IT) outsourcing arrangements in the financial services sector and how it expects taxpayers to support their claims for reduced input tax credits (RITCs).  The guidance confirms the ATO’s increasing focus on compliance in the financial services sector, with many taxpayers already receiving questionnaires about claiming RITCs and accounting for reverse charge GST in r...

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Authors: Anthony Versace, Rebecca Lawrence

Published Date: 12 April 2024