- Based in Surrey Hills
The responsibility for the maintenance of a business accounting system and internal control systems, including protection against and prevention of fraud, rests with you, the client. You will also be responsible for the maintenance of books of account. This includes any work produced by a third party not engaged by me that is to be relied upon. If any material weakness in the accounting systems or internal control systems comes to my notice, you will be advised accordingly.
In undertaking this engagement, it is understood that you will ensure that:
It is expected that the trial balance of each of the business entities will be completed no later than the Tax due date.
It is important to remember that you are personally responsible for the information contained in any statutory return, schedule, form, or other document and that you must retain all necessary supporting documentation to substantiate transactions.
Before documentation is lodged on your behalf, drafts will be forwarded for your approval. You are responsible for checking documentation before lodgement to ensure accuracy. Documentation will be lodged with the relevant departments/authorities by the due date(s), provided all information and documentation is received by the agreed due date(s). If you are late in providing information, best efforts will be made to meet lodgement due dates. However, no responsibility will be accepted for any late lodgement penalties incurred.
This engagement is for the preparation of your tax return including preparing financial and other statements as requested. Accordingly, the quarterly BAS returns will be based upon the financial information provided by you without review of primary source documents. In doing so, it is assumed that the financial information provided is accurate, that it correctly states the Goods and Services Tax (GST) position; for example, that all input tax credits and GST payable amounts have been correctly recorded; that you have supporting documentation to satisfy the ATO for GST audit purposes; and that you hold valid tax invoices and adjustment notes for all expenditure incurred and for which an input tax credit is being claimed.
It is possible that, when the financial statements are prepared, discrepancies are noted between the information disclosed in quarterly BAS returns and the annual financial statements. Any corrections required will be documented at this time.
You are required by law to keep full and accurate records relating to your tax affairs. It is your obligation to provide me with all information that is reasonably expected as necessary to allow me to perform work contemplated under this engagement within a timely manner or as requested. This includes providing accurate and complete responses to questions asked. Inaccurate, incomplete, or late information could have a material effect on services and/or conclusions reached.
I need not verify the underlying accuracy or completeness of information from you if it appears reasonable. However, if I believe information is missing, incorrect, or misleading, I will need to seek further assurance from you.
The Taxation Administration Act 1953 contains specific provisions that may provide you with “safe harbour” protection from administrative penalties for incorrect or late lodgment of returns. These safe harbour provisions will only be available to you if, amongst other things, you provide “all relevant taxation information” to me in a timely manner. Accordingly, it is to your advantage that all relevant information is disclosed to me, 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 your liability to an administrative penalty.
It is your responsibility to show that you have brought all matters to my attention if you want to take advantage of this legislative safe harbour.
It is noted that I am not engaged to review the accuracy of previous returns lodged by you or another tax practitioner. You have warranted that reliance can be placed on the financial statements and other financial records presented by you for this purpose.
There is no assumption of responsibility for any reliance on my engagement output by any person or entity other than you and those parties indicated in the engagement output. The engagement output shall not be inferred or used for any purpose other than for which it was specifically prepared. Accordingly, our engagement output may include a disclaimer to this effect.
The engagement period commences on the date you acknowledge and confirm acceptance of our terms of engagement and will continue until revoked by me.
All professional fees for the services provided will be based on the time and skill required to complete the tasks, including out-of-pocket expenses and statutory charges.
My professional fees are (subject to written notification of changes):
For work undertaken for a period of less than an hour, the rate shall be charged in 6-minute blocks or part thereof. All professional fees are GST inclusive.
Fees are based on reasonable estimates and the actual cost may vary. It is not always possible to provide an accurate estimate of the total cost, which may change due to unforeseeable problems and delays, the cooperation of third persons, and deficiencies in documentation. If costs are likely to be significantly higher than originally estimated, I will provide an additional letter of engagement setting out the reasons for any likely increase.
Unless other terms have been agreed to, my terms are strictly 7 days from the date of invoice. I will provide an itemised account of professional fees, costs, and disbursements upon request. If you do not pay your account by that date, I reserve the right to use a debt collection agency or any other legal means to recover any outstanding fees.
The final documents which I am specifically engaged to prepare, together with any other original documents given to me, shall remain your property. Documents brought into existence by me, including source documents and working papers, remain my property at all times. However, I will provide you with copies of any documents you require from time to time.
If permitted by law, I may exercise a lien over all materials or records in my possession relating to all engagements for you until all outstanding fees and disbursements are paid in full.
