Recent activity by the ATO in relation to privately owned and wealthy groups

Since the April 2015 release of the Reinventing the ATO blueprint (PDF), the ATO states it has:

• given certainty to over 30,000 low risk privately owned and wealthy groups with reassurance their income tax affairs for previous years will not be subject to further reviews
• provided transparency with over 2100 income tax risk reports where specific income tax issues have been brought to the attention of taxpayers
• engaged early with 44 of the largest private groups and market leaders to improve relationships so that the ATO is better placed to identify issues early
• received 40 early advice requests from taxpayers involving complex transactions or arrangements

Every year counts (PDF) explains the changes to expect over the next six months.
Find out more on the recent developments and get guidance on what attracts the ATO’s attention in relation to privately owned and wealthy groups.