TAX / * Practice e!

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TAXATION CHECKLIST TAX ADVICE OPINIONS NB where specialist opinions given & does not fit into general questionnaire (Ensure TAX-1 is also completed where appropriate Matters requiring consideration $% es&onsi'i(it) Ensure that letter of engagement! email etc sets out responsi"ilities of the engagement Ensure that appropriate disclaimers inserted into letter of engagement! other communication #hec$ where advice o"tained! given from!to % rd parties that the agreement stipulates the parties ie if have a #A client& whether the agreement is to provide advice to the #A or to their client e!ie"er Co##ents

*% Ta+ ad!ice,o&inions Ta' advice or opinions of material consequence given to a client should "e recorded& either in the form of a letter to the client or in a memorandum for the files( The letter or memorandum should "e supported ") properl) documented wor$ papers that clearl) indicate the following information* i( the financial statements and information supplied ") the client upon which the accountant is rendering professional ta' services ii( that the scope of the professional ta' services has "een defined and planned& and the wor$ of an) assistants has "een supervised and reviewed -% is. Manage#ent Need to o"tain a sample of advice! opinions given in the following areas Ta' opinions Business restructuring including +A,#-s& Trading trusts& amalgamations! consolidations

Ta' products ./0 audits ("oth finished & ongoing Ta' disputes Ta' avoidance disputes 1ection 12 requests Binding rulings +and 1ales 3i'ed +ife .ntangi"le 4ropert) /evenue v #apital "oundaries (deducti"ilit) & assessa"ilit) 51T planning +osses! continuit)! grouping Emplo)ee share purchase schemes +ivestoc$ issues & other agricultural issues .nternational ! cross "order issues Transfer pricing & thin capitalisation 4ersonal propert) sales 1ection 16-17 requests 8ave the following steps ta$en place #ommunicate ris$ to client Appropriate wor$papers& research underta$en & related documentation #lient information reviewed for reasona"leness #onsistenc) of advice Technical accurac) of advice (refer "ac$ to ta' team if necessar) Evidence of review! ,A Timeliness and turnaround 9nd opinions sought where needed (who do the) use for offshore advice Assumptions and underta$ings set out 0isclaimers made where appropriate (refer Ta' 4ractice 5uidelines #onfidentialit) 4rivilege : ensure client aware of privilege for legal advice and non disclosure rights for ta' advice given 0i(e re!ie" ;se of chec$lists! timelines /eview ") competent person