This document together with the Engagement Terms & Conditions and Accounting Service Guide and, where applicable, any subsequent written communication with you, form the Contract between Lee and Associates Accountants (referred to as ‘Company’, ‘Lee and Associates’. ‘We’, ‘Us’ and ‘Our’) and our client (referred to as “you” or “your”). The terms defined in the Engagement Terms & Conditions or Accounting Service Guide have the same meaning in these Terms and Conditions.The Terms and Conditions supplements the Engagement Terms & Conditions and/or Accounting Service Guide.In the absence of Engagement Terms & Conditions and/or Accounting Service Guide, this Terms and Condition shall provides the terms and conditions in the Services provided by Lee and Associates. These Terms and Conditions constitute the entire terms of the Agreement, expressed or implied (the “Agreement”) which is governed by the laws of Queensland, Australia. Engagement Terms & Conditions would be provided for large clients or SMSF clients, and Accounting Service Guide is only provided for small clients. Lee and Associates reserve the discretion to determine what client is classified as large or small clients.
PERFORMANCE OF THE SERVICES
Lee and Associates Accountants (“Lee and Associates”) will provide accounting and taxation advisory servicesor any other services we have communicated to provide to you (“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 Terms & Conditions and Accounting Service Guide or communicated to you in details by email.Our work will be based solely on the information provided, the circumstances made known to us and the assumptions set out in our e-mail correspondence. Services provided do not constitute tax advice nor financial advice nor legal advice.We rely on you bringing to our attention any changes in the information as originally presented, as it may affect our advice to you.Changes in the law and in interpretations may take place before our advice is acted upon or may be retrospectivein effect. Unless specifically stated in the Engagement Terms & Conditions or Accounting Service Guide we accept no responsibility to inform you of changes in the law or interpretations affecting advice previously given by us.Any advice provided by us during this assignment is only our opinion based on our understanding of the current law, administrative practice and our knowledge of your particular circumstances. Thus, any advice and any income tax returns themselves will not necessarily be beyond challenge by the taxation authorities.During the course of the assignment and subsequent to it, we may give oral advice in meetings and over the telephone. After a more detailed consideration of the matters discussed, we may amend the view we expressed, but are under no obligation to inform you of this. Accordingly, if we provide any oral advice, we suggest you should seek from us written confirmation of the same.
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) 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 e.g. postal address, home address, email address, contact details, change in group structure, etc. We will not be responsible for correspondence sent to the wrong address if there has not been a notification.
You will ensure that information supplied by you or on your behalf, to the best of your knowledge and belief, is not false or misleading and does not omit material particulars. 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. The preparation of your income tax return or Business Activity Statement does not constitute a tax review nor tax audit and cannot be relied upon as such. The onus is on you, the taxpayer, to self-assess and there are substantial penalties for incorrect returns. You should carefully review the income tax return or BAS to ensure that items shown are accurately stated and inform us of any amendments that are required. Where we are engaged to compile financial information in respect of general purpose or special purpose financial statements, you are responsible for the reliability, accuracy and completeness of the accounting records and disclosure to us of all material and relevant information. While we shall endeavor to identify potential issues to the best of our ability, we shall not accept responsibility for matters not reasonably identifiable from the information provided to us as part of this Engagement. In addition to the reasons outlined in the schedule to the Engagement Terms & Conditions or Accounting Service Guide, Lee and Associates collects, holds, uses and discloses your personal information for the following reasons:
(a) To review your ongoing needs;
(b) To enhance customer service and product options;
(c) To provide information and opportunities that we may believe are relevant to your financial needs;
(d) To respond to your requests or queries;
(e) To maintain contact with you;
(f) To notify you of seminars and other events;
(g) For administrative purposes;
(h) To conduct surveys and seek your feedback; and
(i) To meet any regulatory requirements.
3. 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 Services 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 from any liability (both financial or non-financial) as both direct and 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.
a. COMPLIANCE SERVICES
Financial Reports & Income Taxation Returns may be prepared for distribution to Directors or Trustees 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 e.g.: quarterly BAS or annual financial statements & tax return. We shall conduct this service as same fee to previous financial year (adjusted for inflation and other reasonable costs) unless otherwise expressly provided. 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).
For lodgement of BAS, the payment of invoice in relation to the BAS provides authorisation of the BAS being lodged in the ATO System.
For the lodgement of income tax return, Lee and Associates would only rely on one person in the family group or one of the directors of the company that can validly exercise authorise to lodge income tax returns. This would be trustee for trust lodgement and director for company lodgements.
