Tax Transparency

An effective solution to help automate the requirements of the Tax Transparency Code, while also streamlining finance and tax operations, meeting dynamic regulatory requirements and delivering comprehensive group-wide visibility for key stakeholders.

PROMOTE GOOD GOVERNANCE


On 3 May 2016, the Australian Government released the Board of Taxation’s (BoT’s) final report on a voluntary Tax Transparency Code (TTC) which is aimed at large and medium size businesses to provide a greater level of public disclosure over their tax affairs, particularly large multinationals.

The TTC has been designed having regard to the information requirements of its target audience such as social justice groups, media, analysts, shareholders and general users i.e. the ‘person in the street’. It is intended to enhance transparency, promote good governance and also build trust between businesses, investors and the general public.

Solution


  • CCH Integrator’s Tax Transparency Module streamlines the collection and reconciliation of a business’s effective tax rate (ETR) and its primary drivers, the taxes paid, and related party transactions. It establishes a comprehensive tax database and audit trail, automates compliance reporting using pre-prepared templates and enhances oversight and governance of the end-to- end tax function to meet the TTC’s requirements for medium and large businesses.

  • The solution also clarifies the key drivers impacting the effective tax rate and crystallises, in plain English, information required for a variety of purposes such as securing Government R&D tax incentives; recoupment of prior year losses; and to account for any foreign exchange fluctuations.

To streamline the reporting process a specially developed “starter pack” leveraging carefully designed templates reflecting emerging market best practice supports businesses as they begin to create Tax Transparency Reports, boosting the ease of use and effectiveness of the solution right from its initial deployment.

The solution allows you to easily collect the information in your TTC Reports, including:

ETR reconciliation – an easy to use ETR data collection and calculation tool allowing the user to simply gather, consolidate and report on the data.

Related Party Dealings – a qualitative description of related party transactions which is ideally leveraged from the transfer pricing documentation.

Government payments – data collection, consolidation and dashboards to report on all taxes paid and government payments.

Community Contribution – captures payments to suppliers, employees, shareholders and investors.

CCH Integrator provides a single source of corporate truth, supporting end-to-end auditable transparency, and providing accurate inputs for all reporting – to regulators, the ATO, the board, investors, and the general public.

The single comprehensive and accurate repository reduces risk and supports good governance.

Don't just take our word for it


  • "We estimate that standardising data collection using an online tool will reduce compliance engagement costs by 20-35%"

    Big 4, Tax Lead Partner

  • "The time to prepare a BAS return went from 4hrs to 20 mins"

    South32

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