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Tax governance guide for privately owned groups

Use our tax governance guide to implement effective tax governance practices and principles.

Last updated 30 November 2021

Privately owned groups recognise the importance of good governance to manage the ongoing performance and success of their business, and they are making efforts to strengthen their corporate and tax governance.

Good governance

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.

The right governance for a private group will depend on a range of factors, including, the group's structure, size, complexity and the industry in which the group operates.

What this resource does

This resource outlines the governance a private group should have in place to effectively manage the tax and super risks that can arise from significant events during the different stages in a group's lifecycle. It sets out guiding principles of the tax governance practices a private group can incorporate into its corporate governance framework.

You and your tax advisers can use this resource:

  • as guidance in developing an effective tax governance framework as part of your overall suite of corporate governance initiatives
  • to identify how you can make improvements to your governance in managing the tax issues and tax obligations that arise over time
  • in evaluating whether the frameworks, processes or procedures that you put in place are operating effectively.

This practical guidance sets out major events in a typical private group's lifecycle. It highlights the:

  • tax governance issues that accompany these events
  • associated tax and super risks that attract our attention.

For Top 500 privately owned groups and Next 5,000 private groups, see the seven principles of effective tax governance.

You may wish to find out about:

You can also see:


Learn about what comprises corporate governance and tax governance, including rules, systems and processes.

Learn how to set up effective tax governance when starting your business, to mitigate tax risks and their consequences.

Learn how to manage tax governance effectively as your business expands.

How to prepare robust tax governance practices so you can manage tax risks that arise around funding your business.

How to document genuine gifts or loans from related overseas entities that are used to fund your business.

Learn how you can either set up an entity for philanthropic ventures or donate directly to established organisations.

Learn how a sound tax governance framework can help you manage tax issues around succession planning.

How to put in place effective governance to manage the tax issues associated with disposing or closing your business.

Learn about retirement planning for private group owners, including SMSFs or small business CGT concessions.

How to develop an estate planning strategy to deal with your assets in the event of your death.