Read the latest information about our 2024 Public Groups findings reports.
We’re continuing to provide transparency with the latest release of our findings reports. This year, our Public Groups findings reports provide insight into large market risks, our programs of work, and engagement with large public and multinational companies. Each report has a separate focus and dataset, detailing information identified through risk analysis and program activities. For the first time, we’re offering new analysis that highlights trends across all reports and their implications for the Public Group population.
Summary of Findings
Reportable Tax Position (RTP) Schedule Report
The RTP Schedule report provides insights into key corporate tax risks in the large market. It includes aggregated disclosures made by large public and multinational companies for the 2019–20 to 2022–23 income years under Category C of the schedule.
Top 100 Income Tax and GST Assurance Programs
The Top 100 report summarizes key findings and observations from the assurance reviews completed by 30 June 2024. This program assures the income tax and GST outcomes of Australia’s largest businesses.
- Improved Assurance Ratings: There was a 7% increase in taxpayers achieving high assurance ratings, with 82% maintaining high or medium ratings overall.
- GST Assurance: 93% achieved high or medium assurance ratings, a 7% increase from the previous year.
- Areas of Concern: There are still taxpayers receiving low assurance ratings in key areas such as related party finance and sales.
Top 1,000 Income Tax and GST Assurance Programs
This report provides observations from reviews completed in the 2023–24 financial year.
- Assurance Ratings: 27% of taxpayers achieved high assurance, 63% medium assurance, and 9% low assurance (1% were not rated).
- GST Component: 45% of reviews with a GST component achieved high assurance.
- Improvement in Second Reviews: 34% of second-time reviews resulted in high assurance compared to 20% of first-time reviews.
Advice and Guidance Findings Report
The Advice and Guidance report covers insights from the Public and Multinational Business advice and guidance program over the 2020–21 to 2023–24 financial years.
- Requests and Rulings: In 2023–24, 437 requests were received, and 453 were completed, consistent with the previous year. Around 80% of rulings issued were favorable, with early engagement increasing the likelihood of a favorable ruling.
Comments from Deputy Commissioner Rebecca Saint
“Since the commencement of the justified trust program in 2016, our justified trust ratings have provided an objective method for organizations to assess their tax governance processes and understand their tax profile. Publishing these results helps businesses compare their tax profiles with peers in the market.”
Ms. Saint further stated that the maturity of these programs allows for a more tailored approach to engagement, benefiting those with high assurance ratings. “We encourage taxpayers to engage with us early and seek advice for complex transactions. Early engagement leads to higher positive outcomes for taxpayers.”
For more information, visit the Findings Reports Summary: Public Groups.
