This session discusses how to deal with issues discovered when taking on new clients and the discovery of prior year issues with existing clients. It looks at:
- Taxpayer’s obligation on the discovery of a prior error
- The Tax Practitioner’s obligation on discovery of the taxpayer error
- The Accountant’s Obligation
- The Tax Agent’s Obligation
- The Lawyer’s Obligation; and
- Do these obligations change due to size or nature of the error?
- The company and the error
- The Director’s obligation
- The employee’s obligation
- Ethics
- Waiting out the amendment period and how to deal with requests for extension from the regulator.
- Voluntary disclosure and the impact on administrative penalties; and
- Does criminal law impact on any obligations to report.