ATO Updates Top 500 Private Groups Tax Program with New Categories and Criteria Changes

• The ATO updated its Top 500 Private Groups Tax Performance Program effective April 2025.
• The program aims to ensure large private groups pay the correct tax and is part of the Tax Avoidance Taskforce.
• It includes private groups with over AUD 500 million in net assets or over AUD 200 million in turnover and AUD 250 million in net assets, and market leaders or groups of specific interest.
• The Top 500 groups are divided into significant and general categories.
• Significant groups have ongoing annual assurance engagements and a 3-year monitoring period if justified trust is achieved.
• General groups are encouraged to achieve justified trust and benefit from a 3-year monitoring period, with a 1-year period for full tax assurance.
• From April 2025, the program excludes groups with over AUD 250 million turnover regardless of net assets, and the turnover threshold for groups with net assets over AUD 250 million increased to AUD 200 million.

Source: regfollower.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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