Lee and Associate is not responsible for the incorrect award classification, award rate selected by the employee of the client, incorrect classification of fulltime, part time or casual employees, the employee vs contractor or Personal Service Income (“PSI”) distinction. We would rely on the information client provides in relation to the classification for all above purposes.
b. 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 timelimit 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 as it may only be effective to the facts of the case.
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. 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.
c. 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, any Government incentives provided (including the COVID-19 incentives provided) in Queensland, any other government grant or incentives/grant provided outside of Queensland, threshold level of Fringe Benefit Tax calculation, matter provided under Centrelink, or any other services you have not engaged us to provide. The scope of our engagement will be limited to the performance of the services listed above unless otherwise agreed.
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.
5. INTELLECTUAL PROPERTY
Intellectual property rights in all documentation, systems, materials, methodologies and processes brought to thescope of work or created in the course of providing the Services shall remain and be vested in Lee and Associates.
6. OUR FEE SCHEDULE AND ARRANGEMENT
How fees will be calculated
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 provided prior to work being performed on your behalf.
While the ongoing retainer entitles you to reasonable amount of consultation with us with regards to the general compliance work, if your question or issue requires additional research and analysis beyond the initial consultation and general advice, that work will be subject to an additional fee, payment terms, and scope to be agreed upon before the service is performed.
Fees for the Services will be charged on the basis set out in the Engagement Terms & Conditions or Accounting Service Guide or written correspondence between us. Our fees will reflect time spent and such other factors as complexity, monetary values involved, specialist input required and the urgency of the matter. Goods and services tax (“GST”) at the prevailing rate will be added to and forms part of our fees.
Any fee estimate is given in good faith but is not Contractually binding.
Payment of Invoices
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).
Your obligation to pay us fees and expenses to which we are entitled, arise when we have issued an Engagement Terms & Conditions or Accounting Service Guide to you and/or when a fee account is issued to you. Where you have not signed the Engagement Terms & Conditions or Accounting Service Guide, but continue to instruct us, then you will be taken to have accepted the terms and conditions of the Engagement Terms & Conditions or Accounting Service Guide issued to you.
Payment of invoices can be made by cheque, EFT, direct debit, or credit card. Payments by credit card will attract a service fee equivalent to the effective merchant fee levied by the card issuer.
A debt collection cost will be payable by you where the account is not paid within the trading terms. Our terms are payment in advance or upon receipt of an invoice. We may, at our discretion, also charge you a commercial rate of interest of 12% per annum on accounts (compounded monthly) which are overdue by more than a month.
Client should ensure clear identification of name and invoice number when making payments to our invoice. Lee and Associates would not be held responsible if we fail to identify the client and not lodge the BAS or income tax return due to non-payment.
Payment of Fees
Lee and Associates accounting terms are strictly 14 calendar days from date of the invoice. By agreeing to the terms and conditions and our Fee Engagement you agree to adhere to payment terms.
It is within Lee and Associates’ 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 any losses incurred as a result of the non-lodgement.
Lee and Associates 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 or business address. 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 may withheld part or all information from the new accountant until all outstanding invoices are paid in full.
Expense and disbursements
All charges are exclusive of expenses unless the Engagement Terms & Conditions or Accounting Service Guide states otherwise. We will charge you out of pocket expenses such as reasonable travel, subsistence and document handling costs (photocopying, printing, fax and courier, etc) incurred by us (net of any applicable GST input tax credit to which we are entitled) plus GST as applicable. Any special expense arrangements will be agreed and set out in the Engagement Terms & Conditions or Accounting Service Guide.
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 or other Cloud Accounting Softwae fees), search fees, freight and postage, whether foreseen or unforeseen.
If 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 hereby agrees to perform this additional work at a mutually agreed-upon price. This service will be priced separately and communicated to you.
If Lee and Associates 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 12% per annum over outstanding debts (compounded on monthly basis).
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 15% (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, which may be determined based on past experiences of the time and complexity of the manner. If any fee increase over 15% 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 in writing 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 2021 or existing client at our discretion. An existing client refers to client that has not been previously included in our client database.
On the Spot Appointment – Standard Individual Income Tax Return (no investment or ABN)
– Standard Wage Earner Income Tax Return with Taxable income below 40K ) – $110 (For 20 Minutes)
– Standard Wage Earner Income Tax Return with Taxable Income between 40K to 90K – $132 (For 45 Minutes)
– Standard Wage Earner Income Tax Return with Taxable Income between 90K or above- From $165 (For 45 Minutes)
– Standard Income Tax Return with Rental Property – From $187 per person for one rental property (summarised), additional charge if manual calculation is required.
