Terms & Conditions

Taxcor Business Accountants

These engagement terms and conditions apply to your engagement with Taxcor Business Accountants (ABN: 88 406 199 592) for any services undertaken for you and/or your associated entities.

Each business entity and individual listed in the proposal/scope of services section engages our firm on the terms set out our engagement letter/cost and services agreement and is bound by those terms. The business entities and individuals listed are all jointly and severally liable to pay our tax invoices, regardless of which of the listed individuals or entities those accounts are addressed to and regardless of which of the listed individuals or entities received the benefit of the work performed.

NATURE & LIMITATIONS

The success of the services is dependent on your timely co-operation, including:

• providing the materials and information we reasonably require from time to time for the services
• cooperation from your employees, consultants and advisors
• making decisions promptly, to facilitate the performance of the services.

ENGAGEMENT PROCESS

At Taxcor, we prioritise transparency and clarity in our client relationships. Here’s a step-by-step overview of our engagement process:

1. Initial Evaluation

• Business Operations: We assess your business model and operations to understand your specific needs.
• Financial Performance: A review of your financial health to tailor our services accordingly.
• Record-Keeping Procedures: We evaluate your existing systems to ensure compliance and efficiency.
• Dealings with ATO & Government Agencies: We examine your interactions with regulatory bodies to identify any areas for improvement.

2. Consultation with Previous Accountant

We may contact your previous accountant to clarify any past issues or concerns, ensuring a smooth transition.

3. Credit History Report

If necessary, we will conduct a credit history report for you and your associated entities to better understand your financial standing.

4. ID Verification

A secure ID verification process is completed to ensure compliance with regulations.

5. Fee Proposal

Based on our evaluation, we provide a detailed fee proposal outlining the scope of our services and the associated costs.

6. Formal Engagement Letter

Upon agreement with our fee structure, we issue a formal engagement letter to finalise the partnership.

SCOPE OF OUR SERVICES

Our services will be limited to services outlined in our engagement letter/proposal. Any request for services outside of the scope will incur further fees and expenses. Any variations to the scope of works will also incur additional fees if necessary.

ESTIMATE OF TIME

If an estimate of time or fees for completion is provided it is given on the assumption that we receive your cooperation and commitment from employees in your organisation. If you do not provide, or delay in providing that co-operation, you agree that further costs may result. Where we receive incomplete or late information, this will delay our work and we cannot guarantee that we will be able to complete our work, sign any reports and lodge any returns on time. If penalties are incurred under these circumstances we will not be responsible for their payment.

There are provisions in the Taxation Administration Act 1953 that provide you (as from 1 March 2010) with “safe harbours” from administrative penalties for incorrect or late lodgement of returns if, among other things, you give us” all relevant taxation information” in a timely manner.

This means that it is to your advantage to give us all information necessary for us to do the work.

NEED FOR INFORMATION

You agree to use reasonable skill, care and attention to ensure that all information we may reasonably require is provided on a timely basis and is accurate and complete. You agree to also notify us if you subsequently learn that the information provided is incorrect or inaccurate or otherwise should not be relied upon.

YOUR RESPONSIBILITIES

You must provide us with all information necessary for dealing with your affairs including information which we reasonably request, in sufficient time to enable our services to be completed before any applicable deadline. We will rely on such information being true, correct and complete and will not audit the information.

You authorise us to approach such third parties as may be appropriate for information that we consider necessary to deal with your affairs. You must keep us informed on a timely basis of changes in your circumstances that may affect our services.

APES 315 COMPILATION OF FINANCIAL INFORMATION

Financial Statements will be prepared in accordance with the mandatory accounting requirements of APES 315 “Compilation of Financial Information”.

QUALIFICATIONS ON OUR SERVICES

To the extent our services involve the performance of services established by law, nothing in the engagement letter or these terms reduce our obligations under such law.

You must not act on advice given by us on an earlier occasion without first confirming with us that the advice is still valid. Our services are limited exclusively to those you have engaged us to perform. Unless otherwise specified in the engagement letter, our services cannot be relied upon to disclose irregularities and errors, including fraud and other illegal acts, in your affairs. Neither an audit nor a review will be conducted and, accordingly, no assurance will be expressed.

