Findings report – Top 1,000 income tax and GST assurance programs

Findings from the Top 1,000 income tax performance, combined assurance review and GST assurance review programs.

This is the fourth year we are publishing our findings report for the Top 1,000 assurance program for income tax. It is the second year we are including insights from the Top 1,000 goods and services tax (GST) assurance program.

For income tax and GST assurance reviews completed to 30 June 2022, this report:

• outlines our key findings and observations
• explains how we apply the justified trust methodology to
  • obtain greater assurance that large public and multinational taxpayers are paying the right amount of income tax or GST, or
  • identify areas of tax risk for further action
• enables businesses to understand how their tax risk profile compares to their peers.

We will continue to publish updated findings from the Top 1,000 assurance review programs in future findings reports.

The justified trust program benefits Top 1,000 taxpayers, their shareholders, other key stakeholders, and the wider community.

The program provides the ATO a holistic understanding of the taxpayer’s business operations and financial performance which:

• provides certainty about an organisation’s tax outcomes and the effectiveness of their tax governance processes
• ensures boards can be confident they are aware of and understand the tax profile of their organisations
• provides a credible and objective mechanism to understand how our assessment of the tax profile of their organisation compares to their peers and others in the market.

Source: gov.au

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