TERMS AND CONDITIONS

These Terms and Conditions of Service (with or without engagement letter) constitute the entire terms of the agreement, expressed or implied (the “Agreement”) which is governed by the laws of Queensland.

PERFORMANCE OF THE SERVICES

Lee and Associates Accountants will provide the accounting & taxation services and will use all reasonable commercial efforts to provide the services in an efficient and timely manner, using the necessary skill and expertise to an appropriate professional standard. The scope of services performed is either listed in our engagement letter or communicated to you in details by email.

We have not audited or independently verified the accounting records or information that you have provided to us. While we do rely on all materials you have provided, we will not verify the accuracy and completeness of such documentation or information.

To perform the Services successfully, we require your timely cooperation, including:
a) Providing Lee and Associates Accountants promptly with all accurate information and documents (including bank records) that we reasonably require to enable us to provide the Services.
b) Arranging access to third parties where applicable; and
c) Ensuring that appropriate back up, security and virus checking procedures are in place for any computer facilities and files you provide
d) Ensuring that you keep all receipt and tax invoice to substantiate your expense in accordance to the ATO recordkeeping requirements.
E) You are responsible in notifying us if there is any changes in your information eg: postal address, home address, contact details, change in group structure, etc.

We rely on you bringing to our attention any changes in the information as originally presented, as it may affect our advice to you.

PURPOSE, SCOPE AND OUTPUT OF THE AGREEMENT:

We will provide professional services which 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, unless specifically detailed in the terms of service provided. However, we will inform you of any such matters that come to our attention.

Any advice given to a client is only a general opinion based on the member’s knowledge of the client’s particular circumstances and it is performed in the good faith. By engaging our service, you agree to absolve Lee and Associates Accountants from any liability (both financial or non-financial) as both direct or indirect result from general advice provided. If client wish to engage for specific taxation advice or research, this is to be charged at standard consulting rate and crosschecked with the ATO’s tax specialist in for its complete accuracy.

COMPLIANCE SERVICES

Financial Reports & Income Taxation Returns may be prepared for distribution to Directors 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 or if you expressly request in writing we provide the financial information to a specific party. 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.

For regular compliance work, we reserve the rights to undertake the work on regular basis to meet the ATO’s lodgement deadline as soon as the cloud and / or complete information is available eg: quarterly BAS or annual financial statements & tax return. We shall conduct this service as similar fee to previous financial year (adjusted for inflation) unless otherwise expressed. Should you wish to vary the scope of service provided, you must give sufficient notice to Lee and Associates (at least one month in advance).

TAXATION SERVICES

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 or authorised 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.

OTHER SERVICES

Other services may be performed in accordance with the scope of services discussed with you in advance, as detailed under the Performance of Services clause above.

Our advice will cover income tax and Goods and Services Tax. It will not cover any other taxes such as stamp duty, land tax, payroll tax or advices regarding Fair work Australia and Employment law. The scope of our engagement will be limited to the performance of the services listed above.

RESPONSIBILITY

In conducting this engagement, information acquired by us during the engagement 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.

OUR FEE SCHEDULE AND ARRANGEMENT

Our service is mainly built around upfront pricing, as opposed to hourly rates (unless stated otherwise), and offers you access to the accumulated intellectual capital of the firm at an agreed fixed price or price range prior to work being performed on your behalf.

While the upfront price entitles you to unlimited consultation with us with regards to the general compliance work, if your question or issue requires additional research and analysis beyond the consultation, that work will be subject to an additional price, payment terms, and scope to be agreed upon before the service is performed.

Lee and Associates reserves the rights to issue interim invoice or progress payment for unfinished work over the period of one month. Upfront retainer invoice and progress payment may also be requested for large work (over $3,000 total value for year end compliance work or special project)

Lee and Associates accountants do not generally charge for phone call or meeting time however there is particular circumstance where we need to charge extra (particularly for specific advice or tax planning) or it is beyond what we considered as reasonable for complimentary phone call or meeting.

