Now available: Tax Risk Management and Governance Review Guide.

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

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


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