Tax Governance

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.

Tax Operations Maturity Model

Our Tax Operations Maturity Model (TOMM) is a user input diagnostic tool we’ve designed to help you identify your organisation’s tax risks along with gaps in your tax operations, governance and control framework.

The questionnaire that forms the basis of the tool includes multiple choice questions that cover all aspects of your tax approach, management areas and strategic tax objectives and benchmarks your answers against standards relevant to each area.

The tool covers:

  • Corporate Tax
  • Indirect Taxes
  • Customs and Excise
  • Employment taxes
  • Management issues
  • Tax governance
  • Local tax capabilities
  • Technology
  • Tax reputation

Tax Operation Report

Once completed, a summary Tax Operation Report is generated providing you with a traffic light ranking of the risk areas across each part of your organisation and the transparency to assess the maturity of your tax control framework and operations.

The TOMM will identify common areas of weakness, for example weak import controls etc, as well as isolated weaknesses which impact only parts of your operations.

Advisory support

Many of our clients get value from seeking expert support following the completion of the TOMM. Such support could include a briefing session to talk through your strategy and aspirations, an enhanced TOMM report with targeted recommendations, or further guidance on the next steps needed to address any weaknesses that may exist.

Get in touch

To learn more about our TOMM tool or to get help and advice on assessing your tax risk, please fill out the form below. One of our tax advisers will be in touch for an obligation free chat.

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Contact us

Contact our team to discuss your needs using the request for service form. Alternatively, call us on 1300 138 991 to speak with an adviser in your nearest BDO office.

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