Standard Terms of Engagement – Newtown Tax and Business Services (Other than Financial Planning Services)
What we will do:
We will prepare your Income Tax Return and, for a business, an Annual Set of Accounts, based on the information you provide to us.
We will lodge your Income Tax Return with the Australian Taxation Office in time to satisfy regulatory requirements provided you give us your information in sufficient time.
We will provide general taxation advice and taxation based structuring advice, including business tax advice and any other advice we are qualified to provide, as requested by you.
We will liaise and communicate with the Australian Taxation Office as necessary on your behalf as your Tax Agent.
What we will NOT do:
We will not audit your accounts and therefore will not be able to form any opinion of their accuracy
We will not be looking for irregularities or errors, including fraud and illegal acts. However we will notify you if we suspect something might not be quite right.
Period of engagement for a tax return preparation service:
The engagement will start as soon as you accept these terms of engagement.
The engagement will end as soon as we have been paid in full.
Your responsibilities:
You are responsible for the completeness and accuracy of all the information you give us.
You agree to disclose all relevant information to us and arrange reasonable and timely access to relevant individuals and documents to allow us to do our job quickly and efficiently.
You are ultimately responsible for the resulting Annual Accounts and Income Tax Return we prepare on your behalf under this engagement.
You must advise us if you become aware of any conflict of interest or a change of circumstances which may result in a conflict, e.g., a matrimonial dispute, change in business relationships or structure, litigation.
You are responsible for paying our fees within the terms of credit.
Our responsibilities:
We are responsible for keeping any information we get from you confidential.
Unless we have your consent, we will not disclose this information to any other party unless required by law. However our files may be subjected to quality control review by the professional accountancy body of which we are a member. If this occurs we will notify you in advance.
We are responsible for doing your work in accordance with Tax Agent Services Legislation and the professional and ethical standards issued by the Accounting and Ethics Standards Board (APESB).
Limitation of Liability: Our liability under this engagement is limited by a scheme approved under Professional Standards Legislation. Further details are available on request.
Fees:
Our fees are calculated on basis of time spent on your work by members of our staff.
The rate used is based on the degree of skill and responsibility involved.
We will charge you separately with any direct expenses we incur on your behalf.
We will issue a final invoice when we finish your work.
An additional fee is charged for our time if you later instruct us to re-prepare your tax return with new information.
Ownership of Documents:
All original documents remain your property. However we will make and retain copies for our records.
We will produce an Income Tax Return and, if a business, an Annual Set of Accounts as a result of this engagement.
These documents belong to us until you have paid our fees in full, then they will belong to you. All other documents we produce belong to us.
