The ATO has just launched the Tax Risk Management and Governance Review Guide.
The guide was developed in consultation with The Tax Institute, Tier 1 advisory firms, the Law Council, and members of the Corporate Tax Association, to allow businesses to self-evaluate their governance framework and strategic and operational tax risks.
The guide has been developed primarily for large corporations, and other corporations will have to think carefully about how they tailor and apply the extensive guide to manage their own tax risks and internal controls.
The guide is based on what the ATO believes are corporate tax governance 'better practices' and will assist businesses to:
- develop their own tax governance framework
- test the robustness of the design of their framework against the ATO’s benchmarks
- understand how businesses can demonstrate the operating effectiveness of their internal controls to their stakeholders.
For those with an interest in Tax Risk Governance, the upcoming Queensland Tax Forum (27-28 August, Brisbane) features the panel discussion: ‘Tax Risk Governance – What Is It? Why Should You or Your Clients Care?’.
Facilitated by Sarah Blakelock, CTA, the panel includes Bruce Collins, CTA, and Belinda Darling, CTA, from the ATO, alongside Peter Nearhos, CTA, and Brian Richards, CTA, discussing:
- What tax risk governance is and what it should look like in practice
- How to approach the development of a tax risk governance framework, whether you are a public company or a key adviser to a closely held private group
- ATO expectations and tools – how do you demonstrate good risk management to the regulator?
- Tax governance concerns observed by the ATO
- Some of the practical issues in developing and implementing a tax risk governance framework.
The Hon. Josh Frydenberg MP, Assistant Treasurer will also open the Forum with an address. Find out more and view the entire program here.