The estimated fee relates to the objective and scope of tax services detailed above. Please note that any additional services or advice requested are not included in this fee. These services will be charged on the basis of the time and skill required to complete the tasks, including any out-of-pocket expenses and statutory charges.
Please note, any correspondence from the ATO or ASIC that does not relate to initial assessments or original payment notices, will be treated as additional services.
I have been engaged to prepare the annual financial statements of the business entities in your group. This service includes the preparation of:
This service includes maintenance of the charts of accounts for the general ledgers of your business entities. It also includes telephone support for the recording of specific transactions in the general ledger.
This service does not include the preparation of one-off financial statements for presentation to your financiers, for which a separate fee shall apply.
I have also been engaged to prepare and lodge the FBT returns for your business entities. The fee for this service of $<amount> is comprehensive and includes advice for the preparation of the annual FBT return, the cost of an annual review of opportunities for the reduction of FBT expense on the annual FBT return, and the calculation of Reportable Fringe Benefits Amounts for any employees.
As a member of the Institute of Public Accountants (IPA), I am subject to the IPA’s Quality Review Program (QRP) mandated by the International Federation of Accountants (IFAC). QRP reviews assess member compliance with professional and ethical standards and by accepting our engagement, you acknowledge that, if requested by the IPA, files relating to this engagement may be made available for QRP review. Unless otherwise advised, you are consenting to your files being part of a QRP review.
As a member of the IPA, I am part of the IPA Professional Standards Scheme and my 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: www.psc.gov.au.
I understand the importance of protecting the privacy of your personal information. In handling personal information, I comply with the Privacy Act 1988 (Cth) (Privacy Act), as amended from time to time, and with the 13 Australian Privacy Principles in the Privacy Act and other applicable privacy-related legislation.
I collect, use, disclose, and store your personal information in accordance with my privacy policy, a copy of which can be found on my website or otherwise made available to you upon request.
I may collect your personal information directly from you or your authorised representatives, from third parties where you have provided your consent, or where the collection of your personal information is permitted by law.
The types of personal information I collect include general identification information such as names, occupation, and date of birth; contact details such as address, email address, and mobile phone number; government-issued identification numbers such as tax file numbers; financial information; and information regarding your superannuation and/or insurance arrangements.
Generally, I collect, use, and disclose your personal information for the purposes of providing you with listed services. If you do not provide your personal information to me, this may affect my ability to assist you.
I may also use your personal information for the purpose of providing marketing information to you. Please let me know if you do not want this information to be sent to you.
To provide my services, I may disclose your information to third parties engaged to perform administrative or other business management services. We may also disclose your personal information to third parties engaged to undertake specific processes, functions, or activities and/or provide services for me. Any disclosure is always on a confidential basis. I may also disclose your personal information if required or authorised by law.
I may disclose personal information to overseas recipients in order to provide necessary services and for administrative or other business management purposes. Before disclosing any personal information to an overseas recipient, I take reasonable steps to ensure the overseas recipient complies with the Australian Privacy Principles or is bound by a substantially similar privacy scheme unless you consent to the overseas disclosure or it is otherwise required or permitted by law.
If you would like to access, or seek correction of, the personal information I collect and hold about you, or otherwise enquire or complain about our approach to privacy, please contact my privacy compliance officer on 0418 942 563 or at vinod@apluscpa.com.au. My privacy policy contains further information about these processes.
At times I may outsource some of my work which involves me entering into an agreement with a third party to provide specific processes, functions, services, or activities for me. If I decide to do this as part of performing the services for you, I will contact you first to seek your approval to engage other parties.
Please contact me if you have any queries about this engagement. Please sign and return the confirmation of acceptance of this engagement.
I thank you for the opportunity to provide professional accounting services to both yourself and your business.
Vinod Sharma
PO Box 194 Liverpool NSW 1871
0418 942 563
vinod@apluscpa.com.au
Bookkeeping ~ Accounting ~ Payroll ~ SMSF Auditing ~ Tax Preparation Service ~ Financial Statements ~ Budgets and Cash Flow ~ KPI & Productivity Reports ~ Xero Setup ~ Quickbooks Setup ~ New Company Structure ~ ABN Services ~ ASIC Company Filing ~ ACNC Filing ~ Non Profit Financial Reporting ~ Financial Controller Services ~ Expense Reduction ~ Contract Review ~ Business Purchase ~ Business Workflow & Software Integration
