On 20 July 2015, the Australian Taxation Office published an updated version of its tax risk management and governance review guide. The guide outlines best practices for large corporations, consolidated groups, and foreign multi-national corporations conducting business in Australia.
The guide covers:
Board-level responsibilities – an outline of how a board can ensure they are both independent and effective, including the establishment of a framework to identify and manage tax risk; and
Managerial Level responsibilities – examples of the controls that can be implemented to help mitigate tax risks and how management can test and provide assurance for the operational effectiveness of their controls.
Click the following link for the Tax risk management and governance review guide.