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ARTICLE · 23 FEBRUARY 2021

When the ATO comes to help – dealing with the Next 5000 reviews

Cooper Grace Ward
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ATO will conduct streamlined assurance reviews on high wealth private groups who control wealth of more than $50m.

AustraliaTax
Sarah Lancaster
Sarah Lancaster
Jack Colley
Jack Colley
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Strategies for dealing with the ATO – the Next 5000 Program

The ATO started its Next 5000 tax performance program, which runs for four years, from the 2020 financial year.

The Next 5000 program covers high wealth private groups who control wealth of more than $50 million. However, it does not cover groups that were already a part of the Top 500 private groups tax performance program.

The ATO will conduct 'streamlined assurance reviews' to make sure that groups in the 'Next 5000' have paid the correct amount of tax.

What happens in the review?

Advisers will receive notifications of client reviews around three months before the ATO starts the review process.

In the 2021 income year, the ATO may offer an option to start the review straight away but have an extended period of time to respond to a request for information – the aim is that this flexibility may help businesses manage the impact of COVID-19 on their business.

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© Cooper Grace Ward Lawyers

Cooper Grace Ward is a leading Australian law firm based in Brisbane.

This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.

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