What our findings report for the Next 5,000 tax performance program covers.
The Next 5,000 tax performance program (Next 5,000 program) gives 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.
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. The findings outlined in this report are based on the outcomes of our streamlined assurance reviews.
During quarter 3 of the 2022–23 financial year, we commenced comprehensive risk reviews (CRR). The findings from the CRRs will be included in future reports. For more information about our comprehensive risk reviews, refer to Risk based reviews.
This report on the Next 5,000 program provides our observations and insights so far. 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 findings and data in this report are current as at 31 August 2023, we will share further updates as they become available.