The Australian Taxation Office (ATO) has issued a notice to remind taxpayers to regularly review their Input Tax Credit (ITC) estimator practices to minimise the risk of overclaiming GST credits and avoid penalties and interest.
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Are you reviewing your ITC estimator?
An Input Tax Credit (ITC) estimator is our general term for any methodology used to estimate GST credits for unprocessed tax invoices.
If you use an ITC estimator to claim unprocessed tax invoices, make sure you are aware…