– Standard ABN Tax Return with Taxable Income of 75K or below – From $176 per person for one rental property (summarised), additional charge if manual calculation is required.
– Travel Fee (if appointment was not at our office) – – $55 to $99 extra depending on distance
– After Hours Surcharge (after 5:30 pm appointment) – – Extra $22 per appointment
– Saturday Surcharge – Extra $33 per appointment
– Sunday Surcharge – Extra $44 per appointment
Not On the Spot – Standard Individual Income Tax Return with ABN / Investment
– Standard ABN Tax Return with Taxable Income below 75K – From $275 depending on volume and complexity
– Standard Wage Earner Income with Capital Gains (Shares or Property) – From $275 depending on volume and complexity
Activity Statements / Bookkeeping
– Preparation of Business Activity Statements from Manual Records – From $220 to $550 per quarter depending on volume and complexity
– Preparation of Business Activity Statements from Cloud Based Records – From $198 per quarter to $385 per quarter depending on volume and complexity
– Preparation of Instalment Activity Statements or Quarterly Management – From $66 per quarter, $22 extra charge for variation
– Bookkeeping services – $88 per hour (referring to bank reconciliation and payroll management)
Business Entity Tax Return
– Minimum Partnership Tax Return (with no financial statements) – $275 to $440
– If Partnership annual turnover over $75,000, financial statements needs to be prepared – Cost from $440 in addition to the above
Company Tax Return
– Minimum Company Tax Return (with no financial statements) – $385 to $550
– If company annual turnover over $75,000 financial statements needs to be prepared – Cost from $660 to the above
Trust Tax Return
– Minimum Company Tax Return (with no financial statements) – $385 to $550
– If trust annual turnover over $75,000, financial statements needs to be prepared – Cost from $660 to the above
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). This includes reasonable consulting retainer which may be needed from time to time. The cost vary depending on client’s individual requirement and scope of service.
New Entity Setup
– Company Setup (including TFN / ABN) – From $1,100
– Trust Setup (including TFN / ABN) – From $1,100
– Trust Setup with Corporate Trustee (including TFN / ABN Setup) – From $1,650
– SMSF Setup Individual Trustee – From $1,100
– SMSF Setup – Corporate Trustee – From $2,200
Self-Managed Superannuation Fund (“SMSF”) Work
-Preparation of SMSF Financial Statements and Income Tax Return (No Property) – From $1,100
-Preparation of SMSF Financial Statements and Income Tax Return (With Property) – From $1,980
-External Auditor Fee – From $330 depending on complexity
-Partner Consulting Rate – $363 per hour
-Manager Consulting Rate – $242 per hour
-Operation Staff Consulting Rate: $110 to $176 per hour
-Standard Admin Rate: $99 per hour
-Trust Account Audit: From $990 per annum
-Non-Profit Organisation: From $770 per annum
-Sole Trader ABN Application – $99 per application
-GST and PAYGW Registration – $99 per application
-Representing company as the ASIC Agent and taking care all ASIC correspondence – $198 per annum
-Making changes in ASIC system (without us being ASIC agent) – $55 to $88 per change depending on complexity of the change.
-Taking care of your ATO correspondences – $120 per annum
-Providing income verification, letter or documents t for finance or other purpose – From $66 – $110 depending on complexity
We reserve the rights to vary the fee and if so we will communicate the change in fee to you immediately.
We will provide a reasonable amount of consultation depending on what we consider as reasonable for the scope of work provided, but does not include excess or unlimited consultation. We are entitled to charge a variation of fee of 5-20% from the original fee quote, or in additional by hourly rate upon excess queries and multiple amendments by the client, that is not at the fault of Lee & Associates.
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.
7. TERM AND TERMINATION
Duration of Engagement
Your engagement will apply from the commencement date stated in the Engagement Terms & Conditions or Accounting Service Guide.
To ensure that our arrangement remains responsive to your needs, as well as fair to both parties, we will review throughout or at least at the end of 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.
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 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) Invoice has been outstanding for over 30 days from the date of original invoice
(c) Client who has been consistently neglecting their tax obligation and failure to respond to us upon request of information
(d) 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
(e) 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
Rights on Termination
Where a monthly service or quarterly service agreement that exists over a 12-month period which is terminated prior to the anniversary date, Lee and Associates reserves the right to charge a final invoice for services performed which have not yet been invoiced under the monthly or quarterly service agreement. Lee and Associates 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 Account on your behalf.
