Top 1,000 Next Actions Program
The Top 1,000 Next Actions Program is part of the Tax Avoidance Taskforce.
We examine the tax affairs of Australia's largest 1,000 public and multinational companies with an annual turnover above $250 million to give us and the community confidence that these companies and superannuation funds are paying the right amount of tax.
On this page:
What is a next action
If we identify concerns about your income tax affairs in your Top 1,000 assurance review, we may refer you for further action.
A 'next action' is the investigation of identified compliance income tax risks. The form of your engagement will be set out in the formal notification you receive. While this will typically be a risk review, it can also include an audit.
How you're selected
The outcome of your assurance review will determine whether you are selected for a next action engagement.
You will be selected if:
- you receive an overall low assurance
- you have a red flag rating
- we identify other material tax risks
You will be advised if you are part of a next actions case pool, before a next action begins.
What to do after getting an assurance report
After an assurance review you will get an assurance report explaining our findings and noting where we expect you to make changes or act.
We encourage you to review your assurance report and address the issues we identified.
Review our Top 1,000 guidance
We encourage you to review our Top 1,000 findings and other published guidance and consider this in combination with your assurance report.
We continue to update our guidance to make it easier for you to address our concerns.
What happens when a next action begins
If you are selected for a next action, you will receive a formal notification letter.
The formal notification letter will indicate the start date of the engagement and outline the scope of the engagement and next steps.
We will focus on the issues that are of the greatest concern to us, such as issues that received a red flag or low assurance rating in your assurance report.
From the start of the next action engagement we will ask you how you have been impacted by COVID-19. In some circumstances we can defer the start date of the engagement.
How to prepare for a next action
Prepare the evidence to demonstrate you have addressed and resolved the issues noted in your assurance report, including documenting the steps you have taken.
If you have chosen not to adopt the recommendations in your assurance report, prepare your evidence supporting your position.
The better prepared you are, the more likely the next action engagement can be resolved within a shorter timeframe, you can reduce your penalty exposure and the less likely the matter will become an audit.
A 'next action' is the investigation of identified compliance income tax risks and the next step. Following a Top 1,000 assurance review we may engage with you for further action.