Australia

Details

  • Service: Tax, Corporate Tax
  • Type: Business and industry issue
  • Date: 5/06/2013

Tax Insights

KPMG's analysis of tax issues and developments.

Glenn Jackson

Glenn Jackson
Director, Tax

+61 3 9288 6680

glennjackson@kpmg.com.au

It's role call time for tax governance 

by Glenn Jackson, Corporate Tax Specialist

Enterprise risk management is a well-worn phrase in most organisations, consuming internal audit programs and financing entire risk departments. However, when role call was made for the various business functions to put forward their governance frameworks, it seems many tax functions were forgotten, with tax issues considered too complex or too specialised.

As recent global developments show, tax is continuing its rise as a key business and social issue. Maybe your organisation has a tax governance framework, maybe not, either way best not to be caught napping when the next role call is made as Boards are increasingly asking the questions alongside the ATO.

 

Tax functions that are prepared to invest time to customise a governance framework and embed it within the organisation are reminded that a governance framework is more than just words on paper. It drives value through the business through enabling technology, high performing teams, embedded processes and influencing stakeholders. Amongst others, all of these principles are seen as signs of good tax governance.

 

Above all, the point of a framework is to make sure that the balance of risk and value is right. In the uncertain and increasingly transparent world of the 21st century, taxpayers are learning quickly that the old operating model for achieving this is fast approaching its use by date.

 

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