Source: Taxation In Australia Journal Article
Published Date: 1 Oct 2015
Governance is the means by which an organisation is controlled and influenced by those who are charged with the responsibility to govern it. A governance framework is a conceptual structure and a set of rules which outlines how the organisation is governed. It includes policies, procedures, systems and controls which are the practical method by which decisions are made and actions undertaken. The Australian Taxation Office's Tax risk management and governance review guide, published in July 2015, was primarily developed for large corporate taxpayers, but the principles outlined in the guide can apply to a corporation and entity group structure of any size, including private groups and high wealth (PGH) groups and small business entities, if tailored appropriately.
This article encourages large corporates as well as PGH and small business entities to develop governance frameworks which address tax risks, and discusses how that can be done.
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