And they are your corporate clients whether you are an internal adviser or an external adviser.
Tax risk is fundamentally the prospect or possibility of the ATO concluding that the tax liability is different from the tax liability that has been represented to the ATO and/or provided for in the financial reports of the company. At different times and in different ways, we all are involved in managing, or assisting others to manage, tax risk for Corporate Taxpayers.
But do we fully understand the legislation, case law and practice which underpin the more efficient management of tax risk?
Are there aspects that, if you were aware of them, would cause you to approach things or do things differently?
How important is this to you?
Please note that an updated version of the paper presented by Michael Walpole will be published in one of our journals in early 2005.