When it comes to maintaining financial compliance, legacy statutory reporting processes and software is not a viable option. The potential risks include penalties for late filing, inefficiencies, reputational damage, costly audits and downstream impacts for tax teams.

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Unlike some countries (such as the US), Australia’s legislative references to tax “evasion” do not refer to a criminal offence or even a category of criminal offences.

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The multibillion dollar losses suffered by Credit Suisse following the collapse of Greensill Capital and Archegos Capital may well rank among the most significant risk and compliance failures of the past decade.

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