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Understanding and managing a company's tax risks.

Publication date: 02 May 13 | Source: CCH TAX WEEK

Issue: Issue 16, 26 April 2013

Pages: pp. 1-5

Abstract:

The key element of good tax risk management is preparation. The better a taxpayer is prepared for tax reviews and audits, the better the outcome. The best way for a taxpayer to prepare for the types and frequency of Tax Office scrutiny is to:

  • 1. understand the Tax Office’s approach to assessing tax risks of organisations

  • 2. conduct an objective risk assessment

  • 3. manage the Tax Office relationship throughout the lifecycle of a review and audit, and

  • 4. understand tax dispute rules and processes.

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Author profiles

Stephen Jones CTA
Stephen is a Special Counsel in Maddocks' Tax Disputes Team. - Current at 01 February 2008
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Christopher Kinsella CTA
Chris is a tax partner with Minter Ellison with a focus on tax controversy matters. Chris has over 30 years experience advising in relation to tax matters. The Minter Ellison tax controversy team represents both taxpayers and the Commissioner in tax disputes in both the Federal Court and the AAT. Chris has extensive experience in advising taxpayers in relation to tax audits and reviews and their relationship with the Commissioner of Taxation. Last year Chris was heavily involved with the Chevron transfer pricing case. - Current at 27 January 2015
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Sisy Liang