Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 10/9/2013

Australia - Effective use of technology to manage tax risk 

October 9: Given the continuing pressure on businesses to reduce costs and for tax authorities to boost revenue, taxpayers’ efficient management of tax reporting and compliance obligations requires an effective use of technology.

There is an extensive suite of finance systems and tax compliance applications available, which if used correctly, can significantly improve processes, reduce costs, and contribute to the effective management of tax risk.


Key technology considerations include:


  • Providing that finance systems are properly tax sensitised to provide standardised tax calculations and reporting functionality
  • Putting in place the right tools to provide all management information needed over tax filings, tax payments, and tax risks
  • Delivering cost and resource savings by reducing the time spent on consolidating, analyzing, and reporting through the use of automation
  • Identifying any weaknesses in business and tax processes and putting in place data analysis tools to act as compensating controls

Read an October 2013 report prepared by the KPMG member firm in Australia: Technology enables process improvement




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The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


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For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

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