As Australia’s largest Credit Union, providing banking, general insurance and health insurance to around 500,000 Australians, CUA is dedicated to providing the highest level of transparency to our members.
As a responsible corporate citizen, consistently acting within the highest levels of integrity in regards to compliance and disclosure, CUA’s commitment to Tax transparency reflects both our principles based approach, and most importantly, the significance our members place on honesty and trust.
CUA firmly believes our members deserve to clearly understand how much tax we pay, as well as our approach, and we are proud to publish this report for their benefit, further promoting best practice corporate governance.
Our approach to tax
CUA adheres to an appropriately conservative level of tax risk and maintains a constructive, collaborative and transparent relationship with the relevant regulatory authorities to avoid unnecessary disputes.
To ensure we continue to act with the highest level of integrity, compliance and disclosure in relation to tax, CUA follows The Tax Risk Management Policy and the Tax Risk Management Standard, providing a clear framework for the management of our tax risk.
For the betterment of our members, CUA is firmly committed to:
- Pay the appropriate amount of tax to regulatory authorities;
- Avoiding tax positions which are not consistent with commercial dealings and;
- Maintaining internal control systems to ensure a positive compliance history for lodgments and payments
Our approach to risk
CUA’s Risk Management Framework is based on the Three Lines of Defence model, which sees every member of our team play an active role in fostering a proactive culture, including the development and delivery of strategies, policies and procedures, to manage risk within our business.
Both the Board Risk Committee and Board Remuneration Committee, have oversight of the risk culture of CUA, incorporating the way in which we engage with team members and other stakeholders with regards to risk management.
Good Governance is critical in the management of risk, and the CUA Board acts at the highest level of our risk governance, including an annual review of our Risk Appetite Statement and Risk Management Strategy. These documents clearly communicate both the type and degree of risk our Board is prepared to accept, as well as the level of risk in which we can operate.
This details CUA’s approach to tax risk management together with tax information for the financial year ended 30 June 2017 and meets all of the standards and requirements of the Voluntary Tax Transparency Code, as developed by the Federal Government’s Board of Taxation.