The Medium and Emerging Private Group Tax Performance Program, does it affect you?
What is it?
Distribution Declaration (“MUST”)
How?
The Medium and Emerging Private Group tax performance program is a new review intake of the Australian Taxation Office which focuses on high wealth private groups and medium and emerging private groups.
Am I a ‘medium and emerging private group’?
Yes, if you are either of both of the below:
1. Control between $5 million and $50 million worth of assets.
2. Are a private Australian-owned Australian business with an annual turnover of more than $10 million and do not control more than $50 Million.
What should I do?
– There is no immediate action required on your behalf.
– Make sure your records and receipts are up to date.
– Review any tax positions you have adopted.
– Ensure you are managing your cash flow since the ATO are reluctant to provide any payment arrangements to entities of high and medium wealth private groups.
If you would like more information in regard to this tax performance program or you are contacted by the ATO for a review and require assistance, please feel free to contact Bowden Liberatore offices on 07 3879 3303.