Furthermore, the parties agree that if an unanticipated need arises (such as, but not limited to, an audit by the ATO or State Revenue Office, or any other service not anticipated by this agreement by the parties) that Lee and Associates Accountants d hereby agrees to perform this additional work at a mutually agreed-upon price. This service will be priced separately and communicated to you

Our fixed price or price range is to be communicated to you upon the initial meeting and this fee remain in place unless stated otherwise. We also reserve the rights to increase our fee by 12% every third year to account for general inflation and price increase in software, labour cost and other miscellaneous product or services required to perform our accounting & taxation service on your behalf. The first price increase will take effect in 2020 financial year effective from 1 July 2020.

In addition to the above paragraph, Lee and Associates reserves the rights to automatically increase its fee by 5% to 10% (compared to previous financial year) to take into account the additional workload in data provided or extra time required to complete your work due to missing or incomplete information. Any fee increase over 10% compared to previous financial year, we will seek your approval before proceeding with the work.

In most cases, fees are negotiated and communicated in advance however in absence of this communication, we reserve the rights to charge our standard rate which are as follows:

Please note the below only applies to new client after 1 July 2018 or existing client at our discretion.

On the Spot – Standard Individual Income Tax Return (no investment or ABN)

– Standard Wage Earner Income Tax Return with Taxable income below 40K ) – $99
– Standard Wage Earner Income Tax Return with Taxable Income between 40K to 90K – $110
– Standard Wage Earner Income Tax Return with Taxable Income between 90K or above- From $165
– Standard Income Tax Return with Rental Property – From $165 per person
– Standard ABN Tax Return with Taxable Income of 75K or below – From $220.

Not On the Spot – Standard Individual Income Tax Return with ABN / Investment

– Standard ABN Tax Return with Taxable Income below 75K – From $275
– Standard ABN Tax Return with Taxable Income above 75K – From $385
– Standard Wage Earner Income Tax Return with Rental Property – From 220 plus $66 per rental property
– Standard Wage Earner Income with Capital Gains (Shares or Property) – From $275

Activity Statements / Bookkeeping

– Preparation of Business Activity Statements from Manual Records – From $165 to $550 per quarter
– Preparation of Business Activity Statements from Cloud Based – From $220 per quarter
– Preparation of Installment Activity Statements – From $44 per quarter
– Preparation of Variation of Quarterly Tax Installment – From $55 per quarter.
– Bookkeeping is charged at $55 per hour (in addition to the above Business Activity Statement)
– Preparation of Payment Summary Statement and Group Certificates – From $88 per annum

Partnership Tax Return

Minimum Company Tax Return (with no financial statements) – $220 to $440
If company annual turnover over $75,000, financial statements needs to be prepared – Cost from $330 – $550

Company Tax Return

Minimum Company Tax Return (with no financial statements) – $330 to $550
If company annual turnover over $75,000 financial statements needs to be prepared – Cost from $550 on top.

Trust Tax Return

Minimum Company Tax Return (with no financial statements) – $330 to $550
If trust annual turnover over $75,000, financial statements needs to be prepared – Cost from $550 on top

Year End Taxation Work

The abovementioned term covers both financial statements and income tax return for all business entities as well as the preparation of individual tax return for each individual in the group. Minimum charge is determined on case to case basis however minimum is from $1,320 (which typically involves one business entity and two individuals in the group)

Self-Managed Superannuation Fund (“SMSF”) Work

-Preparation of Financial Statements and Income Tax Return (No Property) – From $990
-Preparation of Financial Statements and Income Tax Return (With Property) – From $1,650
-External Auditor Fee – From $220 to $440 depending on complexity

Miscellaneous Work

-Partner’s Consulting Rate – $220 per hour
-Standard Consulting Rate: $165 per hour
-Standard Admin Rate: $88 per hour
-Trust Account Audit: From $880 including two surprise audit
-Non-Profit Organisation: From $495 per annum
-Sole Trader ABN Application – $99 per application
-GST and PAYGW Registration – $88 per application
-Representing company as the ASIC Agent and taking care all ASIC correspondence – $198 per annum
-Providing income verification, letter or documents t for finance or other purpose – From $55

We reserve the rights to vary the fee upon receiving initial or above information from us and we will communicate the change in fee to you immediately.

All income tax returns are subject to examination by the Australian Taxation Office (“ATO”). You may be requested to provide further materials to the ATO or other legal body in the event of an audit. In the event of
an examination you will be charged as a separate fee. We shall provide a quote for such service.

