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  • Expansion of the Tax Avoidance Taskforce for private groups

    The Tax Avoidance Taskforce has been expanded and we are increasing our focus on supporting and ensuring private groups and high wealth individuals pay the right amount of tax.

    We have updated our private groups tax performance programs to support the expansion and provide you with the certainty you need over your tax affairs, by tailoring our engagements to your circumstances.

    There are now three Tax performance programs for private groups:

    • Top 500 private groups program expands our Top 320 program, focusing on Australia's largest private groups. It involves regular one-to-one engagements to build an understanding of your business, drivers and risk position. By working together, we can prevent tax issues from occurring, helping you maintain good compliance and assuring you pay the right amount of tax.
    • High wealth private groups program builds on our previous work with high wealth individuals. It includes Australian resident individuals who, together with their associates, control wealth of more than $50 million. You will receive one-to-one tailored engagement, either directly through a streamlined assurance review or through targeted guidance on risks relevant to your circumstances. By tailoring our approach, we can develop strategies to better help you address and mitigate your tax risks.
    • Medium and emerging private groups program will use enhanced data and analytics to let us better understand your operating environment. This will help us identify developing trends and priority tax risks, and design tailored approaches to help you mitigate those risks so you can meet your tax obligations. Medium and emerging private groups represent about 97% of the total private group population, including:
      • private groups linked to Australian resident individuals who, together with their associates, control wealth between $5 million and $50 million
      • businesses with an annual turnover of more than $10 million, that are not public or foreign owned and are not linked to a wealthy individual.

    If you are a part of one of these programs, your tax advisor will receive a notification letter from us soon detailing what you need to do to prepare for our engagement with you.

    See also:

    Last modified: 11 Nov 2019QC 60564