Bringing Tax Under Control

Acquired in April 2008 by Thomson Legal and Regulatory ANZ, Allume Technology Partners Pty Limited (“Allume”) provides solutions that put corporate tax managers and Chief Financial Officers’ back in control of their tax financial reporting, tax compliance obligations and group tax planning.

Allume’s N-ABLE Tax Management product range is used by some of Australia's largest corporations to streamline their corporate tax planning and reporting.  Over 400 large corporate tax returns are prepared using N-ABLE.

Tax Financial Reporting

N-ABLE’s Tax Effect Accounting/IFRS module used for tax financial reporting generates year-end and half-year tax-effect accounting calculations under the new balance sheet methodology required under IFRS (AASB 112). N-ABLE’s bottom-up tax consolidation process facilitates the allocation of group tax expense, assets and liabilities across group entities, as required under Interpretation 1052. N-ABLE streamlines the completion of a company’s income tax return by using a copy of year-end group tax provision calculation as the starting point for a consolidated tax return. 

Consolidated Tax Returns

The Australian tax consolidation regime has introduced new complexities to corporate tax compliance processes.  A “bottom-up” tax consolidation process becomes a management challenge for large corporate or MEC groups with decentralised accounting teams, diverse and autonomous businesses, non-standard general ledger and ERP systems.  
Comprehensive audit trails that reconcile head entity tax consolidation calculations back to source financial data are essential to substantiate accuracy during tax audits by the Australian Taxation Office (ATO).

Tax Planning and Management

Tax expense typically represents 30-40% of an organisation’s earnings and can have a material impact on the group’s financial results, dividend franking position and cash flow. 

However, whilst organisations usually invest wisely in general financial management and planning systems, all too often tax planning is reduced to “back of the envelope” calculations performed using spreadsheets and other ad hoc means.  

N-ABLE Tax Management Solution is a flexible tax planning and management control tool that integrates with commercial financial planning and reporting systems to forecast, track and manage your group tax position on a year-round basis. 

During your financial budgeting cycle, tax estimates and forecasts can be prepared in N-ABLE based on financial plans.  During the year, tax management reports can be prepared progressively on a monthly or quarterly basis and compared against plan.  The same reports can be used to compare and fully reconcile tax estimate calculations with tax return calculations in order to generate prior period unders and overs.