GST governance and risk management guide for large businesses
This guide is comprised of an interactive checklist to help large businesses self assess the effectiveness of their GST governance, risk management, internal assurance processes and procedures against a list of best practice actions.
The following information explains the self-assessment process when reviewing GST governance, risk management and assurance frameworks. The process is designed to support how you manage tax risk at a strategic level, and what controls you have in place to meet your operational obligations.
The GST governance and risk management guide has been developed for use by large public and privately operated entities with turnover of more that $250 million (Australian dollars). Due to their size and complexity, these entities should have:
- sophisticated governance and risk management frameworks
- an appointed client relationship manager from our Indirect Tax business line
- a specific senior staff member allocated to resolve technical or administrative indirect tax related issues.
This guide is designed as a process for your organisation to conduct an assessment and consider the effectiveness of your governance, risk management, assurance and control environment as they apply to GST compliance. If you would like assistance, or upon conducting an assessment would like to share the results with us so we can assist in any way possible, contact your client relationship manager. Your advisors may also be interested in reviewing the results with you or assisting with the assessment or its findings.
Download a Portable Document Format (PDF) of the GST governance and risk management checklist for large business (NAT 73616 646KB). You can complete it electronically and save it to a personal hard drive or print it as a record.
For more information about GST governance and risk management:
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Benefits of good governance and risk management
Managing your tax risk well is core to good corporate governance, particularly if you are operating in international markets. Good governance and effective risk management help ensure the sustainability and success of modern large public and privately operated entities. They are also important in managing the risks associated with the outcomes of compliance failures such as tax shortfalls or overpayments.