Our 2024 findings report shines a light on the key tax issues for the Top 500 privately owned and wealthy groups tax performance program.
Based on our interactions with Top 500 privately owned and wealthy groups, the report provides the latest information to help those groups and their advisers manage and meet their tax obligations, including:
- our holistic assurance approach and model of engagement
- key program results, observations and recommendations
- how to understand and achieve justified trust
- the importance of tax governance to ensure groups get the basics right
- the tax issues that affect Top 500 groups.
Assistant Commissioner Glenn Cooper has this to say about the 2024 report:
‘Our Top 500 report provides a comprehensive overview of our assurance and compliance results relating to Australia’s largest private entities. This is a crucial part of the Tax Avoidance Taskforce’s initiative to ensure wealthy private groups pay the correct amount of tax.’
Glenn continues, ‘the report offers a deep dive into the tax behaviour, governance practices, and compliance results of Top 500 privately owned and wealthy groups, which are characterised by their large scale and influence in the Australian economy. It highlights areas where these groups are performing well in terms of meeting their tax obligations and governance standards. It also covers the key areas for improvement we're asking Top 500 groups to focus on in 2025.’
With the most current demographic and population data on Top 500 privately owned and wealthy groups, including the results of our 2024 client survey, this year’s report is an essential document for the Top 500 and their advisers.
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