The complex and constantly changing nature of tax laws and reporting requirements make the design and delivery of effective, low maintenance, tax systems particularly challenging.
In recent years, the introduction of company tax consolidation, tax financial reporting under AIFRS (AASB 112), GST and BAS, and the Managed Investment Trust (MIT) tax distribution and withholding tax requirements have required substantial business investment.
The increased ATO scrutiny on the financial services and superannuation fund sectors has increased demands for more robust, transparent and accurate tax compliance and management reporting systems.
Additionally, the tightened corporate regulatory environment under Sarbanes-Oxley and CLERP 9 has increased the responsibility of senior management to place adequate internal controls over the group’s tax financial reporting and compliance processes.
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