The Tax Cube™
Your first step to tax risk management
The Australian Taxation Office (ATO) has recently introduced a ‘Risk Differentiation Framework’, in order to allocate a tax risk rating to each large business.
These risk ratings drive the ATO’s interaction with large businesses - from monitoring to the use of regular risk reviews and audits. Tax governance and risk frameworks are now qualitative indicators in determining the risk rating of large businesses. The ATO expects that tax governance frameworks are in place, with sound systems, clear accountabilities, strong controls, and highly skilled people supported by robust processes and procedures.
Introducing the Tax Cube™
To help you develop an initial assessment of the current state of your tax governance activities we use a risk assessment tool called the Tax Cube. The Tax Cube is completed during a half day workshop with the tax department and other key stakeholders.