Income tax risk report
Privately owned and wealthy groups want transparency about where they stand with their tax and super.
For the largest privately owned and wealthy groups we're introducing an income tax risk report that sets out our view of your level of risk. By sharing information about what we know about you, the report provides you with an opportunity to self-correct and provide information.
The report will be available to you through tax assurance conversations and engagements. It will also be issued to groups where specific issues have attracted our attention.
At present the large number of privately owned and wealthy groups prevents us from informing everyone of their risk profile. However, we will increasingly share what we know about you, our assessment of your tax risk and what attracts our attention.
On this page:
Information in the income tax risk report
The report will contain the following information:
It is important to note that the report reflects our preliminary view of your group’s level of risk. It does not indicate that you haven’t complied with your tax obligations.
Who will receive the report
The report will be initially shared with our largest privately owned and wealthy groups as part of specialised tax assurance conversations and engagements. This engagement will commence mid-April 2015 and will be conducted through a staged release.
The report will also be sent to some selected groups and their tax advisers from May 2015 onwards by post or portal as part of our staged approach. If you receive the report through this process you're not required to take any action, but you can contact us if you have any questions or feedback.
The report may also be included as part of our initial conversations with taxpayers as part of our review and audit processes.
We will provide an income tax risk report to the largest groups, and other groups where specific issues have attracted our attention. The report sets out our view of their level of risk so they can deal with any issues.