The Australian Taxation Office has published a guide setting out principles for tax risk management and governance. The guide was developed primarily for large and complex corporations, tax consolidated groups, and foreign multinational corporations conducting business in Australia, but can be applied to a corporation of any size if tailored appropriately. The guide is broken down into six sections:
- Director's summary;
- Board-level responsibilities;
- Managerial-level responsibilities;
- Tax control frameworks for medium and small corporations;
- How to test controls; and
- Self-assessment procedures for reviewers.
Click the following link for the Tax risk management and governance review guide.