shopping_cart

Your shopping cart is empty

High wealth private groups: Risk reviews

Published on 01 Apr 21 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

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.

Author profiles

Sue Williamson CTA-Life
Sue is a partner at EY specialising in tax controversy. Sue has worked in tax for more than 25 years, including roles in major law firms and executive roles within the firms in which she has been a partner. Sue was the President of The Tax Institute in 2008, has been a member of several advisory boards, has participated in many consultative forums and lectures in the University of Melbourne Masters of Law program. Sue was a member of the instructing solicitor team working on the Placer Dome litigation. - Current at 26 June 2019
Click here to expand/collapse more articles by Sue WILLIAMSON.
Damien Bourke
Click here to expand/collapse more articles by Damien Bourke.

 

Copyright Statement
click to expand/collapse