- ETR reconciliation
- Related Party Dealings
- Government payments
- Community Contribution
The tax world is becoming more transparent
New tools for transparency
Just as the regulators are becoming more efficient and effective in their collection and use of tax information, it is clear from the new tax landscape that the people, processes and systems within global tax functions are required to modernise in order to keep up with ever changing regulatory requirements and the associated risks.
Voluntary Tax Transparency Code made easy
CCH Integrator’s Tax Transparency solution untangles tax professionals from the toil of collecting and reconciling a business’s effective tax rate (ETR), taxes paid and related party transactions. Take advantage of a comprehensive tax database and audit trail, automate compliance reporting and enhance oversight as well as governance over the end-to-end tax function.
The solution brings to light the key drivers impacting the effective tax rate and delivers information required for a variety of purposes including recoupment of prior year losses and assists in accounting for any foreign exchange fluctuations. In short, it’s the tool that evolves with the changing tax climate.
Justified trust: Tax transparency in Australia
To achieve Justified Trust, the ATO expects boards to oversee the implementation and continued operation of an entity’s tax governance framework. Managing day-to-day controls and processes to ensure compliance with tax obligations is the responsibility of management.
Boards and senior management of ASX Top 100 through to Top 1,000 organisations should be familiar with their obligations under the ATO’s Justified Trust initiative. Furthermore, they should be seeking to proactively prepare (‘self-assess’) their Justified Trust position in a structured and efficient manner and assess the tax management and governance of their organisation against ‘best practice’.
Using CCH Integrator gives you a leg-up over others using manual spreadsheets who are reporting off multiple data sources with minimal controls. CCH Integrator has the key capabilities for your organisation to be at the forefront of best practice when it comes to your tax control framework.
CCH Integrator – more than meets the eye
CCH Integrator acts as a single source of truth to manage and monitor the tax controls of your tax governance and control framework. It can also:
- Facilitate an enterprise-wide self-assessment on the tax maturity of your organisation – by collaborating with tax, finance, internal audit, risk/governance and technology teams under one single platform.
- Assist in identifying gaps and support remediation plans.
- Enable upstream compliance and stakeholder reporting.