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Tax Risk Management - The Responsibility of Directors?

Published on 13 May 2004 | Took place at 401 Collins Street, Melbourne , VIC

The last 12 months has seen a significant increase in the focus on Tax Risk. In particular, the ATO has stated it intends to scrutinise the extent to which Boards have taken responsibility for the tax planning decisions of their companies.

The correctness of the ATO's position is the subject of significant debate. You need to understand what the ATO expects, whether it has a legal right to take this position and, most importantly, your personal obligations for (and penalties for not) managing corporate tax obligations. These personal obligations and potential penalties apply (in various degrees) to company directors, public officers, CEOs and CFOs who must now make certain personal attestations concerning financial and tax outcomes.

Individual sessions

Managing tax risks

Author(s):  Stef MASON This presentation covers the following issues:
- the changing environment - Sarbanes-Oxley, CLERP 9 and ASX Principles
- factors affecting tax risk management - Commissioner's letter to Board Chairmen, the ATO's Co-operative Compliance Model, the ATO's area of focus and the advisor's role
- how Boards shoule react
- responsibility of Directors
- tax risk - technical risks and operational risks
- the tax risk management process - traditional approach and a new approach for a new environment.

Materials from this session: