TERMS & CONDITIONS
1. Parties
You are the client and your details are outlined in the Proposal – and – CS Accounting Pty Ltd (ACN: 658 265 813) of 39 East Terrance, Loxton, SA 5333 (We/Us).
2. Definitions
The following words have these meanings in this Agreement unless the contrary intention appears:
Agreement means this letter of engagement including the terms and conditions and attached Proposal;
ATO means the Australian Taxation Office;
Business Day means any day excluding Saturday, Sunday, a public holiday in South Australia and/or a Commonwealth public holiday;
Confidential Information means any information that is:
i. Information, ideas forms, specifications, processes, statements, formulae, trade secrets, drawings and data (and copies and extracts made of or from that information and data) that is not in public domain is considered confidential information; and
ii. confidential by nature, stipulated as confidential or any other information that would be reasonably considered to be confidential due to the value of the information;
Intellectual Property Rights means all present and future rights in relation to copyright, trademarks, designs, patents or other proprietary rights, or any rights to registration of such rights, whether created, written, developed or brought to existence by the relevant Party in the provision of the Services;
Services means the services specified in the Proposal or as agreed between the Parties from time to time.
3. The Engagement
a. Commencement and Completion of the Services
We agree to perform the Services for you, for the fees set out in the Proposal (Fees), commencing on the Commencement Date once you have accepted this Agreement by returning a signed copy to us.
We agree to provide you with a refund of the Fees in the event that we become unable to continue to provide the Services (Refund).
b. Alterations/Additions to the Services
Work that is performed or disbursements that are incurred which are outside the scope of this Agreement and Proposal, will be the subject of additional charge and will be quoted and invoiced accordingly.
You agree that you are solely responsible for reviewing final reports and documents prior to lodgement. Apart from errors or mistakes on our part, any revisions or alterations provided at your request will result in additional costs that will be invoiced separately. These costs will be discussed with you prior to the revision work being completed.
The following are not included in the Services(unless set out in the Proposal) and will be quoted and invoiced separately as disbursements where required: business planning, succession planning, cash flow planning and analysis, strategy meetings, tax planning.
At your request, our Fees will include checking and forwarding original assessments and payment notices that are received from the Australian Securities & Investments Commission (ASIC).
All correspondence from the ATO will be sent directly to your address. Please ensure you keep your postal address up to date with us and the ATO.
If you require an ATO audit, this will be considered as an additional service and you will be quoted and invoiced accordingly.
Please note in particular that any correspondence from the ATO or ASIC that does not relate to initial assessments or original payment notices, will be charged as additional services.
4. Receiving Instructions
You agree that in order to ensure a smooth process, you, and any other person you nominate in writing from time to time (provided we have acknowledged such nomination), are authorised to give us instructions and information on behalf of all persons we are acting for and to receive our advice and documents on their behalf.
If we are acting for a business, and we receive conflicting advice, information or instructions from different persons, we may refer the matter to the board of directors, partners or proprietors (as applicable) and act only as requested by them.
When working with spouses and partners, our usual approach is to advise you and your spouse or partner on the basis that you are a family unit with shared interests. We may deal with either of you and may discuss with either of you the affairs of the other. If you wish to change these arrangements, please let us know.
5. Payment Methods
Our Services will be provided to you on a fee-for-service basis according to the Proposal.
Unless otherwise stated in writing, any estimates which we provide to you of our anticipated fees, disbursements and charges for any work are estimates only, and are not binding on us.
For retainer clients, we will issue you with an invoice on a monthly basis for our Fees. For one-off engagements an invoice will be issued accordingly. The invoice must be paid upon receipt unless otherwise noted. We reserve the right to halt the provision of services if payment is not received within 7 days. Payment will be made via the method and by the due date prescribed in each invoice.
From time to time, we may enter into a payment plan with you for the payment of our Fees. Where applicable, you agree to make all payments as and when they fall due under a payment plan. If a payment is not made under a payment plan, and if you default on your payment obligations under a payment plan, then the total balance payable under the payment plan will become immediately due and payable and you authorise us to process payment for this sum by your nominated payment method.
