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ATO Issues Guidance On Tax Risk Management

by Mary Swire, Tax-News.com, Hong Kong

03 February 2017


The Australian Taxation Office (ATO) has published a guide on tax risk management and corporate governance.

According to the ATO, the aim of the guide is to help companies understand what it believes better tax corporate governance practices look like. The guide sets out principles for board-level and managerial-level responsibilities. It also provides examples of evidence that entities can provide to the ATO to demonstrate they have an appropriate framework to manage tax risk in place.

"We have embraced the increasingly global view that tax risk management should be a part of good corporate governance. The presence and testing of a tax internal control framework are an integral part of the risk-assessment protocols used by tax authorities," the ATO said.

The ATO said that the guide was developed primarily for large and complex corporations, tax consolidated groups, and foreign multinational corporations conducting business in Australia. However, it explained that the principles outlined can be applied to a corporation of any size if tailored appropriately.

TAGS: compliance | tax | business | tax compliance | Australia | tax authority | corporate governance | BEPS

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