Quarterly Board Update — tax developments in Q3
The Australian Taxation Office (ATO) has for many years emphasised the role of the board in managing tax risks, and in some instances directors may have personal liability for unpaid taxes of a company. Striking a balance between the acceptable level of risk and the enhancement of shareholder value is challenging. However, the board is expected to establish and maintain strong corporate governance structures for managing risk, including tax risks. This includes ensuring there is:
- controlled and transparent management of tax activities on a day-to-day basis
- an enhanced ability to anticipate issues (such as changes in law and relevant court decisions)
Appropriate compliance and reporting procedures for material transactions and developments will ensure significant tax risks are elevated to the board for their consideration. To assist you in managing these risks, Minter Ellison has created a quarterly update to discuss the issues that you may wish to raise with your board during each reporting period, starting with the third quarter (Q3)…
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