In the event of you being in default of your obligations for payment, the overdue amount may be referred to a debt collection agency and/or law firm for collection. If this occurs, you agree that you will be liable to pay as a liquidated debt to us any fees and disbursements, or legal fees payable by us as a result of your default of payment.
Further, in the event of you being in default of your obligations for payment, we reserve the right to charge interest on overdue amounts at the rate of 5% per annum, calculated daily.
If we suspend work or terminate this engagement by reason of your failure to make payment or provide a guarantee as required, we will not be liable for any loss or damage suffered as a result of the suspension or termination.
6. GST
Where applicable, GST is payable on our professional fees and expenses and will be clearly shown on our tax invoices. By signing this agreement you agree to pay us an amount equivalent to the GST imposed on these charges.
7. Recurring Engagements
Where our engagement is recurring, we may amend our engagement letter and these terms where we consider it is necessary or appropriate to do so. If you do not accept such amendments, you must notify us promptly in which case you may terminate our engagement in accordance with clause 21 below and those amendments will not apply prior to such termination.
8. Outsourcing
At our discretion, we reserve the right to use the services of employees, third party contractors or service providers to perform some of the services we are engaged to perform for you. Signing this engagement is an acceptance of the use of our outsourcing service for this engagement. For all outsourced work that requires the disclosure of personal information, we will take steps to protect your privacy as per our Privacy Policy.
9. Your Responsibilities
a. Accounting and Record Keeping
You have obligations under the self-assessment regime to keep full and proper records in order to facilitate the preparation of accurate returns. We cannot provide taxation services if we find that information on which those services are to be based contain false or misleading information, or omit material information, and you are not prepared to appropriately amend that information. Any advice we provide is only an opinion based on our knowledge of your particular circumstances. Because of this you agree that:
Your bookkeeping is maintained on a regular basis. If the books are not maintained to a standard acceptable to us, we reserve the right to provide an updated Proposal to take into account additional work we are required to do;
reconciliations for the bank accounts, debtors and creditors are performed at the end of each month;
a stocktake will be performed during the last weekend in June for each entity that deals in trading stock;
the performance of our services is dependent on the performance of your obligations relating to disclosure and record keeping;
you are responsible for the accuracy and completeness of the particulars and information provided to us by you. If the information you provide is not current or correct and requires updating, you will be subject to a correction fee at our standard hourly rate + GST per hour;
under our Professional Code of Conduct contained in the Tax Agent Services Act 2009, where you are unable to provide us with complete and accurate records, we may be unable to prepare and lodge your return;
you agree to update us as soon as possible of all changes to your information, including but not limited to: address, phone number, e-mail address, personnel information or changes or respective personal authorisations;
if you do not provide us your financial information properly reconciled and in the format requested by us we reserve the right to charge you additional fees.
b. Lodgement Dates and Timeframes
Much of the work we do is subject to strict timeframes set by the Australian Taxation Office (ATO). The Taxation Administration Act 1953 contains specific provisions that may provide you with “safe harbours” from administrative penalties for incorrect or late lodgement of returns if, amongst other things, you give us “all relevant taxation information” in a timely manner. Accordingly, it is to your advantage that all relevant information is disclosed to us as any failure by you to provide this information may affect your ability to rely on the “safe harbour” provisions and will be taken into account in determining the extent to which we have discharged our obligations to you.
Because of this you agree that:
we must receive all relevant information within 10 business days of our request;
for BAS lodgement we must receive all required information within 3 weeks from the end of each quarter period;
will contact you in writing a maximum of 3 times to request the relevant information, but will not be responsible for any penalties, fines, loss or damages as a result of your late provision of relevant information;
for tax returns, we will endeavour to ensure that the returns are lodged by the due dates and will advise you at the beginning of the financial year when documentation should be provided to us.
c. Delays
If delays are incurred due to reasons beyond our control, for example, delays caused by you in providing required information to us, you acknowledge and agree that we may charge you a delay fee in am amount equivalent to between 50%-100% of your usual monthly fee (Delay Fee).
