Tax Risk Reviews

We conduct a high-level overview of your business to understand:

• Your business - nature of your sales and services
• Your geographical footprint
• Your corporate structure and history
• Your financial performance
• Your income tax profile (grouping, ETR, losses, known issues, compliance status)
• Your GST profile
• Your ATO engagement status (last review and outcome)
• Your tax governance and key tax processes

We provide you with a dash-board style report containing an overview of our findings, together with our recommendations for next steps.

In this module we go deeper to identify material issues and opportunities.

In this module we will review:

• Existing tax governance and procedures
• Income tax returns for up to 4 years, any issues raised by your tax agent, and action taken
• Material transactions over the last 4 years, including any M&A, new products and service types
• Structural set-up and grouping
• Off-shore operations and interactions with the local business
• Industry-specific tax issues and their application in your business
• GST treatment of supplies and expenses
• GST analytics

We will present our health check report with our findings and recommendations.

In this phase we advise on and agree next actions and risk mitigation plans for each identified area of risk.

We ensure your Tax Risk Management and Governance Framework (TRMGF) is effectively designed and meets ATO expectations; and provide a gap analysis report.

We ensure your tax processes and procedures are effectively designed, documented and include controls that meet ATO expectations; and provide a gap analysis report.

We test the operational effectiveness of your TRMGF and the tax procedures and controls. The ATO expects this to be done 1-3 years after the implementation of your TRMGF, and at least every 3 years thereafter. We have a testing framework that links your governance framework to the ATO’s control testing guidelines and provide a report which can be provided to the ATO when they conduct a review.

We implement the agreed next actions plan. This may include:

• Deeper dive into identified transactions and areas of concern to confirm issues and quantify risks
• Recommend next steps or remedial action
• Preparation of technical advice or opinion, in a form suitable for a reasonably arguable position (“RAP”) paper
• Preparation of briefs to counsel
• Preparation of ruling request or request for early engagement advice
• Preparation of voluntary disclosure

Following the implementation of the risk mitigation and management strategies, we will provide you with an up-to-date Tax Risk Register which may be used to report to the Board on a periodic basis.