Source: Taxation In Australia Journal Article
Published Date: 1 Apr 2021
The ATO has turned its focus to high wealth private groups (HWPGs) with the implementation of the Next 5,000 tax performance program. Every HWPG will be reviewed over the next four years. This article summarises what HWPGs can be doing now in preparation for a review. This includes identifying risks, getting evidence together to support the positions taken, and considering whether a voluntary disclosure of any errors is necessary. It will also include ensuring that there is a formal documented tax governance policy in place. There is a recognition that this does not mean a policy of the kind that the Commissioner of Taxation requires of large corporates. However, HWPGs are expected to have tax governance policies. High wealth private groups and their advisers are encouraged to take the opportunity to get themselves ready so that they avoid exposure to an audit or ongoing ATO reviews because of a lack of confidence in taxpayer systems.
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