All catch-up work and Delay Fees will be discussed with you before catch-up work is carried out.
d. Statutory Audits and Scope of Work
It is not within the scope of our work to disclose irregularities, including fraud, and other illegal acts and errors that may occur but we will endeavour to inform you should matters come to our attention. Our scope of services does not include a statutory audit of your financial records and we will not express an auditor's opinion as to the truth and fairness of the financial statements.
e. Approval
Before we lodge any documents on your behalf, we will forward the documents to you for approval. You are solely responsible for reviewing final reports and documents prior to lodgement. Apart from errors or mistakes on our part, any revisions or alterations provided at your request will result in additional fees that will be invoiced separately. These fees will be discussed with you prior to the revision work being completed.
f. Conflict of Interest
You are required to advise us if you become aware of any conflict of interest or potential conflict of interest. Generally, a conflict of interest is any event which may result in us becoming unable to remain objective in the performance of our services to you. Some examples of events which could give rise to a conflict of interest or potential conflict of interest during this engagement are changes to your business circumstances, events affecting your family or a legal action commencing against you.
10. Rescheduling Strategy Sessions
If the Services include, at any time, a strategy session meeting, you must notify us of any intention to cancel or reschedule a booked strategy session at least 4 business days in advance.
Due to the fact that strategy sessions are booked in advance and we undertake preparation in advance for these sessions, if you do not provide at least 4 business days notice of an intention to cancel or reschedule a strategy session meeting, you will forfeit the full fee for this session. This means you will be required to make payment of the full fee for this session.
11. Your Rights and Obligations Under Taxation Laws
It is your right to:
i. seek a private ruling from the ATO;
ii. appeal or object against a decision made by the Commissioner of Taxation if relevant;
iii. utilise the self-assessment system of the ATO.
We will provide you with further information concerning your rights under Taxation Laws as and when they become relevant.
12. Our Obligations
As your tax agent, we are bound by a statutory Code of Conduct which is administered by the Tax Practitioners Board. That Code requires us, amongst other things, to act lawfully in your best interests and with honesty and integrity in the performance of our duties. We agree to:
provide the Services in a competent and timely manner;
manage potential or actual conflicts of interest according to our conflict of interest management process;
lodge in a timely manner;
take reasonable care to ensure that you comply with Australian Taxation Laws;
act lawfully in your best interests, and to act with honesty and integrity;
endeavour to record all advice on important matters in writing. Advice given verbally is not intended to be relied upon unless confirmed in writing. If we provide verbal advice (for example during a meeting or telephone conversation) that you wish to rely on, you must ask us to confirm the advice in writing;
give advice based on Australian Taxation Laws in force and current at the date of the provision of the advice and/or services. It is your responsibility to seek updated advice if you intend to rely on our advice at a later stage. We note that Australian Taxation Laws are often subject to frequent change and our advice will not be updated unless specifically requested by you at the time of the change in law or announced change in law. We will not be liable or responsible for advice subject to changes in legislation, rules regulation changes beyond the time of given advice;
comply with the professional and ethical standards of the APESB, available at apesb.org.au. This includes APES 110 Code of Ethics for Professional Accountants (including Independence Standards), and APES 305 Terms of Engagement.
13. Privacy
You must make all necessary notifications and obtain any necessary consents for us to process personal information you provide to us. We collect and use that personal information for the purposes of providing the services described in the engagement letter to you and we will comply with the Privacy Act 1988 (Cth) when processing that personal information. Our privacy policy provides further details of our privacy practices.
14. Additional Services and Costs
i. Work that is performed or disbursements that are incurred which are outside the scope of this letter and Proposal will be the subject of additional charge and will be quoted and invoiced accordingly.
ii. Additional costs including phone calls, emails, advisory, additional advice, will be charged on a time spent basis at our standard hourly rate.
iii. At your request, our Fees will include checking and forwarding original assessments and payment notices that are received from the Australian Securities & Investments Commission (ASIC).
iv. All correspondence from the ATO will be sent directly to your address. Please ensure you keep your postal address up to date with us and the ATO.
v. If you require an ATO audit, this will be considered as an additional service and you will be quoted and invoiced accordingly.
vi. Please note in particular that any correspondence from the ATO or ASIC that does not relate to initial assessments or original payment notices, will be charged as additional services.
15. Ownership of Documents and Intellectual Property
All original documents obtained from you arising from this engagement will remain your property.
However, we reserve the right to make a reasonable number of copies of the original documents for our records. Our engagement may result in the production of Financial Statements, Income Tax Returns, Super Fund Documents, and other electronic documents or files which will be supplied to you. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain our property.
You recognize and acknowledge that all Intellectual Property created in the delivery of the services remains our property and you will take all such steps as practicable to ensure that the Intellectual Property will vest in and remain vested in our firm.
We will exercise a legal right of lien over any of your documents in our possession in the event of a dispute between us.
16. Retention of Documents
On completion of your matter, or following termination (by either party) of the Services, we will retain your electronic documents for 7 years. Your agreement to these terms constitutes your authority for us to destroy the file after those 7 years. We are entitled to retain your documents while there is money owing to us for our costs.
You will be liable for the cost of storing and retrieving documents in storage and our professional fees in connection with this.
In relation to your financial records, you will be specifically responsible for retaining copies of all financial records and source documents for a period of 5 years.
17. Sending Material Electronically
We are able to send and receive documents electronically. However, as such transmission is not secure it may be copied, recorded, read or interfered with by third parties while in transit. If you ask us to transmit any document electronically, you release us from any claim you may have as a result of any unauthorized copying, recording, reading or interference with that document, for any delay or non-delivery of any document and for any damage caused to your system or any files.
18. Marketing
We will add your details to our website subscriber list so that you are able to receive updates and topical blogs from us from time to time. If you do not wish to be added to this list, please advise us accordingly. You may unsubscribe from this list at any time by following the link in our emails.
19. Accounting Software
If accounting software is to be utilised in providing the Services, any relevant charges associated with the accounting software will be accounted to you directly if this agreement is cancelled or terminated. Unless otherwise agreed, You own your accounts for accounting software.
If you choose to cancel or terminate this agreement, including the provision of accounting software through our firm, it is your responsibility to ensure that you have retained the necessary business records that you are required to maintain.
By choosing to utilise accounting software, you warrant that you have familiarised yourself with, and agree to be bound by, the applicable Terms and Conditions of Use, Privacy Policy and other relevant legal documentation provided by the accounting software.
20. Payroll Information
If the Services include payroll, You acknowledge and agree that we are merely a facilitator of payroll systems reliant on payroll information You provide. This means that You are solely responsible for ensuring all payroll information is compliant with all federal and state legislative requirements including any provisions of the Fair Work Act 2009 (Cth). You indemnify us from any loss, cost, damage, expense, lawsuit or otherwise arising from Your lack of compliance with relevant requirements and laws.
21. Warranty
We will use our best efforts and take all reasonable steps to help you achieve the desired result. However, we make no warranty that the Services will meet your requirements, and do not guarantee specific results.
Due to the inherently complex nature of technology, we are unable to provide you with a guarantee that the Services will be free from technical errors and/or bugs.
The Services come with guarantees that cannot be excluded under the Australian Consumer Law. For major failures with the service, you are entitled:
i. to cancel your service contract with us; and
ii. to a refund for the unused portion, or to compensation for its reduced value
A major failure with the service is defined by the Australian Consumer Law and includes but is not limited to severe situations where a service is unfit for the purpose it is sold or creates an unsafe situation.
You are also entitled to be compensated for any other reasonably foreseeable loss or damage.
If the failure does not amount to a major failure, you are entitled to have problems with the service rectified in a reasonable time and, if this is not done, to cancel your contract and obtain a refund for the unused portion of the contract.
22. Liability and Waivers
a. Liability
Our total liability arising out of or in connection with the Services or these Terms, however arising, will not exceed providing the Services to you an additional time. Our firm’s liability is limited by a scheme approved under Professional Standards legislation and applicable regulations of the Professional Body.
You expressly understand and agree that to the maximum extent permitted by law, the firm, its affiliates, employees, agents, contributors and licensors will not be liable to you for any direct, indirect, incidental, special consequential or exemplary damages which may be incurred by you, however caused and under any theory of liability. This will include, but is not limited to, any loss of profit (whether incurred directly or indirectly), any loss of goodwill or business reputation and any other intangible loss.
b. Waiver
A waiver of any right, power or remedy under this Agreement must be in writing signed by the party granting it. A waiver is only effective in relation to the particular obligation or breach in respect of which it is given. It is not to be taken as an implied waiver of any other obligation or breach or as an implied waiver of that obligation or breach in relation to any other occasion.
The fact that a party fails to do, or delays in doing, something the party is entitled to do under this Agreement does not amount to a waiver.
23. General Matters
a. Communication between Parties
We agree to communicate with you via e-mail, telephone.
We may require you to be available for zoom or skype sessions for certain stages of the Services, and will ensure that this is agreed to in writing beforehand.
b. Disclosure and Use of Confidential Information
All obligations of confidence set out in this Agreement continue in full force and effect after the Engagement concludes.
Either Party must not disclose any Confidential Information to any third party, including the customer and/or its agents, employees or related third parties, without the other Party’s prior consent.
This Agreement prohibits the disclosure of Confidential Information by either Party with exception to the following circumstances:
i. The disclosure is to a professional adviser for it to provide advice in relation to matters arising under or in connection with this Agreement and the relevant Party has consented to the disclosure of such information to the professional adviser;
ii. Our files may also be subject to review as part of the quality review program of Chartered Accountants Australia and New Zealand and other relevant institutions. By accepting this engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program. We will take reasonable steps to ensure any such recipient (other than a regulatory body) keeps such information confidential on the same basis;
iii. The disclosure is required by applicable law or regulation; or
iv. If the confidential information is already in the public domain at no fault of the relevant Party.
24. Privacy
We collect and use that personal information for the purposes of providing the services described in the letter of engagement to you and we will comply with the Privacy Act 1988 (Cth) when processing that personal information. Our privacy policy provides further details of our privacy practices.
25. Termination by Us
a. We may cease to act for you or refuse to perform further work, including:
while any of our tax invoices remain unpaid;
if you do not within 14 days comply with any request to pay an amount in respect of disbursements or future costs;
if you fail to provide us with clear and timely instructions to enable us to provide the services, for example, providing us with relevant information;
if you refuse to accept our advice;
if you indicate to us or we form the view that you have lost confidence in us;
if there are any ethical grounds which we consider require us to cease acting for you, for example a conflict of interest;
for any other reason outside our control which has the effect of compromising our ability to perform the work required within the required timeframe; or
if in our sole discretion we consider it is no longer appropriate to act for you; or
for just cause.
b. We will provide you with written notice via email of our intention to terminate the Services for any reason whatsoever, and any termination will take effect from the end of the month. For the sake of clarity, this means that we may terminate the Services at any time in a month and the termination will take effect from the end of that month.
c. If we terminate the Services, we will terminate working on your file from the end of the month of termination. This means any lodgements due in the month following terminate will no longer be our responsibility.
d. If we terminate the Services, you agree to pay us for all work completed up to the date of termination.
26. Termination by You
a. You may terminate the Services by giving at least 30 days written notice by email, at any time and your terminate will take effect from that time.
b. If you terminate the Services, we will cease working on your file from the date the terminate takes effect. If this falls during a month, any lodgements due at the end of that month will not be our responsibility.
c. If you terminate the Services, you agree to pay us for all work completed up to the date of termination.
27. Force Majeure
We will not be liable for any delay or failure to perform our obligations if such failure or delay is due to Force Majeure.
We will notify you as soon as practical of any anticipated delay due to Force Majeure. The performance of our obligations under this Agreement will be suspended for the period of the delay due to Force Majeure.
If a delay due to Force Majeure exceeds 30 days, you may terminate this Agreement immediately on providing notice to us. If you give such notice:
i. We will refund money previously paid by you that exceeds the value of the Services that have been provided up to the date of termination; and
ii. You agree to pay us for all Services rendered, work undertaken and costs incurred prior to termination.
28. Dispute Resolution & Mediation
We hope that a dispute between us does not arise, however in the unlikely event that it does, the following clause will apply.
If a dispute arises out of or relates to the terms of this Agreement, either party may not commence any legal proceedings in relation to the dispute, unless the following clauses have been complied with (except where urgent interlocutory relief is sought).
A party to this Agreement claiming a dispute (Dispute) has arisen under the terms of this Agreement, must give written notice to the other party detailing the nature of the Dispute, the desired outcome and the action required to settle the Dispute (Notice).
On receipt of the Notice by the other party, the parties to this Agreement (Parties) must within seven days of the Notice endeavour in good faith to resolve the Dispute expeditiously by negotiation or such other means upon which they may mutually agree.
If for any reason whatsoever, 21 days after the date of the Notice, the Dispute has not been resolved the Parties must either agree upon selection of a mediator or request that an appropriate mediator be appointed by Independent Third Party as agreed or his or her nominee and attend a mediation.
It is agreed that mediation will be held in South Australia, Australia.
The Parties are equally liable for the fees and reasonable expenses of a mediator and the cost of the venue of the mediation and without limiting the foregoing, undertake to pay any amounts requested by the mediator as a pre-condition to the mediation commencing. The Parties must each pay their own costs associated with the mediation.
All communications concerning negotiations made by the Parties arising out of and in connection with this dispute resolution clause are confidential and to the fullest extent possible, must be treated as "without prejudice" negotiations.
If thirty 30 days have elapsed after the start of a mediation of the Dispute and the Dispute has not been resolved, either party may ask the mediator to terminate the mediation and the mediator must do so.
In the event that the Dispute is not resolved at the conclusion of the mediation, either party may institute legal proceedings concerning the subject matter of the Dispute thereafter.
29. No Partnership or Agency
Nothing contained or implied in this Agreement will create or constitute, or be deemed to create or constitute, a partnership between the parties. A party must not act, represent or hold itself out as having authority to act as the agent of or in any way bind or commit the other parties to any obligation.
30. Governing Law & Jurisdiction
This Agreement is governed by the laws of South Australia, Australia. In the event of any dispute arising out of or in relation to the Services, the parties agree that the exclusive venue for resolving any dispute will be South Australia, Australia.
31. Severance
Any part of this Agreement which is deemed unenforceable in any way, will not invalidate the remaining provisions of this Agreement or affect the validity or enforceability of the remaining provisions.
32. Assignment
You agree that we may delegate and/or subcontract any obligations under this Agreement for the purpose of providing the Services, as required and at our discretion, to any party without your consent. If we do exercise our rights under this clause, we remain liable and responsible to you in respect of the Services.
You agree that we may assign or novate this Agreement or part of this Agreement to any party without your consent.
33. Entire Agreement & Modification
The parties confirm and acknowledge that this Agreement and the accompanying Proposal is the entire Agreement between them and supersedes and override all previous communications, either oral or written, between the parties.
Schedule 1 – Details of Services
The details of the Services are set out in the Proposal.
We will now outline the basis of our engagement in the context of the specific services to be provided.
BAS returns
As the BAS returns are prepared quarterly and lodged during the financial year, it is not possible for this firm to review the correctness of the underlying financial information as part of the preparation of the quarterly BAS return. This is because we are engaged to prepare the annual accounts and these are prepared after the conclusion of the financial year.
Therefore, for the quarterly BAS returns, we will rely on and process the financial information provided to us without any review of the primary source documents. In doing that, we will make the following specific assumptions:
● The financial information provided to us is accurate.
● The financial information correctly states the GST position. For example, all input tax credits and GST payable amounts have been correctly recorded in the general ledger. If you are unsure of the correct position or require advice regarding this, we are able to provide this as work which is outside the scope of our engagement and charged as additional services.
