Ahead of each footy season, the AFL has the momentous task of planning the competition. The schedule must account for the following factors: 18 teams, 6 games a week, 23 rounds, plus rest and travel time, over a period from March to late September. Any glitch can throw the whole enterprise into chaos – upsetting fans, players, facilities, sponsors and many more stakeholders.
So how does the competition run so smoothly? Through a combination of strategic planning and flexibility to change the elements as needed, and most importantly, a technological platform to manage this with confidence.
What can Footy teach Tax?
The ATO has been placing increased emphasis that large companies should adopt the best practice for tax governance as outlined in its “whole-of -tax” framework. This means transparently managing tax risk by ensuring that not only is the correct tax paid on time but there are auditable controls in place throughout the process to account for the company’s tax position – and the company can demonstrate the robustness of the technology behind all of this.
To take on these best practice recommendations means that many companies might need to rethink the technology and methods behind their tax governance practice.
For companies with large quantities of entities, or business across global tax jurisdictions, using spreadsheets to remain up-to-date with changes in tax laws, the volume (and changeability) of tax-filing deadlines can be an arduous and error-prone exercise. Then, if adding the assignment and tracking of tasks and responsibilities of your team to the existing system – achieving compliance becomes even more difficult.
But this is where the methods utilised by Footy can help. The best way to keep on top of your game in tax governance is to follow the AFL’s example. By implementing a system that combines pre-determined due dates, pre-populated content and the ability to enter user-defined information – companies with complex global tax affairs will be able to achieve the peace of mind worthy of a major sporting organisation.
The Thomson Reuters ONESOURCE Workflow Calendar offers such a solution. With content for over 120 countries for direct, indirect tax and statutory content, the Calendar enables you to track, manage and organise tax workflows, tax-filings, and payments with ease. And, with the customisable, real-time Dashboard, not only you will have visibility over all events, the interactive traffic light reporting feature makes it easy to see how you are tracking at a glance, increasing the efficiency of your reviews.
Survival of the organised
The stakes involved in achieving compliance in corporate tax management are just as high as those in running a national sporting competition: fines for missing lodgement deadlines are hefty, and tax laws are ever-changing, not to mention the impact on a company’s image when called out for tax avoidance by the media and the Australian public.
Make sure you and your team are match-ready by taking advantage of our ONESOURCE Workflow Calendar free trial, ending mid-June. Watch our video and learn more about how Thomson Reuters’ solutions can help your business to thrive.
And visit our website to find out more about our ONESOURCE.