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High wealth private groups: Risk reviews
Published on 01 Apr 21 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
The ATO has turned its focus to high wealth private groups (HWPGs) with the implementation of the Next 5,000 tax performance program. Every HWPG will be reviewed over the next four years. This article summarises what HWPGs can be doing now in preparation for a review. This includes identifying risks, getting evidence together to support the positions taken, and considering whether a voluntary disclosure of any errors is necessary. It will also include ensuring that there is a formal documented tax governance policy in place. There is a recognition that this does not mean a policy of the kind that the Commissioner of Taxation requires of large corporates. However, HWPGs are expected to have tax governance policies. High wealth private groups and their advisers are encouraged to take the opportunity to get themselves ready so that they avoid exposure to an audit or ongoing ATO reviews because of a lack of confidence in taxpayer systems.
Author profiles
Sue Williamson CTA-Life
Sue Williamson, CTA (Life) leads the Holding Redlich Melbourne Tax Risk Management and Disputes practice. She advises clients on tax risk management including tax governance and ensuring that clients have sufficient evidence to defend their positions. She has acted in various AAT, Federal Court, High Court and Supreme Court tax cases. Sue is also an accredited mediator and has assisted clients in resolving disputes using various ADR mechanisms. Sue was the President of The Tax Institute in 2008, has been a member of several advisory boards, has participated in many consultative forums and lectures in the University of Melbourne Masters of Law program. - Current at 04 July 2023
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