Our Standard Terms of Engagement
This document sets out the Terms of Engagement between Acumen Accounting & Business Services Pty Ltd and the Client. Please read this document carefully, by agreeming to us providing services to you acknowledge and agree to all the terms and conditions enclosed in this document. PDF Version
Definitions/meanings:
Client, you, your: refers to the client and any related entities and/or associated entities the client controls or is authorised to act for to which the client requests we provide services to.
Acumen, our, we, us, Acumen Accounting & Business Services: refers to Acumen Accounting & Business Services Pty Ltd and / or Acumen Accounting & Business Services Pty Ltd as Trustee for Acumen Trust
YOU AGREE TO THE FOLLOWING:
Identity Verification: you agree and understand that it is a requirement by law that we verify your identity and the identity of any entity you are acting for before we can act for you in any capacity. If you are acting on behalf of an entity (company, trust, partnership, super fund, etc) you will need to link Acumen to each entity’s ATO account via the ATO Business Portal or by contacting the ATO, for us to provide taxation services to you.
Purpose, Scope and output of the Engagement: Acumen may provide some or all of the following services to you which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB), the Tax Agents Services Act 2009 and the relevant Taxation Acts. The extent of our procedures and services will be limited exclusively for this purpose. 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, during our engagement, if we identify non-compliance or suspect non-compliance with laws or regulations that could cause substantial harm to investors, creditors, employees or the general public we will discuss this with you and any further actions required.
We may offer you all or only some of the following services, however, this engagement covers all services we may perform for you from time to time, not just those listed below;
· To act as your point of contact with the Australian Taxation Office for your taxation affairs.
· The preparation and lodgement of Income Tax Returns;
· Preparation of business financial statements and lodgement of tax returns;
· Assist you with the preparation of secretarial matters;
· Provide taxation and business advice to you
· Assist you with lodgements in relation to your GST, FBT, payroll tax, instalment tax, etc obligations.
· Provide you with administration and management advice, assistance and other related services as requested;
· To assist you with matters relating to the QBCC, QLD Workcover and ASIC obligation and other related matters;
· Provide you with business advice including the purchase and sale of businesses, restructuring, productivity, monitoring and analysis of business performance, and other related matters;
· Provide you with bookkeeping services and assistance, and other related services;
· Provide you with other advice and services as you may request from time to time.
Professional Fees: Our fees for the services and advice we to provide you will be based on the complexity, time and degree of skill and knowledge required to provide them.
At our discretion we may offer you a fixed fee arrangement for some or all the services we provide to you, if this interests you, please ask.
Individual income tax returns (ITR’s): we provide a fixed fee for the preparation and lodgement of basic individual tax returns, this fee does not cover advice for complex matters beyond the preparation of the tax return. This fee is revised each year. Complex ITR’s that involve rental properties, the calculation of capital gains tax, multiple managed investments or shares, private partnership and trust income, business income etc are charged based on the complexity, time and degree of skill and knowledge required to complete the returns.
Terms of Payment: Our payment terms where fees are not paid at the time of consultation are strictly 14 days from the date of the invoice. All invoices are deemed to be received by you on the day they are sent, it is your responsibility to ensure we have your correct contact information for the issuing of invoices. You acknowledge and agree that invoices may be sent electronically (email, e-invoice, digital delivery) or posted at our discretion.
Tax returns will not be lodged with the ATO until we have received payment in full, or you have signed an authority for Acumen to deduct our fee from your refund. A discount may be offered for individual non-business tax returns where the invoice is paid prior to lodgement.
If we offer a discount for other services it will be indicated on the invoice. Any discount is only applicable if the invoice is paid on or before the due date. Any discount provided is at our sole discretion.
All disbursements, out of pocket expenses and statutory charges we incur on your behalf in providing services to you will be passed on to you in full, unless stated in writing these costs/fees are not included in any set fee schedule or fixed fee arrangement. Disbursements, out of pocket expenses and statutory charges are not subject to any discount.
Deducting your fees from your tax refund: Where requested we may agree to deduct our fees from your tax refund. However, it is at our sole discretion whether we agree to do so or not. Our trust account is subject to State, Federal and professional body requirements. To use this service, you agree to any and all things we must do to meet our obligations, including the disclosure of your personal information.
Fee disputes/enquiries: any dispute must be raised with us prior to the due date of the invoice. Any reduction or adjustment will only be applied after the due date if the full original invoice has been paid in full first.