Where our engagement is recurring, we may amend our engagement letter and these terms where we consider it is necessary or appropriate to do so. If you do not accept such amendments, you must notify us promptly in which case you may terminate our engagement in accordance with our termination terms and those amendments will not apply prior to such termination. 

WHO MAY INSTRUCT US

You confirm that you, and any other person you nominate in writing from time to time (provided we have acknowledged such nomination), are authorised to give us instructions and information on behalf of all persons we are acting for and to receive our advice and documents on their behalf.

If we are acting for a business, and we receive conflicting advice, information or instructions from different persons, we may refer the matter to the board of directors, partners or proprietors (as applicable) and act only as requested by them.

YOU AND YOUR [SPOUSE/PARTNER] (THIS CLAUSE IS APPLICABLE IF WE ARE PROVIDING SERVICES TO A COUPLE)

We will advise you and your (spouse/partner) on the basis that you are a family unit with shared interests. We may deal with either of you and may discuss with either of you the affairs of the other. If you wish to change these arrangements, please let us know.

RELIANCE ON ADVICE

We will endeavour to record all advice on important matters in writing. Advice given verbally is not intended to be relied upon unless confirmed in writing. If we provide verbal advice (for example during a meeting or telephone conversation) that you wish to rely on, you must ask us to confirm the advice in writing.

INVESTMENT AND FINANCIAL ADVISORY ADVICE

We will not provide you with investment or financial advice regulated under the Corporations Act 2001 (Cth) unless we have expressly agreed to do so in writing, specifying an applicable Australian Financial Services Licence number.

PROFESSIONAL OBLIGATIONS

We will comply with the professional and ethical standards of the Accounting Professional and Ethical Standards Board, available at apesb.org.au. This includes APES 110 Code of Ethics for Professional Accountants (including Independence Standards), which among other things contains provisions that apply if we become aware of any actual or potential ‘non-compliance with governing laws or regulations’ (NOCLAR). Where any such non-compliance poses substantial harm (such as serious adverse consequences to investors, creditors, employees, auditor, group auditor or the public), we may be required to disclose the matter to an appropriate authority.

CONFLICTS OF INTEREST

We will inform you if we become aware of any conflict of interest in our relationship with you (including between the various persons this engagement letter covers) or in our relationship with you and another client. Where conflicts are identified which cannot be managed in a way that protects your interests then we will be unable to provide further services to some or all of the persons to whom this engagement applies. If this arises, we will inform you promptly.

We may act for other clients whose interests are not the same as or are adverse to yours, subject to the obligations of conflicts of interest and confidentiality referred to above.

FEES AND PAYMENT

Our fees will be charged on the basis set out in the engagement letter and have been set based on the level of skill, responsibility, importance and value of the advice, as well as the level of risk. 

If we have provided you with an estimate of our fees for any specific work, this is an estimate only and our actual fees may vary.

We may provide a fixed fee for the provision of specific services. If it becomes apparent to us, due to unforeseen circumstances, that a fixed fee is inadequate, we may notify you of a revised figure and seek your agreement to it.

In some cases, you may be entitled to assistance with your professional fees, particularly in relation to any investigation into your tax affairs by the ATO. Assistance may be provided through insurance policies you hold or via membership of a professional or trade body. Other than where such insurance was arranged through us, you will need to advise us of any such insurance cover that you have. You personally will remain liable for our fees regardless of whether all or part are to be paid by someone else.

If you are a director of a company or a trustee of a trust, and that entity goes under administration, you will be personally liable for our fees regardless of whether the entity has the ability to pay or not.

Any jobs performed in addition to this engagement will be charged separately. Any government fees or third-party payments made on your behalf will be charged separately. Any disbursements and expenses we incur in the course of performing our services will be added to our invoices where appropriate. Unless otherwise agreed to the contrary, our fees do not include the costs of any counsel, or other professionals or third parties engaged with your approval.

Should the account be unpaid by the due date, we reserve the right to use a debt collection agency or other legal means to recover outstanding fees. We may charge interest on late paid invoices at the rate of 7% above the RBA cash rate. We may also suspend our services or to cease to act for you on giving written notice if payment of any fees is unduly delayed.

