Engagement terms and conditions of

Purpose

The purpose of this Engagement Letter is to set out and confirm the terms of engagement between our firm and you.  The Engagement Letter has been aligned with the standards of APES 110 Code of Ethics and APES 305 Terms of Engagement as published by the Accounting Professional and Ethical Standards Board.

Please be aware that we will not conduct an audit or review unless specified as a service to be performed for you and accordingly, no assurance will be expressed.

Unless specified as a service to be performed for you, this engagement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may occur, however we will inform you of such matters if they come to our attention.

The recent changes to Section 225 (and 360) of APES 110 on Responding to Non-Compliance with Laws and Regulations (NOCLAR) require us to report a non-compliance with laws and regulations or acts of omission or commission, intentional or unintentional by a client or by Those Charged with Governance, by management or by other individuals working for or under the direction of a client which are contrary to the prevailing laws or regulations.  If we decide that disclosure of NOCLAR to the appropriate authority is the correct course of action, then such a disclosure will not be considered a breach of confidentiality under our code of ethics.

Any reports including Financial Statements, Income Tax Returns and so on, will be prepared for distribution to the specific organisation, client or entity for the purpose specified in the report. There is no assumption of responsibility for any reliance on our report by any person or entity other than you and those parties indicated in the report.  The report shall not be inferred or used for any purpose other than for which it was specifically prepared.  Accordingly, our report may include a disclaimer to this effect.

As a member of the IPA, we are part of the IPA Professional Standards Scheme and our liability is limited by a Scheme approved under Professional Standards Legislation.  For more information on the IPA Professional Standards Scheme or Professional Standards Schemes generally, please refer to: psc.gov.au.

Relative responsibilities

As a member of the IPA, our firm is subject to the Professional Practice Quality Assurance (PPQA) reviews mandated by the International Federation of Accountants (IFAC).  The PPQA reviews assess member compliance with the professional and ethical standards and by accepting our engagement you acknowledge that, if requested by the IPA, our files relating to this engagement will be made available for the PPQA review.  Should this occur, we will advise you.

You are required by law to keep full and accurate records relating to your tax affairs. It is your obligation to provide us with all information that would be reasonably be expected to allow us to perform the services for you under this engagement as requested. This includes you providing accurate and complete responses to questions asked of you by us.  Inaccurate, incomplete, or late information may have a material effect on our services or reports.

The Taxation Administration Act 1953 now contains specific provisions that may provide you with “safe harbour” from administrative penalties for incorrect or late lodgement of returns.  These safe harbour provisions will only be available to you if, amongst other things, you provide “all relevant taxation information” to us 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 tax practitioners have discharged their obligations to clients. It is your responsibility to show that you have brought all matters to our attention if you want to take advantage of the safe harbours created under the new regime.

If we require any documents or information from a third party, we will contact you first to seek your approval to contact the third party.

In conducting this engagement, information acquired by us in the course of the engagement is subject to 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 are bound by the provisions of the Privacy Act 1988 to maintain all records securely and in accordance with the provisions of that Act.  Any breach of these requirements should be notified to the Privacy Commissioner. However, as noted above if we are subject to a PPQA review, your file may be reviewed as part of that process unless you specifically forbid it.

Involvement of other members in professional practice

At times we may outsource some of our work which involves us entering into an agreement with a third party to provide specific processes, functions, services, or activities for us.  If we decide to do this as part of performing the services for you, we will contact you first to seek your approval to engage other parties in professional practice.

This engagement is a contract between you and us, and you agree that none of the third parties we use will have any liability to you and you will not bring any claim or proceedings of any nature in connection with this engagement against any third party that we may use to provide the services.  This exclusion will not apply to any liability, claim or proceeding founded on an allegation of fraud or other liability that cannot be excluded under law.

Fees and billing arrangements

Principal           $264.00 per hour
Accountant       $264.00 per hour
Bookkeeping     $132.00 per hour
Secretarial         $99.00 per hour

Some services offered are a fixed fee and a quotation can be obtained prior to work being requested to be completed.

Personal taxation returns are set fee, with additional fee’s based upon requirements (excessive deductions, multiple appointments, rental properties, share investments and capital gains tax etc)

Professional fees are charged when you or we request a meeting in office, fees are charged per half hour, a quote can be supplied prior to your attendance, fees are charged for in office meeting and research as discussed.
Costs for phone calls are at the discretion of the staff member in my/our office making the phone call but are charged using same rates as above.

I understand and agree that all Taxation Returns will not be lodged with the ATO until full payment of your account has been made (this includes related entities)

Terms of Payment

Unless otherwise agreed, payment terms are strictly 7 days from the date of invoice, (Unless a fee from refund)
Fees not paid by due date incur a $22 admin fee per 14 days this invoice is overdue unless a prior payment
arrangement has been made, this fee is an admin charge for following up your accounts.
Should a debt collector be required due to non-payment all fee’s incurred are your responsibility including billable hours for attending to processing.

Ownership of Documents

Unless agreed to the contrary, source documents such as ledgers, receipts, invoices and journals, correspondence between the ATO and you, ATO notices of assessment, letters of advice, books of account, tax returns and financial statements prepared by us remain your property.  Our working papers and documents remain our property.

Lien over Documents

In the event of the termination of services, you are advised that we may invoke a lien over certain documents we have prepared, and we will hold these documents until all outstanding fees have been paid, or satisfactory agreements have been made.  A lien is a right to hold certain documents or property until the debt incurred in respect of those documents or property has been paid.

Confirmation of the terms in this Engagement Letter

Acceptance of our services in conjunction with this information indicates that you understand and accept the arrangements. This information will be effective for future engagement unless we advise you of any change.

I, hereby acknowledge this Engagement Letter and agree to the terms and conditions therein.  I also undertake that I have the capacity to make this engagement (on behalf of an entity) and will be personally liable for all fees and charges for the services performed in accordance with such agreement.