Terms of Engagement
Welcome to DriveTax. Thankyou for selecting us to attend to your accounting and taxation requirements. This document sets out our understanding of the terms of our engagement, the scope of work to be performed, and the nature and limitations of the services that we provide.
Purpose, Scope and Output of the Engagement
This firm will provide taxation and accounting services for yourself, your family and your associated business entities. These services 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. Income Tax returns and Financial Statements will be prepared for distribution to the Australian Taxation Office and other relevant statutory bodies for the agreed purpose. There is no assumption of responsibility for any reliance on our report by any person or entity other than yourself and those parties indicated in the report. The report shall not be inferred or used for any purpose other than for which it was specifically prepared. Accordingly, our report may include a disclaimer to this effect.
Period of Engagement
This engagement will start upon your acceptance of these terms. The first period for which we will be responsible is financial year ended 30 June 2015. We will not deal with earlier periods unless you specifically ask us to do so and we agree. This engagement document will be effective for future years unless we issue an amended one to you.
In conducting this engagement, information acquired by us in the course of the engagement, including any information relating to your affairs whether it belongs to you or not or is provided by you or not, is subject to strict confidentiality requirements. That information will not be disclosed by us 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 CPA Australia, 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. You are responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided and disclosure of all material and relevant information. You 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. You or your staff are responsible for maintaining and regularly balancing all books of accounts, and the maintenance of an adequate accounting and internal control system. Any advice given to you is only an opinion based on our knowledge of your particular circumstances. A taxpayer is responsible under self-assessment to keep full and proper records in order to facilitate the preparation of accurate returns. Whilst 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 four (4) years after 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 in the return is accurate and complete. 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.
Fees for our services will be charged on the basis of the time and degree of skill and acumen required to complete the task, including any direct out of pocket expenses. Fees for standardised services are advised on our website, but we reserve the right to charge additional fees on a time basis for added complexities and additional work required. Please note that our terms are 14 days from the issuance of the invoice. In the event that an invoice is not paid within the required term we reserve the right to employ a third party to collect this debt. All collection fees associated with the collection of this debt are your responsibility.
We may collect Personal Information about you, your representatives, your clients and others when we provide services to you. If we do, you agree to work with us to ensure that we both meet the obligations that we each may have under the Privacy Act 1988 (Cth) (as amended) (Privacy Act). The obligations may include notifying the relevant person to whom the personal information relates who we are and how we propose to use their personal information. Where you have collected personal information, you confirm that you have collected the personal information in accordance with the Privacy Act, that you are entitled to provide this personal information to us and that we may use and disclose the personal information for the purpose/s we provide our services to you. We will handle personal information in accordance with the Privacy Act.
Storage of Personal Information
By signing this letter and accepting these services you acknowledge and agree that your personal information may be stored overseas (for example files sent via Dropbox). We will only use services where we have assurance that your data is stored securely, and under Privacy laws that are similar to those in Australia.
Ownership of Documents
All original documents obtained from you arising from the engagement shall remain your property. However, we reserve the right to make a reasonable number of copies of the original documents for our records. Our engagement may result in the production of printed and digital Income Tax returns, Business Activity Statements, ATO forms and Financial Statements. 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, subject to any statutory obligations. 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.
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: http://www.professionalstandardscouncil.gov.au. If you have any queries regarding any of the above terms please do not hesitate to contact us at firstname.lastname@example.org