ATO Next 5,000 program interim findings report - Australia’s largest privately owned groups
We have now published a report focused on our interim findings from the Next 5,000 program.
The Next 5,000 program is funded by the Tax Avoidance Taskforce and uses data matching and analytic models to identify Australian resident individuals who, together with their associates, control wealth of more than $50 million.
The high profile of these groups means that their level of participation in the tax and super system can influence community confidence, and through this program the Australian Taxation Office seeks to provide the community confidence that these largest privately owned and wealthy groups are paying the right amount of tax.
The program focuses on prevention rather than correction, and through one-to-one engagements aims to increase their ongoing and willing participation in the tax and super system. The Next 5,000 findings report provides our insights and observations which have generally been obtained through our Streamlined Assurance Reviews since the program began on 1 July 2019. The report highlights the benefits of good reporting and governance processes, as well as common tax issues and our approach to resolving tax issues.
If you operate or represent a Next 5,000 private group, you can use these findings to:
·????????review your tax affairs and tax governance
·????????increase awareness of common tax issues
·????????understand how we are working with clients to resolve issues
·????????prepare for a review under the Next 5,000 program.
Imagining and building the tax authority of the future ??
3 年Very thorough, consistent and transparent. I have not seen anything, anywhere that compares to ATO's robust approach to managing compliance for the large businesses & groups segment. Hats off to everybody involved - noting that this has clearly evolved over a long time.
Second Commissioner, Client Engagement Group at Australian Taxation Office
3 年A must read for every advisor to the large private market as well as those responsible for in house finance - will help you know where you stand relative to peers and community expectations
Co-Founder - Tax Nuggets Academy, CA Top 20 Future Leader
3 年"Where we have identified errors, we generally seem to find them in clients with no governance framework in place Examples include: an intra-group loan being recorded for a different amount in the financial accounts of each entity." Governance is the new black! Have a procedure to do a loan rec / matrix. Simplez! Great report Amy!