How confident are you in your corporate tax compliance process? - TR

Multinationals have been attracting the lion’s share of the Australian Government and media’s attention with regards to their tax affairs. But tax governance is an equally important factor for the tax team in all companies, regardless of size.

Manual processes and tools such as spreadsheets have long served corporate tax teams well, but in today’s environment, accuracy and speed in calculating and reporting on tax is no longer an aspiration, but a necessity – particularly when our tax revenue stream relies heavily on corporate and income tax, and the ATO has invested heavily in technology enabling thorough data matching to profile any business in any geographic area and compare income, profit margins and tax payments.

In addition, businesses are under increased pressure to do more with less – leading many to consider a system that reduces risk and provides a better return on investment.

Tax Compliance Confidence Checklist

To help you evaluate we’ve put together a short questionnaire using top tax practitioner pain points:

Time spent on manual data collection and input versus time on analysis and review equates to ratio of 4:1?
Substantial amount is spent on outsourced compliance advice?
Emailing files back and forth for tax agent review?
Issues with Excel version control and rolling data over to the next year?
Unable to produce a detailed audit trail at short notice?
Company is vulnerable to “key tax person risk” – critical operational knowledge could be lost with staff turnover?
No time for technology set-ups and training a new system?

Is it time for an upgrade?

If the answer to any of these questions is “yes” for your company, then it is time to consider implementing a more robust and automated system, such as Thomson Reuters ONESOURCE Corporate Tax.

Our cloud-based solution been designed specifically for small to medium corporations, catering for single entity company tax returns. Some of the benefits of our automated system are: