Your Federal Quarterly Tax Payments are due April 15th Get Help Now >>

ENGAGEMENT Agreement by keralaguest

VIEWS: 6 PAGES: 2

									            This agreement outlines our standard terms of engagement and the nature and
                                limitations of the services we provide.

     (For arrangements outside these standard conditions an alternate engagement agreement will be needed.)

Client Names – (please list all entities e.g. Company, Trust, Partnership, Individuals)



Services Provided (tick as appropriate)
□        Preparation and Lodgment of Income Tax Returns and related schedules
□        Preparation of Special Purpose Financial Statements
□        Preparation and Lodgment of Business Activity Statements
□        Preparation and Lodgment of Instalment Activity Statements
□        Preparation and Lodgment of Fringe Benefits Tax Returns
□        Preparation of PAYG Payment Summaries and Lodgment of PAYG Payment Summary Statement
□        Other related Australian Taxation Office forms, documents and correspondence
□        Provision of Taxation and Business Management Advice when requested
NB       We do not give investment or financial advice.


Our Responsibilities
We will:
        Compile and prepare returns and formulate advice based on the information supplied to us by you.
        Prepare Taxation Returns and Statements in time to meet lodgment deadlines as long as all information required
         has been provided to us at least 14 days prior to the lodgment due date.
        Act in accordance with the relevant Standards and ethical requirements of CPA Australia.
        Apply strict confidentiality standards to the information and not disclose information to other parties except as
         required by or allowed for by law or professional standards or with your express consent.
        CPA Australia monitors compliance with professional standards through a quality control review programme. We
         advise that by signing this agreement you acknowledge that, if requested, our files will be made available under
         this review programme. We will advise you if this occurs.
        No audit or review will be performed and, accordingly no assurance will be expressed. Our engagement can not be
         relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist. We will however
         inform you if any such matters come to our attention.


Client Responsibilities
To enable us to prepare your returns and statements, you will:
        Provide to us all relevant documents, computer data files and information needed to prepare the returns and
         statements.
        Provide all information necessary to prepare Taxation returns and Statements at least 14 days prior to the lodgment
         due date. It is your responsibility to be aware of your lodgment due dates. (Due dates are shown on the top right
         hand corner of Activity Statements.) We will not accept responsibility for ATO fines for late lodgment if this
         reasonable time for performance of the engagement is not allowed.
        Under the self-assessment system, the claims a taxpayer makes in their tax return are accepted by the ATO,
         usually without adjustment, and an assessment notice is issued. Even though they may initially accept the tax
         return, the return may still be subject to further review.



                               Liability limited by a scheme approved under Professional Standards Legislation
Client Responsibilities (continued)
        To ensure the integrity of the tax system, the Law provides the ATO with a period where it may review a return
         (and make sure all income has been included) and may increase or decrease the amount of tax payable. The ATO
         may amend an assessment up to two years (or four years for taxpayers with more complex tax affairs) after tax
         became due and payable under the assessment. Where anti-avoidance provisions apply, the period is four years.
         Where the avoidance is due to fraud or evasion, there is no time limit on amending the assessment.
        As described in the Taxpayers’ Charter, the ATO treats taxpayers as being honest in their tax affairs, but mistakes
         can occur. The ATO checks the accuracy of the information in tax returns provided to them: for example, ATO
         computers routinely check for missing or wrong information. The audit program is aimed at detecting where
         taxpayers have not declared all of their assessable income or where, for example, they have incorrectly claimed
         deductions or tax offsets. Where errors are detected, ATO may issue an amended assessment disallowing
         deductions or tax offsets on tax returns. The taxpayer is obliged to repay any tax owing, together with interest
         and/or penalties as prescribed by Law. If taxpayers are found to have overpaid their tax, they will receive interest
         from the ATO on that amount.
        As part of the ATO commitment to you, a taxpayer will not be subject to penalties if it is demonstrated that a tax
         claim is based on wrong information contained in a Tax Office publication. However, interest could be payable
         depending on the circumstances of the case.
        When you sign your tax return, you are taking responsibility for the claims you are making. ATO assumes you
         have completed your tax return in good faith. If you become aware that your tax return is incorrect, you must
         contact the ATO as soon as possible to correct the error.
        Remember, even if some-one else – including a registered tax agent – helps you to prepare your tax return or
         special purpose financial statements, you are still legally responsible for the accuracy of the information.
        It is your responsibility to retain documents that provide evidence of your income and expenses for 5 years from
         the date you lodge the return. If you acquire an asset, this means 5 years after the asset is sold. If you have a
         capital loss, you may need to retain records longer. For further information contact us or www.ato.gov.au
NB       We remind you that Part IVA of the Income Tax Assessment Act allows the ATO to cancel the tax benefit and, in
         addition, impose penalty tax of any schemes entered into with the sole or dominant purpose of obtaining a tax
         benefit.


Ownership of Documents
        Original documents provided to us remain the client’s property, however any working papers and electronic data
         files provided to us will be owned by the practice.


Payment Terms
        Our trading terms are 14 days from the date of the invoice and prior to lodgment. (Cash, cheque, credit card or
         EFTPOS )
        If unforeseen circumstances arise that make it impossible to make payment by the due date you need to contact us
         before the due date to make alternative arrangements.
        Where a fee remains unpaid at the end of the 14 day period we may suspend further work for you until your
         account has been brought completely up to date.


Confirmation of Terms – (These terms will be effective for future years and until advised of changes)



Client Signs………………………….. ………………………………                                                         /       / 2010     PD Teefy CPA

                               Liability limited by a scheme approved under Professional Standards Legislation

								
To top