The Top 500 client engagement survey is conducted annually to better understand the experience of Top 500 groups and advisors, from their involvement with the program.
In April 2024, surveys were issued to either an in-house representative or nominated advisor, for each private group. For the first time this year, advisors had the opportunity to complete one survey on behalf of multiple clients.
The response rate to this year’s survey was 39%, an increase of 18 points from 2023, with 43% of groups being represented in survey responses.
The survey results illustrate that 66% of respondents are satisfied with the program, an increase of 8% from 2023. To view the feedback and responses to this year’s survey, see Top 500 client survey summary – April 2024.
Key insights from this year’s survey are included below.
- We are consistently rated highly for our professionalism and transparency, with Top 500 groups valuing the tailored one-to-one relationship and direct point of access to the ATO that the Top 500 program affords.
- There is a growing level of satisfaction with the level of communication between private groups and our engagement teams. Respondents would like us to be mindful about the amount and timing of information requests and would like more regular updates and feedback on information they’ve provided.
- While many respondents still see the program as costly, this year more respondents could see how our engagements reduced the cost of meeting tax obligations. The majority also agree that engaging with the ATO as part of the Top 500 program helps to avoid disputes later on.
- We continue to see shifts in attitudes toward tax governance, with more groups implementing tax governance and recognising the benefits within their businesses each year.
- While most respondents (77%) can see how tax governance assists with meeting tax obligations, only 56% feel encouraged to make the investment in improving tax governance.
- Some clients are dissatisfied with the length and ongoing nature of the engagements, and the focus on historical years.
The most significant area of dissatisfaction with the program for Top 500 groups is cost. We acknowledge costs can be significant, particularly for the many groups that use external advisors. We consider that Top 500 groups can reduce the costs associated with annual assurance engagements by working towards full tax assurance and justified trust. To this end, we will continue to:
- work with Top 500 groups to bring engagements closer to real-time and develop clear plans to achieve full tax assurance
- provide additional guidance on tax governance, and educate groups about the benefits, including through articles in the ATO newsrooms and newsletters such as the Business Bulletin and Tax Professionals News
- expand our provisional justified trust for groups that tend to get things right.
For the groups that choose not to pursue justified trust, the costs they incur will be necessary to give the community and government confidence that Australia’s wealthiest groups are paying the correct amount of tax.
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