Out of Pocket Costs

You agree all necessary and proper out-of-pocket expenses (known as disbursements) incurred by us on your behalf shall be paid immediately on request, plus any GST. Disbursements may include but are not limited to any filing fees, subscription fees (i.e. Xero fees), search fees, freight and postage, whether foreseen or unforeseen.

Payment of Fees

Lee and Associates Accountants account terms are strictly 14 calendar days from date of invoice and by agreeing to the terms and conditions and our Fee Engagement you agree to adhere to payment terms.

it is within Lee and Associates Accountants’ policy that we do not generally lodge Income Tax Return or Business Activity Statement until our invoice is paid in full. In the event of lodgement delay due to non-payment or late payment of our invoice, we are not held responsible for
Lee and Associates Accountants reserves the right to suspend all services (with or without notification) until all payments are bought up to date. If we have been taking care of your ATO correspondence, failure to pay our service may prompt us to re-direct all correspondence back to your home address. In the event of this, Lee and Associates holds no responsibility as a result of the abovementioned mail redirection.

In the event of default on our fee payment, Lee and Associates Accountants may withheld part or all information from new accountant until all outstanding fees are paid in full.

Termination

To ensure that our arrangement remains responsive to your needs, as well as fair to both parties, we will meet throughout the financial year and, if necessary, revise or adjust the scope of Services to be provided and the prices to be charged in light of mutual expectation.

Furthermore, it is understood that either party may terminate the provision of service at any time, for any reason, with 14 days written notice being provided to the other party. It is understood that any unpaid Services that are outstanding at the date of termination are to be paid in full within 7 days from the date of termination.

Lee and Associates Accountants may terminate an agreement at any time with immediate effect, by giving written notice to you if you:
a) Fail to have funds available for payment via direct debit/credit card on three (3) consecutive occasions;
b) Breach our agreement or terms and conditions, and fail to remedy that breach within fourteen (14) days after receiving written notice requiring you to do so; or
c) Go into liquidation or an external controller, administrator, receiver, or receiver and manager is appointed or, if you are an individual, become insolvent or bankrupt or enter into a scheme of arrangement with creditors

Where a monthly service agreement exists over a 12-month period which is terminated prior to the anniversary date, Lee and Associates Accountants reserves the right to charge a final invoice for services performed which have not yet been invoiced under the monthly service agreement. Lee and Associates Accountants will provide a detailed invoice if requested detailing such services performed but not yet invoiced.

Lee and Associates may also deduct any fees from any funds it receives from monies held in Trust on your behalf.

Debt Collection

If Lee and Associates Accountants is required to refer any unpaid debt to a third-party debt collection agency we reserve the right to on-charge to you, any fees that may be payable to the debt collection agency for collection of your outstanding fees. We also reserve the rights to charge interest of 10% per annum over outstanding debts (compounded on monthly basis)

Limitation of Liability

Our liability is limited by a scheme approved under the Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Councils’ website www.professionalstandardscouncil.gov.au.

The preparation of your income tax return does not constitute a prudential tax audit and cannot be relied upon as such. The onus is on you, as a self-assessor. You should carefully review the income tax return to ensure that items shown are true and correct.

Ownership of Documents
All original documents obtained from you arising from an 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 Financial Reports and Income Tax Returns. Ownership of these documents will vest in you. All other documents produced by us in respect of the provision of service will remain the property of the firm. We have 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.

Your Disclosure and Record Keeping Obligations

The Taxation Administration Act 1953 contains specific provisions that may provide you with “safe harbours” from administrative penalties for incorrect or late lodgement of returns if, amongst other things, you give us “all relevant taxation information” in a timely manner. Accordingly, it is to your advantage that all relevant information is disclosed to us as any failure by you to provide this information may affect your ability to rely on the “safe harbour” provisions and will be taken into account in determining the extent to which we have discharged our obligations to you.

