We believe that tax risk management is a vital part of good corporate governance. Demonstrating that a company’s tax risk is adequately managed is necessary in order to gain trust from the board, investors, and the Australian Taxation Office (ATO). If taxpayers are able to provide documentation for how they’ve demonstrated adequate tax governance embedded in positions taken, disclosures in returns and tax calculations, the ATO and public can gain Justified Trust in the company.
How BDO can help
Our team has a wealth of experience in helping companies develop proactive approaches to tax governance. This experience has been gained through being involved in top 100 reviews, developing tax risk assessment toolkits, and working with tax directors to establish processes and controls for managing tax risk.
From small and medium-sized enterprises to top 100 companies, our team can help you:
- Reflect on current tax strategy and policy to assess the tone at the top surrounding your company’s tax profile and appetite to risk
- Develop tax risk strategy and risk compliance frameworks
- Implement formally documented processes and controls for managing tax risks across all jurisdictions
- Create a process to effectively monitor, prioritise, and report tax risk
- Prepare for a top 100 review
- Systematically address ATO expectations
- Prepare Private Binding Rulings applications and Reasonably Arguable Position Papers
- Respond to ATO questionnaires
- Assist with ATO risk reviews and audits
- Negotiate settlements and drafting deeds
- Review data management and document retention policies
- Assist in adoption of the voluntary tax transparency code.
A one-size-fits-all approach does not apply when it comes to achieving Justified Trust. Contact us to learn more about how our experienced advisers can help.