When the ATO’s Top 1,000 Tax Performance Program (under which Streamlined Assurance Reviews (SARs) are conducted) comes to an end in December, the Top 1,000 Combined Assurance Review (CAR program) will begin – combining both income tax and GST reviews for the Top 1,000 taxpayers.
Meanwhile the Top 1,000 GST assurance program, and the Next Actions program, will both continue.
So, here are some questions and answers to help you prepare for when the ATO calls.
Who is the ATO targeting for its Top 1,000 CAR?
The Top 1,000 will be selected from Australia’s 1620 major corporate groups, made up of 10% Australian private, 52% Australian public and 38% majority foreign companies:
• with a turnover of greater than $250 million, but
• not those in the Top 100 program.
What is the purpose of these reviews?
The original Top 1,000 Tax Performance program was established to:
• obtain greater assurance that large public and multinational economic groups are reporting the right amount of income tax, or
• identify areas of tax risk for further action.