1. In relation to your financial records, you will specifically be responsible for:
2. Transaction entries into your business computer records
3. Coding all deposits and payments in accordance with the agreed Chart of Accounts
4. Reconciling the Bank Accounts on a monthly basis
5. Maintenance and reconciliation of your business wage records
6. Maintenance and reconciliation of your Accounts Receivable and Accounts Payable listings
7. Obtaining and retaining sufficient records to substantiate claims made for income tax deductions
8. Retaining copies of all financial records for a period of 5 years
9. Providing to us all financial information requested within 10 working days of our request

Notice of Disclosure

From time to time we may receive a commission/referral fee from third parties in relation to work referred to them by our office. If a third party has referred you to us, we may pay that person or organisation a referral fee.

Confidentiality

We will not disclose any information relating to your affairs to any third party without your consent, unless required by law or unless disclosed in these Terms. You may provide us with permission to disclose your confidential information in certain circumstances, or place conditions on the disclosure of certain confidential information.

Confirmation of Terms

By engaging our service, you hereby agree to the Terms and Conditions contained herein and the scope of services as discussed with you (with or without engagement letter).

Electronic Communications

We will communicate with you electronically, including sending you Commercial Electronic Messages (as that term is defined in the SPAM Act 2003). You consent to us sending Electronic Communications to you.

Electronically transmitted information cannot be guaranteed to be secure or virus or error free and consequently such information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete or otherwise be adversely affected or unsafe to use. We will not be liable to you in respect of any error, omission or loss of confidentiality arising from or in connection with the electronic communication of information to you.

Previous Accountant (if applicable)

As a matter of professional, we will need to inform your previous accountant that we have been engaged by you as your new accountant and to receive from them any outstanding matters and files. You may refuse to provide this information but in doing it may cause problems in the efficient transfer of your files.

Guarantee

Where the Client is a corporate entity, then each director thereof who executes this Agreement shall also be known as the guarantor (the “Guarantor”) and if more than one, shall both jointly and severally guarantee the performance by the Client of its obligations under this Agreement to lee and Associates Accountants
Each Guarantor gives a guarantee and indemnity in favor of Lee and Associates in consideration of the Client agreeing to enter into this Agreement.
Each and all of the Guarantors acknowledge the receipt of valuable consideration from Lee and Associates for the Guarantors incurring obligations and giving rights under this guarantee and indemnity.
Each Guarantor unconditionally and irrevocably guarantees to Lee and Associates the due and punctual performance and observance by the Client of its obligations (including the obligations to pay money) pursuant the terms and conditions of this Agreement. As a separate undertaking, the Guarantors unconditionally and irrevocably indemnifies the Client against all liability or loss arising from, and any costs, charges or expenses incurred (including any loss as a result of a breach of the obligations to pay money) in connection with the Clients breach of this Agreement.

Client Dispute Resolution

Lee and Associates prides itself in giving the best customer services and we have established system in place in handling client’s dispute and complaint’s resolution. If you are not satisfied with services provided by our staff, please feel free to contact Lee at 0422-351-906 or lee@leeandassociates.com.au and we endeavor to resolve this matter to your satisfaction.

Notice of Disclosure

From time to time we may receive a commission/referral fee from third parties in relation to work referred to them by our office, these external parties have obligation to notify you of these if you are not sophisticated investor, alternatively we are able to provide the details to you upon request.

Please note that we do not give any products recommendation or financial advice at all. If a third party has referred you to us, we may pay that person or organisation a referral fee.

Our referral partners include the following organisations
-Wilsons Private Wealth
-Macquarie Bank
-Commonwealth Bank of Australia
-Australian and New Zealand Banking Group
-Westpac Banking Corporation
-National Australian Bank
-Holden Capital
-Smartline Personal Mortgage Advisers
-RI Advice & Retire Invest
-Adpen Property & Investment Group
-I-Sale Property
-Yellow Brick Road Mortgage Broking and Financial Planning
-Liberty Financials
-Mew Migration
-Silver Wing Migration Group
-JWT Financial Services

Ongoing Application of these Terms of Service

You acknowledge and agree that these Terms of Service apply to all work to be performed by us on your behalf unless mutually agreed in writing.

Should you not sign these Terms yet nonetheless continue to instruct us to act on your behalf, you shall be deemed to have accepted these Terms as applying to that work.

This Term & Conditions was last updated on 1 May 2018