TERMS OF ENGAGEMENT
This is to confirm our understanding of the terms of our engagement and the nature and limitations of the services we will provide, namely the preparation, presentation and lodgement of your income tax return.
1.Purpose, Scope and Output of the Engagement
This firm will provide as requested taxation services which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB). The extent of our procedures will be limited exclusively for this purpose. As a result, no audit or review will be performed and, accordingly, no assurance will be expressed. Our engagement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist. However, we will inform you of any such matters that come to our attention.
The engagement will include the operations and procedures of the Client as agreed in our correspondence to date (verbally and or in written format)
Our professional services are conducted and prepared for distribution to you & or the relevant specific organisation or party for the purpose specified in the report or as agreed. We disclaim any assumption of responsibility for any reliance on our professional services to any party other than as specified or agreed, and for the purpose which it was prepared. Where appropriate, our report will contain a disclaimer to this effect.
In conducting this engagement, information acquired by us in the course of the engagement is subject to strict confidentiality requirements. That information will not be disclosed by us to other parties except as required or allowed for by law, or with your express consent.
We wish to advise that our firm’s system of quality control has been established and maintained in accordance with the relevant APESB standard. As a result, our files may be subject to review as part of the quality control review program of CPA which monitors compliance with professional standards by its members. We advise you that by accepting our engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program. Should this occur, we will advise you.
Clients are responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided and disclosure of all material and relevant information. Clients are required to arrange for reasonable access by us to relevant individuals and documents, and shall be responsible for both the completeness and accuracy of the information supplied to us. Any advice given to the Client is only an opinion based on our knowledge of the Client’s particular circumstances.
A taxpayer is responsible under self assessment to keep full and proper records in order to facilitate the preparation of a correct return. Whilst the Commissioner of Taxation will accept claims made by a taxpayer in an income tax return and issue a notice of assessment, usually without adjustment, the return may be subject to later review. Under the taxation law such a review may take place within a period of up to 4 years after tax becomes due and payable under the assessment. Furthermore, where there is fraud or evasion there is no time limit on amending the assessment. Accordingly, you should check the return before it is signed to ensure that the information in the return is accurate.
Where the application of a taxation law to your particular circumstances is uncertain you also have the right to request a private ruling which will set out the Commissioner’s opinion about the way a taxation law applies, or would apply, to you in those circumstances. You must provide a description of all of the facts (with supporting documentation) that are relevant to your scheme or circumstances in your private ruling application. If there is any material difference between the facts set out in the ruling and what you actually do the private ruling is ineffective.
If you rely on a private ruling you have received, the Commissioner must administer the law in the way set out in the ruling, unless it is found to be incorrect and applying the law correctly would lead to a better outcome for you. Where you disagree with the decision in the private ruling, or the Commissioner fails to issue such a ruling, you can lodge an objection against the ruling if it relates to income tax, fuel tax credit or fringe benefits tax. Your time limits in lodging an objection will depend on whether you are issued an assessment for the matter (or period) covered by the private ruling.
3. Period Of Engagement
This engagement will start upon acceptance of the terms of engagement by the Client in line with this brochure. We will not deal with earlier periods unless the Client specifically asks us to do so and we agree.
The fee arrangement is based on the expected amount of time and the level of staff required to complete the taxation engagement services as agreed. This fee arrangement may be subject to change depending on the circumstances specific to the engagement. As you may appreciate, to accurately estimate the time it will take to fulfil the engagement is difficult, hence as a practice, our default charge is based on a ‘time-spent basis’.
Fee invoices will be issued in line with our firm’s time-spent basis notion are as follows:
- Principal / Director $440.00 per hour (gst inclusive)
- Tax Manager $330.00 per hour (gst inclusive)
- Senior Accountant $198 per hour (gst inclusive)
- Accountant $160 per hour (gst inclusive)
- Administration / Support Staff $99 per hour (gst inclusive)
- Other costs & disbursements – TBA*
* TBA = to be advised
As a gesture of goodwill, we understand that the preparation of an income tax return at the above mentioned rates would be costly for most of our clients, especially for an Individual income tax return. We cap our fees for the preparation and presentation of individual tax returns at the following rates for your benefit:
|~Income Tax Return
|ADD: ~Rental Schedule, and or
|ADD: ~Managed Investments, Other Income, and or
|ADD: ~Detailed Motor Vehicle Schedule, and or
|ADD: ~Sole Trader / ABN Income (prices from) and or
|ADD: ~Other Items *TBA please enquire
|~ Business Activity Statements (starting from $242.00)
|ADD: ~ excess of 1 hour bookkeeping / process
||$88 per hour
|ADD: ~ complex inter entity loans
|| $198.00 per hour
|~ Charged per unit (e.g. – Two rental schedules = $99 x 2)
~ All prices include gst of 10%
5. Limitations Of Liability
Our liability is limited by a scheme approved under Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Councils’ website: http://www.professionalstandardscouncil.gov.au.
6. Ownership Of Documents
All original documents obtained from the client arising from the engagement shall remain the property of the client. However, we reserve the right to make a reasonable number of copies of the original documents for our records.
Our engagement will result in the production of the items we agreed upon in our correspondence to date (verbal, written, emails etc).Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain the property of the firm.
The firm has a policy of exploring a legal right of lien over any client documents in our possession in the event of a dispute. The firm has also established dispute resolution processes.
7. Confirmation Of Terms
Acceptance of our services in conjunction with this information brochure indicates that you understand and accept the arrangements. This information will be effective for future engagements unless we advise you of any change.
8. Payment Of Our Account
Upon finalisation of the engagement, our practice currently offers 7 day terms. Late payment of the account may result in interest charges being charged on the outstanding amount(s). We have a practice policy of charging a $22.00 late payment fee every month your invoice is late. We remind you that by accepting this engagement we agree that in accordance with GSTR 2000/19 & Government announcements that you agree to pay interest on late payments. The Procurement 30 Day Payment Policy for Small Business (the policy) states that contracts for procurements with a value of up to A$1 million (GST inclusive) from a small business must also provide that, if full payment is not made by the agency within 30 days of receipt of a correctly rendered invoice (or the shorter period specified in the contract), the agency must pay simple interest on the unpaid amount (‘contract amount’ and/or ‘invoiced amount’). We encourage all our clients to call us to discuss and arrange reasonable terms.
We offer credit card (visa, mastercard, eft) facilities here at Axle Edge Accounting Group. All card transactions will incur a 2.00% admin fee, to cover for administrative time and third party costs issued to us.
9. Written Authority for Axle Edge Accounting Group Pty Ltd to Act on my Behalf
I hereby declare that I authorise Mr Xavier Xi or any staff member of Axle Edge Accounting Group Pty Ltd to represent me as tax agent on my behalf.
I have no objection for my tax agent to obtain personal and private information. Should you have any queries please do not hesitate to contact Axle Edge Accounting Group Pty Ltd to obtain my phone nymber.