Are you in the ‘Next 5,000’? These are entities linked to Australian residents who together with their associates control wealth of more than $50 million. If you’re one of these it’ll affect how we engage with you and what we expect from you.
The Next 5,000 private groups tax performance program is funded by the Tax Avoidance Taskforce to help you get your tax and super right and give the community confidence that the largest privately owned and wealthy groups are paying their fair share of tax.
Our Next 5,000 Findings Report and streamlined assurance reviews have identified some key areas of attention.
Stay focused on accurate tax reporting as you change
Many Next 5,000 groups are dynamic. During phases of change it’s easy to overlook establishing the right reporting and tax administration procedures. This can cause errors leading to unexpected liabilities or penalties.
We expect your record-keeping and administrative procedures to keep pace with the changing scale and complexity of your business. Find information you need at Record keeping for business or talk to your tax professional for guidance.
Get the right tax advice
During growth, your tax and financial advice will need to match your transitioning needs. You may need specialist support with Research & Development, Trusts, and Division 7a. Getting relevant, expert guidance is an investment in your group that can keep you on track, help you stay on top of your obligations and avoid tax debt.
As part of the Next 5,000 program we'll also be communicating with tax professionals and other advisers to let them know what to focus on while guiding private and wealthy groups like yours.
Streamlined assurance reviews
If you're a Next 5,000 group we may contact you to conduct a Streamlined Assurance Review. We’ll work with you to focus on 4 key areas of Justified Trust:
- your governance (reporting and procedures)
- your response to the tax risks we’ve highlighted to the market
- new and significant transactions your business is making
- any differences between business performance and tax performance.
- Whatever your structure or stage of business growth, the Next 5,000 program will support you with resources and information and keep you up-to-date with our expectations of groups like yours.