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