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  • Tax governance guide for privately owned groups

    Privately owned groups recognise the importance of good governance to manage the ongoing performance and success of their business.

    Good governance:

    • promotes accountability and transparency in business
    • supports businesses in making financial and business decisions
    • sets out clear rules and responsibilities
    • helps businesses meet their regulatory and other legal obligations
    • helps businesses meet their expectations around their environmental and social responsibilities and economic and reputational risks
    • is important in managing tax obligations and risk.

    Businesses are making efforts to strengthen their corporate and tax governance to build stakeholder and community confidence that they are well governed, meeting their obligations and paying the right amount of tax.

    We expect private groups to have effective tax governance practices in place to identify and manage tax and superannuation risks. The right governance for your business will depend on a range of factors, including its size, complexity, history and culture.

    If you're a privately owned group, investing in effective tax governance that supports appropriate tax outcomes can influence your tax profile with us, with the potential to save you time, money and effort.

    This resource outlines the key features of governance we believe a business should have to effectively manage tax risks. It sets out guiding principles and examples of tax governance practices you can incorporate into your overall governance framework.

    You and your tax advisers can use this resource to:

    • develop an effective tax governance framework as part of your corporate governance
    • identify how you can make improvements to your existing governance frameworks
    • understand how to demonstrate that your tax governance is effective.

    This practical guidance is structured around major events in the business lifecycle, highlighting the tax governance issues that accompany these events and the associated tax risks that commonly attract our attention.

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    Last modified: 18 Jun 2019QC 59346