This report on the Next 5,000 program provides our observations and insights to date. The findings and data are current as at 30 June 2024. We'll share further updates as they become available.
If you operate or represent a Next 5,000 private group, you can use these findings to:
- review your tax affairs and tax governance
- increase awareness of common tax issues
- understand how we are working with clients to resolve issues
- prepare for a review under the Next 5,000 program.
The Next 5,000 program began on 1 July 2019. To date it has focused on engaging with clients on a one-to-one basis. This has been through streamlined assurance reviews that use our justified trust methodology.
During quarter 3 of the 2022–23 financial year, we commenced comprehensive risk reviews (CRR). The findings outlined in this report are based on the outcomes of our streamlined assurance reviews and comprehensive risk reviews.
The Next 5,000 tax performance program (Next 5,000 program) aims to give the community confidence that these privately owned and wealthy groups are paying the right amount of tax.
The Tax Avoidance Taskforce funds this program to ensure that Australia's wealthiest private groups are meeting their tax and super obligations.