· Purpose, Scope and Output of Engagement
This firm will provide tax and accounting services, which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB), and with Tax Agents Services Act 2009 and the Tax Agent Services Regulations 2009.
The extent of our procedures and services will be limited exclusively for this purpose only. 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 may, as part of our responsibilities as a Member in Public Practice, take steps and actions as set out in Section 225 of the Code, "Responding to Non-Compliance with Laws and Regulations". These include but are not limited to the following.
During the course of our engagement, if we identify or suspect that non-compliance with laws or regulations has occurred or may occur, which may have a direct effect on material amounts or disclosures in the financial statements or compliance with which may be fundamental to the operating aspects of your business, to its ability to continue its business or to avoid material penalty, we will discuss the matter with the appropriate level of management, those charged with governance or the internal auditor, as appropriate, to enable you to rectify, remediate or mitigate the consequences of the identified or suspected non-compliance or deter the commission of the non-compliance where it has not yet occurred.
We will consider whether to communicate the non-compliance or suspected noncompliance with any external auditor, unless prohibited by law or regulation. We will also consider, based on materiality and/or significance of the matter, whether further action is needed in the public interest. Further action may include disclosing the matter to an appropriate authority even when there is no legal or regulatory requirement to do so or withdrawing from the engagement and the professional relationship where permitted by law or regulation.
Where appropriate we will inform you of our intention to disclose the matter to an appropriate authority before disclosing the matter. However, if we have reason to believe that the actual or intended conduct would constitute an imminent breach of a law or regulation that would cause substantial harm to investors, creditors, employees or the general public, we may immediately disclose the matter to an appropriate authority in order to prevent or mitigate the consequences of such imminent breach of law or regulation.
We are not responsible for state taxes and duties, including but not limited to, land tax, payroll tax and stamp duty, or for WorkCover unless we are specifically engaged to and this is documented.
Period of Engagement
This engagement will cover the preparation of an Income Taxation Return for the last completed financial year. The first period for which we will be responsible is the last financial year ending 30 June as of the date this form is completed.
We will not deal with earlier periods unless you specifically ask us to do so and we agree.
Responsibilities
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 draw your attention to our firm’s system of quality control which 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 Chartered Accountants Australia and New Zealand 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.
The Client is 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. Accordingly, we will not complete returns unless information we request is supplied. No receipt, no deduction, no exception.
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 5 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.
As per the legislation, we cannot lodge any documents without a signed copy being provided. Provision of signed documents electronically is allowed.
Fees
The fee arrangement is based on the expected amount of time and the level of staff required to complete the Income Taxation Return services as agreed. The fee including GST is as follows:
• Individual Income Tax Return $110 minimum,
• Expense Schedules e.g. vehicle, depreciation, etc $50 minimum,
• Rental, Capital Gains and Business Schedules $70 minimum,
• Franking Credit Refund $80 minimum,
• Trust Authority processing fee (payment of our fees from refund) $30,
• Partnership, Trust and Company Income Tax Returns $880 minimum,
• Compiled Financial Reports $1100 minimum,
• Annual Trust Distribution Minute $220,
• SMSF annual compliance $1650 minimum,
• SMSF Annual Audit $600 minimum,
• Business Activity Statement $200 (based on preparing from reconciled accounts and one hour of our time),
• Annual ASIC Compliance $200,
• ASIC Director and Shareholder changes $200 minimum,
• Additional copy of return (1 supplied with engagement) $55,
• Amend Income tax returns prepared by us $130 minimum,
• Amend income tax returns prepared elsewhere $175 minimum,
• TFN/ABN/GST/PAYGW registration or cancellation $220,
• Business Name Application $250,
• All other work charged at hourly rate (Qualified staff not CA $100 per hour, CA $150 per hour, FCPA/CTA/SMSF Specialist $385 per hour)
The fee arrangement is based on the expected amount of time and the level of staff required to complete the accounting services as agreed and may be subject to change.
The fee is stated above, excluding miscellaneous expenses which are incurred to complete the engagement.
If an unanticipated need arises outside the scope of this arrangement (for example, but not limited to, an ATO audit, business sale, estate or succession planning, financial planning, computer consultancy/installation, cash flows, finance application, Centrelink/pension forms etc.) then we will perform this work at a mutually agreed price before we commence the work.
You acknowledge that if fees are in arrears no work will be completed and compliance documents will not be lodged if there are fees outstanding.
Limitation 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.
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 a 2018 Income Taxation Return. Ownership of this document 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.
Collection of your personal information and Communication
By accepting these terms you agree to correspondence to be delivered electronically. This includes all ATO correspondence, copies of Income Tax Returns and any other correspondence or out put we may generate. This also includes accessing copies of any information we provide through a cloud storage service. You acknowledge that we store information offsite in secure storage locations including DropBox, Office 365, and Xero on servers located in the United States and Australia. At no time can the providers of these services access your information and we enforce robust security and password controls.
Acceptance of these terms constitutes your express written agreement to have all ATO correspondence directed to our mailing address, which may change from time to time. As your agent, we will process and forward all ATO correspondence we receive on your behalf in an efficient and timely manner.
You acknowledge that if you have a MyGov account we may not see ATO correspondence and therefore may not take actions you may have considered necessary. We also take no responsibility for your inaction in responding to correspondence directed to your MyGov account or for any correspondence we have forwarded to you electronically.
Sharing of your personal information
We may occasionally need to share some of your information with other organisations. When this involves personal data that is not readily available we will ask your permission first and clearly explain why we need to share your information. If it is in relation to commercial activities such as debt collection or for the purpose of our quality assurance review you have already provided consent by your acceptance of our Engagement Terms.
Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services as described. We only outsource to Australian based professionals that meet the minimum requirements for registration within their field. On some occasions we may receive a commission if you engage their services.
Use of your personal information
The personal information we collect from you is necessary to complete the work you have asked of us. These details are stored in secure servers provided by the suppliers of our software, some of which may be located offshore. This information can only be accessed using strict passwords and only our current staff are given permission to access the information.
We only choose to use software and data storage providers that have high levels of security and comprehensive privacy policies in place, these providers include DropBox, Office 365 and Xero. Their servers are based in Australia and the United States to the best of our knowledge.
From time to time, we may use customer information for new, unanticipated uses not previously disclosed in our privacy notice. If our information practices change at some time in the future we will use for these new purposes only, data collected from the time of the policy change forward will adhere to our updated practices.
Changes to our Privacy Policy
Charter Accounting Group reserves the right to make amendments to our Privacy Policy at any time. If you have objections to the Privacy Policy, you should not access or use the Site.
Accessing Your Personal Information
You have a right to access your personal information, subject to exceptions allowed by law. If you would like to do so, please let us know. You may be required to put your request in writing for security reasons. Charter Accounting Group reserves the right to charge a fee for searching for, and providing access to, your information on a per request basis.
Contacting us
Charter Accounting Group welcomes your comments regarding our Privacy Policy. If you have any questions about this Privacy Policy and would like further information, please contact us by any of the following means during business hours Monday to Friday.
Call: 03 9115 7371
Post: Attn: Privacy Policy,
Charter Accounting Group,
E-mail: info@charteracc.com.au
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1-3 ALBERT STREET
BLACKBURN Victoria 3130