We intend to exercise these rights only where it is fair and reasonable to do so.

Our fee structure is based on the following hourly rates (for taxation, accounting work & business services):

CLIENT MONIES

We do not maintain a trust account, hence not dealing with client monies on their behalf. All refunds (if any) will be directed to your nominated bank account.

CONFIDENTIALITY

We will take all reasonable steps to keep your information confidential, except where:

• we need to disclose your information to our service providers (including auditors of client monies if applicable) or regulatory bodies in performing the services, our professional advisers or insurers or as part of an external peer review from time to time. Our files may also be subject to review as part of the quality review program of Chartered Accountants Australia and New Zealand. By accepting this engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program. We will take reasonable steps to ensure any such recipient (other than a regulatory body) keeps such information confidential on the same basis;
• we are required by law, regulation, a court of competent authority, or those professional obligations, to disclose the information;
• we provide limited information (but only to the extent reasonably necessary) to potential purchasers (or their professional advisors) of our practice but we will take reasonable steps to ensure that any such recipient keeps the disclosed information confidential; or
• you give us permission to disclose the information. 
• We may retain your information during and after our engagement to comply with our legal requirements or as part of our regular IT back-up and archiving practices. We will continue to hold such information confidentially.
• We may mention that you are a client for promotional purposes.

PRIVACY

You must make all necessary notifications and obtain any necessary consents for us to process personal information you provide to us. We collect and use that personal information for the purposes of providing the services described in the engagement letter to you and we will comply with the Privacy Act 1988 (Cth) when processing that personal information. Our privacy policy provides further details of our privacy practices. 

OWNERSHIP OF MATERIALS

We own the copyright and all other intellectual property rights in everything we create in connection with this engagement. All working papers prepared by us (in any form whatsoever, including physical and electronic) remain our property. We will retain these papers in accordance with our normal record keeping practices in accordance with our professional and legal obligations.

You agree we can use your logos and trade marks for the sole purpose of providing advice to you in connection with the engagement, unless you tell us otherwise.

LIMITATION OF LIABILITY

Our liability is limited by a scheme approved under Professional Standards Legislation.

You agree not to bring any claim against any of our principals, partners, directors, shareholders or employees in their personal capacity.

To the maximum extent permitted by law, we are not liable to you for:

• indirect, special or consequential losses or damages of any kind; or
• liability arising due to the acts or omissions of any other person or circumstances outside our reasonable control, or your breach of these terms.

LIMITATION OF THIRD-PARTY RIGHTS

Our advice and information are for your sole use, and we accept no responsibility to any third party, unless we have expressly agreed in the engagement letter that a specified third party may rely on our work. 

TERMINATION

Each of us may terminate this agreement by giving not less than 21 days’ notice in writing to the other party except where a conflict of interest has arisen, you fail to cooperate with us or we have reason to believe that you have provided us or any other person with misleading or factually inaccurate information, in which case we may terminate this agreement immediately. Termination will not affect any accrued rights.

COMMUNICATION

You must advise of any changes to your contact details. We may send any communications to the last contact details you have provided. Unless you instruct us otherwise we may, where appropriate, communicate with you and with third parties via email or by other electronic means. The recipient is responsible for virus checking emails and any attachments. There is a risk of non-receipt, delayed receipt, inadvertent misdirection or interception by third parties in any form of communication, whether electronic, postal or otherwise. We are not responsible for any such matters beyond our control.

APPLICABLE LAW

Our engagement is governed by New South Wales law. The courts sitting in that State will have non-exclusive jurisdiction in relation to any dispute between us.

INTERPRETATION

If any provision of the engagement letter or these terms is void, that provision will be severed and the remainder will continue to apply. If there is any conflict between the engagement letter and these terms, these terms prevail.

DISPUTES AND COMPLAINTS

If you have any concerns about our costs or services, please speak to the person responsible for this engagement, who is identified in our engagement letter. To resolve your concerns, we have policies and procedures in place to deal appropriately with complaints and will use best endeavours to resolve a complaint or dispute to the mutual satisfaction of the parties involved. We may require you to detail your complaint in writing to allow us to fully investigate any concerns that you raise.

THIRD PARTY RESPONSIBILITIES

We may utilise outsourced service providers and cloud computing service providers.

