Want to ensure accurate tax returns? It’s time to focus on effective tax governance Tips. Clear policies and procedures must be followed within a corporate governance framework for effective tax governance. It helps in efficient decision making and guarantees that the group is fulfilling its tax and super commitments.

Applying the below given seven tax governance practises can help make informed decisions:

Tip 1: Accountable management and oversight

According to this Tip, the roles and responsibilities must be clearly defined in terms of accountability for tax administration and accurate decision making. Being a taxpayer, you should understand all your tax and super obligations, including reporting, registration, lodgement, payment and record keeping. Your tax governance responsibility can be shared with tax advisors.

Tip 2: Recognise tax issues and risks

As per this Tip, appropriate processes and procedures are in place to support compliance with the group’s tax and super obligations. By following these procedures, a tax paying group can effectively identify and manage the tax issues that arise from their activities way before they actually become tax risks.

Tip 3: Seek professional advice

Relying on a professional tax accountant to make the right tax choice can save you from both hassles and penalties. There are some clearly defined procedures for seeking tax advice and escalating tax problems. You can consider consulting a registered tax accountant for a customised counsel to ensure error-free tax lodgements.

Tip 4: Integrity in reporting

Being a business owner, you can decide whether the company’s financial records, including tax reporting, represent a fair image of your business and whether your tax obligations are legal or not. Accurate reporting and good record keeping can guarantee that the accounting information is readily available when needed.

Tip 5: Professional and productive working relationship

Whether it’s you or your tax advisor, work together with the tax office in a polite, open, transparent, and professional manner to attain productive results. With the involvement of the Australian Taxation Office, you can resolve any tax concerns and avoid lodgement conflicts.

So, these were some important tax tips to follow to make sure your tax experience is a breeze. For more guidance on tax lodgement and processes, feel free to contact our tax accountants at KPG Taxation.