Tax Risk Management - The Responsibility of Directors?
Published on 13 May 2004
| Took place at 401 Collins Street, Melbourne
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.