Australia

Details

  • Service: Tax, Corporate Tax
  • Type: Business and industry issue
  • Date: 2/06/2014

Tax Insights

KPMG's analysis of tax issues and developments.

Glenn Jackson

Glenn Jackson
Director, Tax

+61 3 9288 6680

glennjackson@kpmg.com.au

Streamlined tax disclosures produced by KPMG's dedicated solution 

by Glenn Jackson, Corporate Tax Specialist
 
The statutory reporting season is a highly stressful environment for finance teams and, for the tax department, the inevitable squeeze that is placed on the reporting timetable results in sleepless nights, time-consuming reconciliations and relentless email and phone call follow-ups.

We are finding that increasingly, our clients are reviewing their existing tax reporting processes and systems, with many concluding that their manual legacy spreadsheets are close to breaking point. Often, knowledge of the process resides with one key person, creating a risk if they are absent at year end. We know that a large barrier to resolving such issues is the perceived complexity and cost of improving the year-end tax reporting processes. KPMG's proprietary software, the 'Tax Reporting Cube' (TR Cube) has a unique approach, it will:

 

  • provide an enterprise tax reporting system at a low cost with rapid implementation times
  • fully automate parts of the process through data mapping for all simple/immaterial entities, allowing Group Tax time to focus on key figures
  • automate the production of tax disclosures, journals and reports, providing results on an individual, sub-consolidated and consolidated basis. Extensive internal consistency checks ensure reconciled results
  • provide you with transparent, accurate and detailed tax reporting information on a real-time basis
  • easily help manage your ETR and quickly identify tax planning opportunities, then forecast and plan for next year.

 

Many clients are seeing significant benefits of using KPMG's solution and approach. A quote from one of our existing users:

 

"Using the Tax Reporting Cube has greatly improved the efficiency of our year-end reporting process. Standardised tax packs which can link directly with our accounting system has improved the integrity and granularity of data available to us. The system is very simple and easy to use which is important when dealing different tax jurisdictions. Using the Tax Reporting cube has allowed us to truly standardise our processes and enabled us to quickly and easily produce the relevant tax disclosures."

 

To see a demonstration of the TR Cube, please contact me.

 

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