Top 500 private groups – know your issues and risks

On 06/02/2025, the Australian Taxation Office (ATO) issued an update regarding Top 500 private groups – know your issues and risks. Many Top 500 tax performance program participants lack documented procedures for identifying and managing tax issues and risks. This update emphasizes the importance of having documented processes in place to recognize and manage issues before they become risks, impacting businesses and leading to exposure to liabilities, penalties, and interest.