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According to an ATO report, a high proportion of high-profile groups have governance processes and procedures which are mostly undocumented.

To the end of August 2022, the ATO reviewed 5300 transactions, activities and events of the Next 5000 private groups which are valued at over $22 billion. Next 5000 groups often contain a dozen or more entities, which may include companies, trusts and self-managed super funds. Many of these businesses are established, multigenerational family-run concerns.

The move recommended is a more consistent tax governance framework for these entities.

Source:  PublicAccountant