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06 Mar 15 ATO Workshop on Corporate Tax Governance

On 24 February 2015, Sarah Blakelock CTA (McCullough Robertson Lawyers) attended an ATO workshop focused on Corporate Tax Governance.  Topics discussed included: 

  • Draft Corporate Tax Governance Guide: feedback was sought on the draft guide 
  • Review of the External Compliance Assurance Provider (ECAP) pilot: briefing on the learnings from the pilot; discussion focused on the potential implications and opportunities if an agreed undertakings procedure (AUP) for tax governance and specific risks was to be introduced; 
  • Corporate Tax Governance – higher consequence large business: Feedback sought on a revised Pre-lodgment compliance Review (PCR) two year review cycle; discussion focused on what tax risk governance processes demonstrate reasonable assurance processes are in place; 
  • Corporate Tax Governance – lower consequence taxpayers: Discussion focused on what tax risk governance processes would demonstrate reasonable assurance processes are in place for taxpayers who are lower consequence taxpayers; 
  • Corporate Tax Governance - Private Groups & High Net Wealth Individuals market: Discussion focused on the need to educate taxpayers in this market including consideration of the development of an online tax governance self-assessment tool; 
  • Further consultation on case examples on PS LA 20014/14 - Access to 'corporate board advice on tax compliance risk': A number of case examples were reviewed and refined to provide further guidance to taxpayers  of the importance of risk management and governance frameworks being in place when the ATO is considering whether the concession is available. 

Members seeking further information on the above should contact us at taxpolicy@taxinstitute.com.au.