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  • Information you should disclose

    Disclosures under the ACA need to include enough information for us to make an accurate risk assessment of the transaction.

    The level of information required by an independent reasonable person with relevant tax knowledge (such as an external advisor) to give advice on a tax position, would normally be sufficient if all known material facts about the transaction are disclosed. The information should also be provided in a timely manner and not be misleading.

    Full and true disclosure is limited to information you are aware of, and information that a reasonable person would say you should be aware of. If further material facts or information comes to light, it should be disclosed as soon as possible as you become aware of it.

    In practical terms because an ACA is underpinned by an open and collaborative relationship, the information we need to make an accurate risk assessment will normally be agreed through discussion at the appropriate time. The earlier that information is provided, workshopped or discussed, the more likely the issue will be resolved quickly for all parties.

      Last modified: 08 Nov 2018QC 21312