The Federal Government has made clear its intention to implement the OECD BEPS tax transparency measures. The Australian Taxation Office has been empowered with additional budget and resource to ensure the taxation paid by the country’s top corporations is in line with the OECD measures and community expectation. Rapid changes to policy, legislation and compliance frameworks are inevitable, as is the impact on finance and taxation professionals.

There are many questions to be addressed. How will requirements around data and technology use change? Why will closer collaboration between finance and tax departments be so important? What are the steps that businesses need to take to protect their interests throughout the journey to transparency? These and many more are examined in depth as part of the Thomson Reuters Journey to Transparency series.

Be Transparent

The Transparency Imperative

The Transparency Imperative takes a closer look at the implications for finance professionals and taxation specialists. It explores recent developments in international taxation law and poses additional questions to industry and academic experts about what transparency is likely to mean in a post BEPS world.

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Budget Update 2016: Towards Transparency

The Australian government is ramping up its tax legislations to be in line with the Organisation for Economic Co-operation and Development (OECD) transfer pricing and Base Erosion and Profit Shifting (BEPS) guidelines. The legislation coupled with heightened enforcement by the Australian Taxation Office (ATO), will be given significant funding to address perceived issues with the way global businesses pay tax in Australia.

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Being Transparent

Technology Builds Transparency: Achieving Justified Trust

The ATO will soon require Australian MNCs to supply fact-based evidence to justify their tax positions. The new justified trust initiative is the next stage in the ATO’s implementation of the OECD BEPS program.

What are the implications for those corporations already on the journey to transparency? How will it affect the relationship between finance and tax teams? Importantly, what steps can be put in place to prove out a position of Justified Trust without miring even more valuable resource into additional compliance efforts.

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2016 Global BEPS Readiness Survey

How are multinational enterprises preparing for BEPS-related compliance? This survey sheds light on how multinational enterprises are reacting to and preparing for the BEPS Action Plan. The findings uncovered trends, revealed risks and exposed pain points on a global scale.

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