Tax Planning Sin 6: Failing to Provide the Client with a Written Tax Plan including Implementation Process and Cost/Benefits.
All important client advice should be provided to the client in writing (irrespective of whether also provided to the client verbally as well). This practice is recommended by both the ATO and professional bodies to protect both the client and the practice. A tax plan fits into this important category so should definitely be in writing.
Ideally, the tax plan should be emailed to the client several days before their one-hour Tax Planning Interview occurs. This allows them to think over the issues and considerations detailed in the tax plan so that the Tax Planning Interview can be focused on the implementation processes and procedures for the selected tax strategies.
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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2