Terms of Engagement
These are the terms of our engagement. Please read it carefully, and ensure you understand the scope of our engagement.
Please contact our office if you do not understand any aspect of the terms of this engagement.
If you continue to provide us with information and/or instructions regarding your financial affairs, the terms and information provided here will bind us both.
Terms of Engagement:
1.1. The scope of our engagement may include:
1.1.1. Preparation and lodgement of Tax Returns;
1.1.2. Preparation and lodgement of Business Activity Statements;
1.1.3. Preparation and lodgement of Financial Reports;
1.1.4. ATO correspondence regarding taxation and administrative matters;
1.1.5. Preparation and lodgement of ASIC documents and administration; and
1.1.6. Other taxation, accounting and administrative tasks as required.
1.2. Our advice will cover Australian Income Tax and where relevant, Goods & Services Tax and Fringe Benefits Tax. It will not cover any other taxes such as stamp duty, land tax or payroll tax.
1.3. The scope of our engagement will be limited to performance of the services listed above.
1.4. If the scope does not meet your requirements or you would like to discuss the scope with us further, please let us know.
1.5. We consider that we have the necessary expertise to perform the services covered by our engagement. However, any changes to the scope of our engagement may require us to reconsider the terms of our engagement and/or make new arrangements with you.
1.6. If you wish to change the scope of our instructions, please contact our office.
2. Period of Engagement:
2.1. This engagement will start on the earlier of the following:
2.1.1. Date this letter is signed; or
2.1.2. Date instructions and/or further information is provided.
2.2. This engagement will end upon both of the following occurring:
2.2.1. Either party gives notice to end the engagement; and
2.2.2. All fees payable to Sydney Tax Practice are paid.
2.3. This engagement document will be effective for future years unless we issue an amended one to you.
3.1. We understand that:
3.1.1. Information will be provided to our office in a summarised format that is easy to follow and does not require significant adjustments for errors.
4. Your disclosure and record keeping obligations:
4.1. You are required by law to keep full and accurate records relating to your tax affairs.
4.2. Records are recommended to be retained for a minimum of 7 years.
4.3. It is your obligation to provide us with all information that you reasonably expect will be necessary to allow us to perform work contemplated 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 a reasonable timeframe.
4.4. Inaccurate, incomplete or late information could have a material effect on our services and/or our conclusions and may result in additional fees.
4.5. We will not verify the accuracy or completeness of information you provide to us.
4.6. You are required to advise us on a timely basis if there are any changes to your circumstances that may be 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.
4.7. You are required to advise us if you become aware of any conflict of interest or potential conflict of interest.
4.8. We take no responsibility to the extent that our advice is inaccurate, incomplete or misleading where it is based on inaccurate, incomplete or misleading information being provided to us.
4.9. By accepting the terms of this letter, you will be taken to have agreed that the performance of our services is dependent on the performance of your obligations relating to disclosure and record keeping.
5. Your rights and obligations under the taxation laws:
5.1. 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 Commissioner.
5.2. As relevant, we will provide further information to you concerning your rights under the Australian taxation laws during the conduct of the engagement contemplated by this letter.
5.3. 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.
6. Our obligation to comply with the law:
6.1. We have a duty to act in your best interests. However, the duty to act in your best interests is subject to an overriding obligation to comply with the law even if that may require us to act in a manner that may be contrary to your interests. For example, we could not lodge an income tax return for you that we knew to be false in a material respect.
6.2. Unless otherwise stated, this opinion is based on the Australian tax law in force and the practice of the Australian Taxation Office (the ATO).
6.3. Our advice and/or services will be based on Australian taxation law in force 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.
7.1. We will not disclose any information relating to your affairs to any third party, unless required by law or in accordance with Clause 8 (Outsourcing).
7.2. You may provide us with permission to disclose your confidential information in certain circumstances, or place conditions on the disclosure of certain confidential information.
7.3. If you do so, we will have permission to disclose the relevant information accordingly, in the performance of our services, unless you instruct us otherwise in writing.
8.1. We may outsource our services to an external contractor or entity based locally and/or overseas.
8.2. We only outsource to suitably qualified professionals to complete the work required. Any outsourcing is required to comply with privacy legislation, and reasonable steps are taken to maintain data security.
8.3. Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services as described.
9.1. Below is an indication of our fees as at 1st January 2019 for the following services (exc GST)
9.1.1. Company Financials and Tax return from $800
9.1.2. Trust Financials and Tax return from $800
9.1.3. SMSF Annual Compliance from $1100
9.1.4. Business Activity Statement from $200
9.1.5. Consulting services per hourly rate
9.1.6. Personal Tax return
22.214.171.124. Standard $140
126.96.36.199. Rental property schedule add $50 per property
188.8.131.52. Sole trader business schedule add from $100
184.108.40.206. Capital gains calculation add from $80
220.127.116.11. Foreign income add from $80
18.104.22.168. Amendments from $180
9.1.7. Objection to ATO decision from $350
9.1.8. Single Touch Payroll per hourly rate
9.1.9. Other non-standard items per hourly rate
9.1.10. Ad hoc Tasks as required per hourly rate
9.1.11. Provision of software products at RRP unless otherwise agreed
9.2. Any work carried out on an hourly rate basis will be charged at the following hourly rates (exc GST)
9.2.1. Bookkeeping Services $60 per hour
9.2.2. Admin staff $120 per hour
9.2.3. Accountant $250 per hour
9.3. These rates are subject to change.
9.4. Fees may increase by up to 5% per financial year without further notice.
9.5. A tax invoice will be issued upon completion of the provision of the agreed services.
9.6. Late payment of invoice may incur additional fees and/or interest.
10. Limitation of Liability:
10.1. Our liability may be limited by a scheme approved under Professional Standards Legislation. Further information on schemes are available from the Professional Standards Council – https://www.psc.gov.au/.
11. Ownership of documents:
11.1. All original documents obtained from you arising from this engagement will remain your property.
11.2. We reserve the right to make a reasonable number of copies of the original documents for our records.
11.3. All other documents produced by us in respect of this engagement will remain our property.
11.4. We retain legal right of lien over any of your documents in our possession in the event of a dispute between us.
12. Storage of Personal Information:
12.1. We make use of various software, including but not limited to Office 365, Xero, QBO, SF360, CAS360, ReceiptBank, rightSignature, Box, Acuity Scheduling and various others. Such services may provide cloud data storage and back up data storage in various global locations. By accepting our services, you acknowledge and agree that your personal information may be stored overseas.
13. Your acceptance of these terms:
13.1. This letter sets out the basis on which we will act for you. Please sign the letter where indicated and return a copy of the signed letter to us to indicate your acceptance of its terms.
13.2. If you do not forward your signed copy of the engagement letter but continue to provide us with information and/or instructions regarding your financial affairs, the terms and information provided in this letter will bind us both.