● You have the necessary supporting documentation to satisfy the Australian Taxation Office for GST purposes. Again, if you are unsure of the ATO requirements or require advice regarding these documents, we are able to provide this as work which is outside the scope of our engagement and charged as additional services.
● You hold valid tax invoices and adjustment notes for all expenditure incurred by you in respect of which an input tax credit is being claimed. Substantial penalties apply for an incorrectly prepared BAS. If you have any queries in respect to this, please contact our office for assistance.
However, it is possible that, when the financial accounts are prepared, some discrepancies will exist between the information disclosed in the quarterly BAS returns and in the annual financial statements.
Should any discrepancies arise, we will discuss the need to correct either the BAS returns and/or financial accounts. Those services will involve work which is outside the scope of our engagement and will be charged as additional services.
Financial accounts
This firm has been engaged to prepare the annual financial accounts of the business entities in your group. This service includes the preparation of:
● a profit and loss statement;
● a balance sheet; and
● notes for the above accounts.
This service includes maintenance of the chart of accounts for the general ledgers of your business entities. It also includes telephone support should you require any assistance as to how to record specific transactions in the general ledger.
The fee for this service also includes the preparation and lodgement of the standard reports to be furnished to ASIC.
This service does not include the preparation of one-off accounts for presentation to your financiers for additional finance and the like.
Income tax returns
This firm has been engaged to prepare and lodge income tax returns for the business entities in your group and for your family.
This firm will not be responsible for reviewing or verifying any financial records or statements provided to it either via manual cashbooks or prepared on accounting software such as MYOB, Quickbooks or Xero. Correct coding or classification of accounts is outside the scope of this engagement. If assistance is required in how to correctly code or to review how you currently do so please discuss this with us. This will entail work which is outside the scope of this engagement and will be charged as additional services.
Also please ensure that you have all source documentation available to allow this firm to analyse the income tax implications of any transaction, if we request to see it. Whilst we will not as a matter of course be looking at these documents, the ATO will expect you (and you are required) to have them available before any claim is made in your income tax return. We may in some circumstances also request to see source documents if a tax issue is particularly contentious.
It is also expected that, in respect of individual income tax returns, each person will have the necessary documents so as to comply with the substantiation provisions of the Income Tax Assessment Act.
We will specifically advise as to the requirements of the substantiation provisions relating to your income tax return and of the necessity to obtain acceptable receipts as specifically required by the legislation. We will not, however, be checking that the requirements of the substantiation provisions have been satisfied.
This specifically means that we will not be reviewing your log book or any calculations or information you provide us, for example a rental property schedule either prepared by you on spreadsheet or by a property manager. If you require assistance in completing a log book or preparing any calculations or you would like us to review such work, please discuss this with us. This will entail work which is outside the scope of our engagement and will be charged as additional services.
From time to time, this firm prepares templates and schedules to assist with the collation of information to complete income tax returns.
These will be provided free of charge.
The fee for this service does not cover any inquiries made to us or investigations involving us conducted by the Australian Taxation Office. Substantial penalties apply for an incorrectly prepared income tax return. If you have any queries in respect to this, please contact our office for assistance.
Each client in the Group agrees that we can bank into our trust account tax refund amounts received on behalf of that client and can deduct from those amounts any fees owed to us either by that client or by any other member of the Group.
Single Touch Payroll (‘STP’) reports
We will assist with the setup of STP with your Software Program. If/when requested we will prepare and lodge STP reports with the ATO for the Group, based on the information provided to us by you, your employees or any third party authorised by you, without reviewing or verifying the payroll calculations, any relevant wage rates or the source documents relied upon to process each STP pay event.
We will only provide a lodgement service. We make no representations about the accuracy of the information submitted, the due date or whether it is received by the ATO.
Our firm is not being engaged to perform, or check the accuracy of, payroll calculations associated with the STP reports. You and your employees are responsible for correctly preparing and processing each pay event, and for maintaining the necessary supporting documentation.
You and your employees are also responsible for calculating and remitting your PAYG withholding and Superannuation Guarantee liabilities with respect to each employee, for each relevant pay event.