Top 500 and Next 5000 – Private Wealth
Overview
Gain practical insights into the Top 500 and Next 5000 programs, understand what these reviews mean for your clients, and learn strategies to manage ATO engagement effectively.
The session will cover:
- The background for the Government funding to the ATO for them to pursue programs of risk reviews covering:
- The ‘Top 500’ private groups
- The ‘next 5,000’ private groups
- Unpacking the ATO’s findings from the first couple of years of these programs
- Summarising the Tax Governance principles that the ATO consider in these reviews
- Considering the Taxpayer Alerts and other key risk areas emerging from these Top 500 and Next 5,000 programs
- Looking at case studies drawn from practical experience with such Top 500 and Next 5,000 reviews
- Discussing handling strategies to best manage engagement with the ATO teams during such risk reviews, including:
- how to best present governance/internal control systems for the private group, and
- if/when/how to make voluntary disclosures of any apparent issues identified in addressing the risk review process
Learning Outcomes:
Participants will gain an improved understanding of:
- The ATO strategy for reviewing larger private groups under these programs
- An introduction to the ATO model for how they expect larger private groups to run their Tax Governance strategies and processes
- Specific areas of tax risks for such larger private groups upon which the ATO are currently focusing
- Better practises for tax professionals in dealing with such risk reviews for clients where they are undertaken by the ATO
Suited to:
Accountants, tax practitioners, BAS agents, lawyers and other practitioners serving private groups and wealthy individuals.
This On Demand recording Includes:
- Recording of the Live Webinar, which can be viewed multiple times, for as long as required
- Presenters contact details for follow up questions
- CPD Quiz
- CPD Certificate
- CPD Report – Logged automatically
- PowerPoint Presentation
- Verbatim Transcript, with Searchability
- Supporting Documentation
Course syllabus
3 lessons
- Video – Top 500 and Next 5000 – Private WealthVideo
- Feedback Survey QuestionsSurvey
- Knowledge QuizTest
Your presenter
Bruce CollinsTax Controversy Partners
is the founder and principal solicitor at Tax Controversy Partners Pty Limited, currently helping clients to resolve all types of tax issues with the ATO and SROs, as well as dealing with corporate regulatory and insolvency issues for clients. Before moving into private practice in 2017, Bruce worked for over 35 years in the Tax Office, a third of this time as a Senior Executive in what is now Compliance & Engagement Group, covering most ATO functions. Bruce was the head of the Technical & Case Leadership area in Aggressive Tax Planning and then Private Wealth for several years prior to leaving the ATO, as well as having previously been the strategic and technical lead for many of the ATO’s compliance programs. Bruce was one of the Senior Executive sponsors for the development of the original version of the Tax Governance model for Private Groups and was involved in the development of the predecessor programs for the current Top 500/Next 5000 programs.
Bruce has an Accounting Certificate (1989), a First-Class Honours Degree in Law (1995), a Graduate Diploma in Legal Practice (1996), a Masters of Taxation (2003) and a Masters of International Taxation (2006). Bruce is a Chartered Tax Advisor with the Tax Institute, a member of the Law Society of NSW, a member of the AICD and is both a member of the Law Council of Australia and their Tax Committee and is current Chair of their SME Business Law Committee.