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Tax risk and corporate governance: The ATO's growing interest in taxpayers' self risk management paper

Publication date: 30 Oct 12

Source: NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

Abstract:

In 2010, the ATO announced that it would be placing increasing importance on taxpayers’ self-management and mitigation of their tax risks. This is otherwise known as good Tax Corporate Governance (TCG). This paper covers how to meet the ATO’s expectations for TCG and what to expect if the ATO reviews your risk management systems, including:

• the ATO’s requirement for documented policies and procedures
• creating or improving a TCG policy document – what does it look like and what would it include?
• how to implement a robust TCG framework in your organisation
• commercial and operational benefits an entity realises on implementation of a good tax risk management system
• responsibilities for and interests in TCG for the Tax Manager, Tax Function and the Board
• ATO review and audit of TCG – what to expect.

Author profiles:

Glenn Williams CTA
Glenn is a Partner in Ernst & Young's Tax Controversy Practice. Glenn has in excess of 25 years corporate and international tax experience. Glenn is experienced in evaluating risk and dealing with senior financial management and the Board on these matters and has a proven record in successfully dealing with ATO reviews and audits. Glenn is an advisor to the G100 group and the Inspector General of Taxation and is also a member of a number of ATO working groups, including recent work in relation to Reportable Tax Positions.
Current at 25 August 2011
Click here to expand/collapse more articles by Glenn WILLIAMS.
 
Emily Marsden
Emily is a Senior Manager within Ernst & Young’s Tax Policy & Controversy Team. Emily has spent four of her six years with the firm specialising in Tax Corporate Governance best practice, including assisting clients with effective strategies for mitigating tax risk within their organisation and documenting policies and procedures for tax risk management. Emily’s experience extends to advising multinational organisations on best practice Tax Corporate Governance.
Current at 30 October 2012
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