8/13/2019 TAX 2 - Practice Review Taxation Opinion Checklist

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TAXATION CHECKLIST TAX ADVICE OPINIONSNB where specialist opinions given & does not fit into general questionnaire

(Ensure TAX-1 is also completed where appropriate

Matters requiring consideration e!ie"er Co##ents

$% es&onsi'i(it)

Ensure that letter of engagement! email etc sets outresponsi"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 ifhave a #A client whether the agreement is toprovide advice to the #A or to their client

*% Ta+ ad!ice,o&inions Ta' advice or opinions of material consequence

given to a client should "e recorded either in theform of a letter to the client or in a memorandum forthe files The letter or memorandum should "esupported ") properl) documented wor$ papers thatclearl) indicate the following information*

i the financial statements andinformation supplied ") the client upon which theaccountant is rendering professional ta' services

ii that the scope of the professionalta' services has "een defined and planned and thewor$ of an) assistants has "een supervised andreviewed

-% is. Manage#entNeed to o"tain a sample of advice! opinions given in thefollowing areas

Ta' opinions

Business restructuring including +A,#s

Trading trusts amalgamations! consolidations

TAX / *

Practice e!ie"

8/13/2019 TAX 2 - Practice Review Taxation Opinion Checklist

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Ta' products

./0 audits ("oth finished & ongoing

Ta' disputes

Ta' avoidance disputes

ection 12 requests

Binding rulings

+and ales

3i'ed +ife .ntangi"le 4ropert)

/evenue v #apital "oundaries (deducti"ilit) &

assessa"ilit)

5T 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

ection 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

9ndopinions 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