To perform the services, we may provide these third parties with access to your data to the extent this is required to perform the services.

DOCUMENTS

Before documentation is lodged with ATO or with other statutory bodies on your behalf, drafts will be forwarded for your approval. Documentation will be lodged with the relevant departments by the due dates, provided all information and documentation is received promptly after the Financial Year End or at least three weeks before other statutory due date. This will allow adequate time for preparation and lodgement.

If you are late in providing such information, best efforts will be made to meet deadlines. No responsibility will be accepted for any late lodgement penalties incurred.

RESPONSIBILITY FOR ACCOUNTING AND INTERNAL CONTROL SYSTEMS

The responsibility for the maintenance of a business accounting system and internal control systems, including protection against and prevention of fraud, rest with you. You will also be responsible for the maintenance of books of account. This includes any work produced by a third party not engaged by this firm that is to be relied upon. If any material weakness in the accounting systems or internal control systems comes to our notice, you will be advised accordingly.

It is important to remember you are personally responsible for the information contained in any statutory return and that you must retain all necessary supporting documentation to substantiate transactions.

ACCOUNTING AND RECORD KEEPING

In undertaking this engagement, it is understood that you will ensure that:

• the bookkeeping for all business entities are maintained on a regular basis. It is recommended that all bookkeeping and record-keeping tasks be attended on weekly basis;
• reconciliations of bank accounts, debtors and creditors are performed at the end of each month for each of the business entities;
• a stock take will be performed during the last weekend in June for each entity holding trading stock.

CLIENT’S DISCLOSURE AND RECORD KEEPING OBLIGATIONS

You are required by law to keep full and accurate records relating of your tax affairs. It is your obligation to provide us with all information that would be reasonably expected will be necessary to allow us to perform work contemplated under the engagement within a timely manner or as requested. This includes providing accurate and complete responses to questions asked of client by the practitioner. Inaccurate, incomplete or late information could have a material effect on services and/or conclusions.

We do not need to verify the underlying accuracy or completeness of information from you if it appears reasonable. However, if we believe information is missing, incorrect or misleading, we will need to seek further assurance from you.

CLIENT’S RIGHTS AND OBLIGATIONS UNDER THE TAXATION LAWS

Taxpayers have certain rights under the taxation laws, including the right to seek a private ruling from the Australian Taxation Office (ATO) or to appeal or object against a decision made by the Commissioner. Taxpayers also have certain obligations under Australian taxation laws, such as the obligation to keep proper records and the obligation to lodge returns by the due date.

TAX PRACTITIONERS OBLIGATION TO COMPLY WITH THE LAW

We have a duty to act in our client’s best interests. However, the duty to act in our client’s best interests is subject to an overriding obligation to comply with the law, even if that may require us to act in a manner that may be contrary to your directions. 

For example:

·        we will not lodge an income tax return that we believe to be false in a material respect.

INFORMATION WE ARE REQUIRED TO DISCLOSE TO YOU

As a Tax Agent, our work for you is performed in accordance with the Tax Agent Services Act 2009. Under this Act, the Tax Agent Services (Code of Professional Conduct) Determination 2024 requires that we make the following disclosures to you: 

• Matters that could significantly influence your decision to engage us (or continue to engage us) for a Tax Agent Service from 1 July 2022 onward include the following:
  
  None Applicable.

The Tax Practitioner’s Board maintains a register of Tax Agents and BAS Agents. You can access and search this register at TPB Website.

If you have a complaint about our Tax Agent services, you will need to contact us in the first instance with details by email. If they are unable to resolve your complaint within 3 business days, please contact Arif Abdullah – Director, by email. Your complaint will be investigated by the Director. We will provide you with email acknowledgement of receipt of your complaint and our understanding of the circumstances. The email will inform you that we will attempt to resolve your complaint within 14 days and will outline the dispute resolution process. If you are unhappy with the outcome that we propose, you can then make a complaint to the Tax Practitioners Board (TPB) using the link listed above. The TPB will send you an email to acknowledge the receipt of your complaint and review and risk assess your complaint. If you are unhappy with how the TPB has dealt with your complaint, the above link includes details about your review rights and who can further assist you.