Purpose, Scope and Output of the Engagement
AdvisorCorp will provide taxation services, 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 and services will be limited exclusively for this purpose only. 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 of any such matters that come to our attention.
In conducting this engagement, information acquired by us in the course of the engagement is subject to strict confidentiality requirements. We will not disclose that information to other parties except as required or allowed for by law, or with your express consent.
We wish to draw your attention to our firm's system of quality control which has been established and maintained in accordance with the relevant APESB standard. As a result, our files may be subject to review as part of the quality control review program of Chartered Accountants Australia and New Zealand (CAANZ) and Institute of Public Accountants (IPA) which monitors compliance with professional standards by its members. We advise you that by accepting our engagement, you acknowledge that, if requested, our files relating to this engagement will be made available under this program. Should this occur, we will advise you.
The Client is responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided and disclosure of all material and relevant information. Clients are required to arrange for reasonable access by us to relevant individuals and documents and shall be responsible for both the completeness and accuracy of the information supplied to us. Any advice given to the Client is only an opinion based on our knowledge of the Client's particular circumstances.
A taxpayer is responsible under self-assessment to keep full and proper records to facilitate the preparation of a correct return. While the Commissioner of Taxation will accept claims made by a taxpayer in an income tax return and issue a notice of assessment, usually without adjustment, the return may be subject to later review. Under the taxation law, such a review may take place within a period of up to 5 years after the tax becomes due and payable under the assessment. Furthermore, where there is fraud or evasion, there is no time limit on amending the assessment. Accordingly, you should check the return before it is signed to ensure that the information on the return is accurate.
Where the application of a taxation law to your particular circumstances is uncertain you also have the right to request a private ruling which will set out the Commissioner's opinion about the way a taxation law applies or would apply, to you in those circumstances. You must provide a description of all of the facts (with supporting documentation) that are relevant to your scheme or circumstances in your private ruling application. If there is any material difference between the facts set out in the ruling and what you actually do the private ruling is ineffective.
If you rely on a private ruling you have received, the Commissioner must administer the law in the way set out in the ruling, unless it is found to be incorrect and applying the law correctly would lead to a better outcome for you. Where you disagree with the decision in the private ruling, or the Commissioner fails to issue such a ruling, you can lodge an objection against the ruling if it relates to income tax, fuel tax credit or fringe benefits tax. Your time limits in lodging an objection will depend on whether you are issued an assessment for the matter (or period) covered by the private ruling.
The fee arrangement is based on the expected amount of time and the level of staff required to complete the taxation services as agreed. The fee arrangement will be subject to change if the request to undertake additional work is outside the Scope of this engagement document.
Commonwealth and State Taxes and Duties
Commonwealth and State Taxes and Duties including the Goods and Services Tax (GST) imposed by legislations of either Commonwealth or State governments will be due and payable together with any fees as required by such regulation and/or legislation.
Terms of Payment
Unless other terms have been agreed to, our terms are strictly 7 days from the date of invoice. We will arrange for funds to be debited from your nominated account (the details of which you provided to us in the Direct Debit application form provided to you by us). We will provide an itemised account of professional fees, costs and disbursements upon request. If you do not pay your account by that date, we reserve the right to use a debt collection agency or any other legal means to recover any outstanding fees.
Limitation of Liability
Our liability is limited by a scheme approved under Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Councils' website: www.professionalstandardscouncil.gov.au
Ownership of Documents
All original documents obtained from the client arising from the engagement shall remain the property of the client. However, we reserve the right to make a reasonable number of copies of the original documents for our records.
Our engagement will result in the production of Income Tax Returns, Financial Statements and Accounting Software data file. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain the property of the firm.
The firm has a policy of exploring a legal right of lien over any client documents in our possession in the event of a dispute. The firm has also established dispute resolution processes.
We are bound by the provisions of the Privacy Act 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 under “Quality Review”, your file, unless you specifically forbid it, may be subject to Quality Review. As a Tax Agent, we are subject to the code of professional conduct established by the Tax Agent Services Act 2009 (TASA), this code requires that unless legally required to we can not disclose information to a third party without your permission.
Acknowledgement and Confirmation
Please contact us if you have any queries about this engagement. Please sign this engagement letter to indicate that it is in accordance with your understanding of the arrangements. This letter will be effective from 01-07-2018 unless we advise you of any change.
We thank you for the opportunity to provide professional taxation services and we look forward to developing a close and mutually satisfying relationship with you for many years to come.
AdvisorCorp | Accountants and Business Advisors