Tax & Accounting Blog

How confident are you in your corporate tax compliance process?

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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:

  1. Time spent on manual data collection and input versus time on analysis and review equates to ratio of 4:1?
  2. Substantial amount is spent on outsourced compliance advice?
  3. Emailing files back and forth for tax agent review?
  4. Issues with Excel version control and rolling data over to the next year?
  5. Unable to produce a detailed audit trail at short notice?
  6. Company is vulnerable to “key tax person risk” – critical operational knowledge could be lost with staff turnover?
  7. 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 Xpress.

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:

  • Cloud based so no IT setup required
  • Securely access your data anytime from anywhere
  • Comprehensive set of tax working papers
  • Always up to date with current tax legislation
  • Automate many tax adjustments with tax sensitive trial balance mapping & import
  • Built in data validations – Save on costs of outsourcing compliance checks
  • Quick to implement and learn – be up and running in days
  • Intuitive user interface – Excel look and feel
  • Collaborate with your tax advisors with online review features
  • Integrated e-filing
  • Clear audit trails and data traceability
  • Access to Australian based TR support desk

Visit our website for to find out more about our ONESOURCE Corporate Tax Solutions.