For all disputes, please refer to our disputes policy/procedure which can be found on our website. Where there is a dispute, it is our policy to invoke our legal right of lien over documents and or property in our possession until the dispute is resolved. You also agree that we have the right to use all your personal information we have to assist us in recovering any and all outstanding fees, and that we may use the services of a debt collection agency where we feel it is warranted.
Documentation: Before we lodge any documents on your behalf, we will require your approval (consent), this approval may be in writing, via email or by signing the relevant document. How we accept your consent is at our discretion and depends on the requirements of the relevant document in question. We will endeavour to ensure that the documents are lodged on time.
Third party Penalties and Interest: if forms are lodged/submitted after the due date, we are not and will not be responsible for any late lodgement penalties, interest or any other penalty or charge you may incur. We may upon investigation reimburse you for a portion of the cost if we find we contributed to the charge but only ever for our proportionate contribution to any error, omission or mistake. It is solely your responsibility to pay any and all taxes, interest, penalties and other charges imposed by any government, statutory body or anyone else on time. We will never be responsible for any tax obligation, charge, fee or any similar cost. We will never be responsible for any additional interest, penalty, or administrative charges you incur for not paying on time.
Ownership of Documents: original documents you provide us with, income tax returns and other documents we have been specifically engaged to prepare for you are your property once we have been fully paid for them. Any other documents brought into existence by us such as but not limited to workpapers, calculations, copies, etc will remain our property.
Quality Review: As a member of CPA Australia, we are subject to periodic quality assurance reviews. Unless otherwise advised by yourself, by engaging our firm, you are consenting to your files being part of such a quality review.
Disclosure of other fees and commissions: We will disclose to you if we receive any commissions or other remuneration from a third party that is due to us referring you to, or recommending a product or service to you. We will fully comply with any statutory requirements or professional body obligations in relation to the disclosure of such remuneration.
Confidentiality: In conducting this engagement, information acquired by us during 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, under the terms of this engagement, or with your express consent.
We may collect Personal Information about you, your businesses, your representatives, and others when we provide services to you. Where applicable, if we do, you agree to work with us to ensure that we both meet our 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 where applicable, that you are entitled to provide this personal information to us and that we may use and disclose the personal information for the purpose of providing our services to you. We will handle personal information in accordance with our privacy policy and the Privacy Act where applicable.
Contractors, Outsourced Services, Storage of Personal Information: Acceptance of our services in conjunction with this engagement document indicates acceptance of our use of outsourced service providers, contractors, and other professionals that we may engage to assist us in providing services to you from time to time. These service providers may reside overseas. Where the use of the outsourced service providers, contractors or other professionals requires the disclosure of your personal or business information to an overseas recipient we will take reasonable steps to ensure that the Australian Privacy Principles are complied with where applicable by the overseas recipients.
Storage and transmission of data/information: we will take all reasonable steps to comply with The Privacy Act where applicable. By accepting this engagement, you acknowledge and agree that your personal information may be stored or transmitted by means that reside overseas. You can view our privacy policy on our website.
Your obligations and rights: 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 circumstances. You, your staff, or your service providers are responsible for maintaining and regularly balancing all books or 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 between 5 and 10 years depending on the type of documents.
A taxpayer is responsible under self-assessment to keep full and proper records 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 taxation law such a review may take place within a period of up to four (4) years after assessment. Furthermore, where there is tax 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 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. 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.
Insurance: Acumen and related entities hold professional indemnity (PI) insurance with a recognised insurer, we hold at least the minimum PI required by our respective professional bodies and the Australian Taxation Board.
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 Council’s website: psc.gov.au.
By accepting the Terms of this engagementr you agree for us to set our postal address as the mailing address for all your tax related matters we lodge on your behalf.
Communications: any document that require your signature or that we receive on your behalf, and forwarded to you will be sent digitally (electronically), unless you specifically advise us you want them posted. If we don’t have an email address and/or mobile phone number for you, or if you choose, we will post these documents/communication to you. You understand that if documents that have a lodgement due date are posted to you for your signature it is beyond our control how long it takes for these documents to be delivered to you, and then returned. We take not responsibility for the late lodgement of documents where you have elected to have them posted to you.
Period of engagement: this engagement will commence upon acceptance of the terms of engagement by you and will cover all services requested by you from this date forward, including prior year lodgements where you have requested it and we agree.
Terms of Engagement: you agree and accept that we may need to update the terms of engagement from time to time due to a change in circumstances such as where we need to change or clarify parts of this document, a change in circumstances, for regulatory requirements or a change in our services or how we provide them.
Version: 2024.10