Restoring trust in the tax system
Fair. Focused. Future.
The tax environment is evolving and the expectations on government and business are changing. The perception of unfairness, as well as concerns around income and wealth inequality are leading to distrust, uncertainty and consequently affecting Australia’s economic growth.
For Australia to build a more positive tax environment, business leaders, industry bodies, governments and community need to work together to create change. We have put a spotlight on the most important tax issues and policy choices of today to create a more prosperous future for all Australians.
Restoring trust in the tax system, suggests some practical ways to build trust and confidence in our tax system. This is a necessary first step to create a better tax and business environment, and in turn a more prosperous Australia.
The community and tax authorities have an increased expectation that businesses and boards will step up their approach to tax risk management. This means taking greater responsibility at board level to put in place a robust and rigorous risk based approach to the management of taxes, through strong tax governance, tax conduct and tax transparency.
Fair. Focused. Future
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There are also challenges and opportunities for Government and the ATO in this current environment. In our report we suggest steps the government could take when it comes to restoring trust and confidence.
We are excited to start considering Australia’s next steps.
This is only the first step. Over the course of the year, we will be bringing out additional reports that delve deeper into this issue.
Read more on the blog
Is risk on your radar? There are three pretty significant reasons why company directors and senior management, outside of the tax function, are stepping up their approach to tax risk management.
By David Watkins, Peta McFarlane, and Stuart Osborne, Apr 24, 2017