Engaging with the Top 500 population

Top 500 demographics

Demographics and characteristics of the Top 500 groups and key findings for the 2022–23 financial year.

The typical top 500 population has:

• a group head age of 71
• 30 entities, consisting of 19 companies, 8 trusts and 3 other
• 393 employees
• total income of $324.6 million
• net wealth of $344.9 million
• income tax of $6.0 million
• net GST of $2.7 million
• PAYG withholding of $5 million.

Characteristics of the median Top 500 group

Characteristic types	Financial year ending 2019	Financial year ending 2020	Financial year ending 2021
Group head age	71	70	71
Number of entities	32	31	30
Number of companies	19	19	19
Number of trusts	7	8	8
Number of employees	365	346	393
Total income ($ millions)	$295m	$251m	$325m
Net wealth ($ millions)	$272m	$312m	$345m

Movements in the characteristics of a typical Top 500 group have been modest. Notable changes relate to financial attributes with the median net wealth increasing year on year, despite fluctuations in median total income.

Top 500 groups collectively had paid the following amounts of income tax and GST for financial years 30 June 2019 to 30 June 2021.

Income tax and GST paid by Top 500 groups

Tax payment type	Financial year ending 2019	Financial year ending 2020	Financial year ending 2021
Net assets ($ billions)	$207b	$261b	$324b
Total income ($ billions)	$195b	$218b	$244b
Income tax paid ($ billions)	$4.4b	$5.9b	$8.2b
Net GST paid ($ billions)	$2.3b	$2.3b	$2.6b

The Top 500 population's net assets and total income

Income tax paid and GST remitted by the Top 500 population

Tax assured

During the 2023 financial year, we assured income tax paid by Top 500 groups totalling $1.93 billion. This result encompasses assurance activities relating to the 2015 to 2022 income years.

Over the three-year period spanning the 2019 to 2021 income years, we assured income tax totalling $3.06 billion as shown in the chart below.

Income tax assured for the income years 30 June 2019–2021

The income tax assured from the Top 500 population is:

• $1.62 billion in 2019
• $1.06 billion in 2020
• $0.38 billion in 2021.

In the 2023 income year, our teams commenced work on 21 Top 500 commercial deal engagements with an estimated $2.8 billion in deal value. During the year, we finalised 14 commercial deal engagements (some having commenced in a previous financial year) representing a deal value of $3 billion. Tax certainty was provided through agreements with taxpayers on transactions representing $429 million of economic activity, with $334 million relating to CGT reporting.

Most of our commercial deals engagements with Top 500 groups result in an agreed position and correct lodgment, thereby reducing the likelihood of audits or disputes in the future.

Audits, reviews, and voluntary disclosures

During the 2023 financial year, we finalised 22 reviews and 13 audits. As at 30 June 2023, 20 audits and 25 reviews were in progress.

Income tax liabilities of $241.5 million were raised during the 2023 financial year. Of the liabilities raised, $31.3 million were from voluntary disclosures.

During the period 1 July 2019 to 30 June 2023, we raised liabilities totalling $998.09 million (refer to the image below).

Income tax liabilities raised during the 2020–23 financial years

The income tax liabilities raised from the Top 500 population is:

• $52.6 million in 2020
• $308.07 million in 2021
• $395.92 million in 2022
• $241.5 million in 2023.

Audit yield (that is, cash collections arising from assessments raised by the Commissioner) of $197.8 million was collected this financial year. For the 2020 to 2023 financial years, we collected $475.44 million. Wider revenue effects crystallised this financial year were $17.2 million, totalling $128.5 million since the 2020 financial year (refer to the image below).

Total revenue effects for the 2020–23 financial years

Revenue type	Financial year ending 2020	Financial year ending 2021	Financial year ending 2022	Financial year ending 2023
Audit yield collected ($ millions)	$25.4m	$113.6m	$138.6m	$197.8m
Wider revenue effects ($ millions)	$19.5m	$79.7m	$12.1m	$17.2m

Total revenue effects for the 2020-23 financial years