Benefits of effective tax governance

Effective tax governance not only positively influences your relationship with the ATO, but can also provide practical benefits for your business, such as:

• supporting business planning and decisions through expert advice and transparent decision making – which helps business stability and avoids unwelcome surprises
• building the capability of your management and providing real time assurance so that business owners can optimise business performance
• helping manage commercial and business risks – for example, governance that ensures effective succession planning makes transferring a business or assets more transparent and may also support business relationships
• helping avoid fraud in the business
• facilitating compliance with other laws and regulations, such as corporate regulations, trust laws and state taxes
• ensuring accurate financial reporting and reinforcing the integrity of business records.

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• Seven principles of effective tax governance