In 2023–24, our key findings were as follows.
- $1.646 billion in income tax paid by Top 500 entities was tax assured. This means we have a high level of confidence that the transactions and arrangements to which this amount relates have been correctly reported.
- Income tax liabilities of $552.5 million were raised, with $41.3 million from voluntary disclosures. Many liabilities arose from basic errors, and from groups with little or no documented tax governance, highlighting the importance of tax governance in avoiding costly errors.
- Our audits and reviews in progress reflect the complex arrangements, tax risks and potential non-compliance among some Top 500 groups. This reinforces the importance of maintaining adequate records to substantiate positions taken, and transparency in their dealings with us, to resolve compliance matters quickly.