We outline our observations from the reviews undertaken in the year to 30 June 2024, how these compare to reviews undertaken in other years, and what we have seen across the Top 1,000 population in our assurance programs.
The Top 1,000 combined assurance program is part of the Tax Avoidance Taskforce, seeking to increase our assurance that large public and multinational groups and APRA regulated superannuation funds are reporting the right amount of income tax and goods and services tax (GST).
The program provides large businesses with an opportunity to gain greater certainty about their tax outcomes and the effectiveness of their tax governance frameworks. It also provides an objective mechanism for large businesses to understand how their tax profile compares to others in the market and their peers.
The program replaces the Top 1,000 income tax performance program that ended in 2020 and the Top 1,000 GST assurance program that ended in 2023. Where taxpayers were assured under either of these programs, the combined assurance program builds on those previous assurance engagements, enabling us to ‘top up’ our understanding and review improvements and steps taken to address our concerns.
This is the sixth year we are publishing our findings report for the Top 1,000 assurance program for income tax. It is the fourth year we are including insights from the Top 1,000 GST assurance program.
Unless otherwise stated, figures quoted in this report are based on total reviews completed to 30 June 2024.