These are our standard Terms of Engagement and the nature and limitations of the services we provide. We may issue you with a tailored engagement letter prior to commencing services.
Purpose, Scope and Output of the Engagement
This firm will provide accounting, taxation compliance and business advisory services, which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB), and with the Tax Agents Services Act 2009 and Tax Agent Services Regulations 2009. 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.
Our engagement will be limited to the parts of your personal, investment or business activities which you specifically ask us to cover and we agree.
Reports, returns and other outputs will be prepared for distribution to directors, partners & proprietors for the agreed purpose as summarised below. 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.
Accounting Compliance Services
- Compilation of annual special purpose financial statements
- Compilation of interim special purpose financial statements
- Maintenance of asset registers
- Maintenance of general ledgers
Management Accounting Services
- Regular financial reporting to management
- Adhoc financial reports as required
- Cash flow management & reporting
- Analysis of financial reports and data (eg. sales manufacturing costs, human resources efficiency, break-even analysis)
- Data entry & maintenance of general ledgers
- Reconciliation of bank accounts
- Generating sales invoices as required
- Reconciliation of debtors / accounts receivable
- Entry of bills and receipts where provided
- Reconciliation of creditors / accounts payable
- Attendance to Payroll weekly / fortnightly / monthly as required
- Preparation of annual payment summaries
- Provision of management financial reports as required
Corporate & ASIC Services
- Maintenance of corporate registers and attendance to annual corporate matters and other compliance matters as required by the Corporations Act 2001;
- Preparation of consents, minutes and other documentation and lodgement with the Australian Securities and Investment Commission (ASIC) where required;
- Acting as the Registered Office. This authorises us to accept all notices that may be given on the company. Such notices will be sent to you.
Taxation Compliance Services
- Income tax return
- Fringe benefit return
- Business activity statements
- Administrative tax matters
- Review of ATO correspondence & notices
- Dealing with the ATO on your behalf on all tax matters
- Reconciliation of Notice of Assessments with estimates
Our ordinary services are of a preparation & advisory nature.
Statutory taxation or government authorities may initiate audit or review activity of returns and reports lodged by our firm. No guarantee on the possibility of an audit is provided as such additional fees will be incurred for our involvement and dealing with these authorities.
We are not responsible for state-based taxes and duties, including but not limited to payroll tax, land tax, stamp duty and WorkCover unless we are specifically engaged to, it is documented and limited to a preparation and administrative service.
Period of Engagement
This engagement will start when you ask us to do so and we agree. The first period for which we will be responsible for is the most recent financial year ending 30 June. 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 & Tax Practitioners Board 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.
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.
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. Any advice given to you is only an opinion based on our knowledge of your particular circumstances. 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. You have obligations under self assessment to keep full and proper records in order to facilitate the preparation of accurate returns. It is your responsibility to keep those records for five (5) years.
A taxpayer is responsible under self-assessment to keep full and proper records in order to facilitate the preparation of a correct return. 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.
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 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.
As per legislation, we cannot lodge any documents without a signed copy being provided. Provision of signed documents electronically will be accepted and are allowed.
Involvement of Others
Where, as part of our engagement, the services of an external consultant or expert are required, an estimated cost and timeframe and involvement will be provided to you for your approval.
Outsourced & Offshore Services
We do not currently outsource any of our accounting or bookkeeping services. Given the nature of modern technology, we may decide to engage outsourced services in future.
Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services. In the event that we do engage accounting & other professionals overseas, they are likely to be located in the Philippines or India. These professionals would solely work for Marvel Consulting Pty Ltd through an unrelated intermediary offshoring company.
Where the outsourced service requires the disclosure of personal information to an overseas recipient a consequence of your consent is that Marvel Consulting Pty Ltd will be required to take reasonable steps to ensure that the Australian Privacy Principles are complied with by the overseas recipients of the Personal Information.
Storage of Personal Information
Due to the nature of modern online electronic services used data may be stored in the cloud and other hosted services including our firms, by engaging with our firm you acknowledge and agree that your personal information may be stored overseas.
We anticipate issuing an invoice upon completion of agreed services and in accordance with the following fee schedules below. Should a job extend beyond a month we may issue an interim progress invoice. Terms of payment will be 14 days and expected prior to lodgement of returns.
Our fee arrangement is based on the expected amount of time and the experience & qualification of staff required to complete the professional services as agreed. When we reference time and experience, the following fee rates will apply:
|Senior / Qualified Accountant||$220|
Unless quoted otherwise, our standard minimum fees including GST are as follows:
|Individual Tax Return||from $165|
|Complex schedules and deductions||from $50|
|Sole Trader business schedule||from $220|
|Contractor business schedule||from $88|
|Capital Gains Schedule & Calculations||from $110|
|Rental property schedule (per property)||from $88|
|Fee from refund||Included free of charge|
|Annual Financial Reports||from $880|
|Income Tax Returns for Partnership, Trust and Company||from $550|
|SMSF annual compliance||from $1,650|
|SMSF Audit (external provider)||from $440|
|Business Activity Statements||from $165|
|Registrations for ABN, GST, TFN, Business name||from $110 + statutory fees|
Our fees exclude miscellaneous external expenses which are incurred to complete the engagement.
Factors impacting our fees will include:
- Substantial increase in business trading activities
- One time or significant events that require special attention (eg. Disposal of a major asset, extended advisory required, business analysis)
- Quality and completeness of information provided
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.
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 will result in the production of electronic or paper copy tax returns, reports, analysis and other documentation. 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.
Confirmation of Terms
By engaging our services, you and your associates acknowledge that you have read and accept these terms of engagement. If we issue a tailored engagement letter to you, these terms will no longer apply.