Tax technology innovation for systems and controls
BESIX Watpac is the result of the merging of two great companies – the global BESIX Group headquartered in Belgium and one of Australia’s most high-profile construction firms, Watpac. Today, BESIX Watpac redefines construction through its vast international experience, expertise and financial strength to deliver large-scale complex infrastructure projects.
Simplifying standardised tax reporting for better outcomes
The BESIX Watpac tax function supports international tax compliance and reporting requirements for 15 different local entities throughout Australia and New Zealand. Historically the tax and finance team processed tax calculations and reports with electronic spreadsheets. Now, however, with a continued emphasis on governance – and inevitably an increase in global reporting requirements – BESIX Watpac realised it would benefit from a specialist data management platform for tax calculations, reporting and compliance.
BESIX Watpac relied on multiple spreadsheets for tax compliance and reporting. These spreadsheets didn’t always provide transparency into the underlying numbers given linking errors, which made it hard to verify and understand where they were coming from. As BESIX Watpac moved into quarterly tax provision calculations, it was inevitable that the discussion around potential error rates, manual entry issues, and workloads would become more critical.
The company completed a market assessment of tax technologies, building on its vision to find a platform to better support its growing taxation reporting needs and accelerated deadlines. This tax technology would also need to support tax risk management to meet the demands of taxation assurance reviews and the ATO’s Justified Trust initiative.
BESIX Watpac also wanted to ensure its taxation calculations would be automatically rolled forward from one financial year to the next.
Creating a roadmap for flexible reporting and valuable insights
BESIX Watpac completed a review of competitive market offerings to help deliver on its vision for best practice tax governance.
“There was already support for CCH Integrator internally and an appreciation of how it could improve our governance and processes. Another key factor in CCH Integrator’s favour was its ability to keep up with increased calculations and reporting requirements,” Genna outlined.
Today BESIX Watpac trusts CCH Integrator to support its long-term commitment to quality taxation compliance and reporting. As a multi-jurisdictional tax technology platform, CCH Integrator delivers the data needed by the relevant taxation authorities in Australia and New Zealand.