These are the Terms of Business upon which we will agree to perform work for those you. Together with our proposals or engagement letters and any further attached schedules or appendixes it forms the agreement between us. This agreement replaces any earlier agreements, representations or discussions that we have had with you.
We agree to provide you with the services set out in our proposal with you or an attachment to your engagement letter. However, the following services are also subjected to the terms of this engagement or proposal and may be billed by us on an item spend basis or per hour basis and unless stated otherwise are outside any fixed fee quote provided for in our proposal or engagement letter:
General Business Advice and Consulting Services as requested by you. Unless agreed otherwise in this engagement letter, this will be provided for and billed on a per hour basis;
Taxation and other compliance matters, including the negotiation of payment arrangements with the Australian Taxation Office, as directed by you and also including the handling of any correspondence with the Australian Taxation Office or any other body;
The preparation of Income Tax Returns and Financial Accounts, including estimates of your taxation position and advice about taxations and other matters generally.
Our hourly rate and direct disbursement guide can be provided to you on request.
We will provide the services contained in this agreement 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 if any such matters come to our attention.
Our professional services are conducted and if applicable the Annual Financial Statements will be prepared for and distribution to 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.
Generally, our advice will cover Income Tax and the Goods and Services Tax. Unless requested by you, it will not cover implications arsing from any other taxes (indirect taxes) such as stamp duty, land tax or payroll tax. However, this agreement does not preclude us from raising any implications of indirect taxes to you.
The scope of our engagement will be limited to the performance of the services listed in our engagement letter or our proposal with you.
Either of us may request a change to the services, or anything else in this agreement. A change will not be effective unless we have agreed it in writing.
You are required by law to keep full and accurate records relating to your tax and accounting affairs.
It is your obligation to provide us with all information that would be reasonably expected to be necessary to allow us to perform work specified under this engagement within a timely manner or as requested. This includes providing accurate and complete responses to questions asked of you by us within 5 working days. Inaccurate, incomplete or late information could have a material effect on our services and/or our conclusions and may result in additional fees.
You are also required to advise us in a timely basis if there are any changes to your circumstances that is relevant to the performance of our services. Specifically, if any subsequent event results in the information you provided to us being inaccurate, incomplete or misleading, then you are obliged to advise us as soon as possible. We take no responsibility and assume no liability for work undertaken by us to the extent that our advice or work is inaccurate, incomplete or misleading because it is based on inaccurate, incomplete or misleading information being provided to us.
By accepting the terms in this Agreement, you will be taken to have agreed that the performance of our services is dependent on the performance of your obligations relating to accurate and timely disclosure and record keeping.
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.
You are also 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 (eg. death and/or marriage breakdown) or a legal action commencing against you.
In relating to your financial records, you will specifically be responsible for (where applicable):
Transaction entries into your business records
Coding all deposits and payments in accordance with the agreed Chart of Accounts
Reconciling the Bank Accounts on at least a weekly basis
Maintenance and reconciliation of your business wage records
Maintenance and reconciliation of your Accounts and Accounts Payable listings
Obtaining and retaining sufficient records to substantial claims made for accounting and income tax deductions
Retaining copies of all financial records for a period of at least 5 years
Providing to us all financial information requested within 5 working days of our request
You agree to:
Provide us promptly with all information, instructions and access to third parties we require to perform the services;
Provide reasonable facilities for us when we work at your premises;
Ensure we are permitted to use any third party information you require us to use to perform he services;
Ensure that the information that you provide to us is accurate, complete and not misleading (we will not verify the information you supply in any way, except to the extent that we have expressly agreed to do so in our services); and
Alert us to any changes to information provided to us.
Our performance depends on you also performing your obligations under this agreement. You agree that we are not liable for any default that arises because you did not fulfil your obligations.
You have certain rights under the taxation laws, including the right to seek a private ruling from the Australian Taxation Office (ATO) or to appeal or object against a decision made by the Australian Commissioner of Taxation. As relevant, we will provide further information to you concerning your rights under the Australian Taxation Laws while we provide our service to you. You also have certain obligations under the Australian taxation laws, such as the obligation to keep proper records and the obligation to lodge returns by the due date.