Any termination of the Engagement Terms & Conditions or Accounting Service Guide is without prejudice to the rights of one party against the other party in respect of any acts or omissions under the Engagement Terms & Conditions or Accounting Service Guide prior to termination, or in respect of any sums that remain outstanding at the time of termination. For the avoidance of doubt, Lee and Associates reserves the right to invoice you and you are obliged to pay for any Services performed prior to the termination of this Contract.
8. LIMITATION OF LIABILITY, INDEMNITY
Lee and Associates will use reasonable skill and care in the provision of the Services to you as set out in the Engagement Terms & Conditions and Accounting Service Guide. The liability of Lee and Associates, its directors, employees, associates and contractors 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.
You shall indemnify and hold harmless Lee and Associates, its directors, employees, associates and contractors from and against any loss, expense, damage or liabilities (or actions that may be asserted by any third party) that may result from any third party claims arising out of or in relation to the provision of the Services or any use by you of any deliverable item under this engagement and will reimburse Lee and Associates for all costs and expenses (including legal fees on a solicitor client basis) incurred by Lee and Associates in connection with any such action or claim.
9. OWNERSHIP OF DOCUMENT
For the purpose of our Terms and Conditions:
(a) Information means any information, whether contained in documents or other materials, provided to us by you or by your agent, representative, officer, employee or anyone else at your request;
(b) Work means any advice or materials in any form, including documents, that we produce for the purpose of providing the Services, but excludes our Working Papers; and
(c) Working Papers means any files or working papers created by us as our record of providing the Services, in any form, and whether or not incorporating directly or indirectly the Information. Our Working Papers include, but are not limited to, the following items: internal memos; file notes; reconciliations; summaries, reviews and analyses of your Information prepared by us which do not form part of the deliverables under the engagement; records of our calculations, accounting, projections and other workings; records of progress checks; progress and status reports; records of any discussions, including minutes of meetings; and any other record or document which is ancillary to our Work.
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 including electronic copies for our records. We are entitled to retain any copies of the Information you provide to us or which forms part of Work or Working Papers.
Our engagement will result in the production of Financial Reports and Income Tax Return. Ownership of these documents in respect of the provision of the Service will vest in you. To the extent permitted by law, all other documents produced by us in respect of the provision of service will remain the property of us. 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.
It is our practice to destroy documents belonging to us after they are more than five years old. Your acceptance of these terms includes your consent for us to destroy any documents that strictly belong to you which have been filed amongst our own papers.
Any physical document you leave with us may be archived in storage area after 3 months. We will notify you to collect the document before it is achieved. If you have not collect the physical file 3 months after the first notification is provided, we have the right to destroy the document and is not responsible for any losses, damages and liabilities incurred by you on the loss of these documents.
Lee and Associates may use an electronic document management system. All documents received from clients are scanned and stored electronically. Your acceptance of these terms includes your consent for Lee and Associates to destroy any hard copy documents received from you.
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.
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 (unless if you specifically direct us to do so)
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
11. RECORD KEEPING
All records relevant to the preparation of an income tax return must be retained by a taxpayer for a period of five years from the relevant date and these must be available for examination by the Commissioner of Taxation upon request.
Taxpayers must satisfy minimum standards of reasonable care and demonstrate “reasonably arguable positions” in relation to contentious issues in order to minimise penalty exposures. The Australian Taxation Office does not require documents to be lodged with an income tax return, any work papers and research papers prepared to support amounts documented in the return must be sufficiently documented.
In the case of capital gains tax (CGT), you are required to retain records not only until the end of five years after a CGT event happens, but also five years after any further relevant CGT event can happen which would be relevant to determining whether you have made a capital gain or capital loss from the event. Additionally, you will also need to keep those records to substantiate any carry-forward capital loss which is intended to be applied to a future capital gain.
Where you are required to maintain records and fail to do so, penalties may be imposed under the taxation law.
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.
Where messages are sent by e-mail, we will adopt the following procedures and require you to do likewise:
(a) If sending a confidential e-mail message, the sender will indicate if a response is not wanted in an electronic form. All risks connected with sending by e-mail commercially sensitive information relating to your business are borne by you and are not our responsibility. If you do not accept this risk, you should notify us in writing that e-mail is not an acceptable means of communication.
(b) Both parties will carry out procedures to protect integrity of data, in particular, it is the recipient’s responsibility to carry out a virus check on any attachments before launching any documents, whether received on disk or otherwise.
13. PRIVACY OF PERSONAL INFORMATION
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 and Conditions. You may provide us with permission to disclose your confidential information in certain circumstances, or place conditions on the disclosure of certain confidential information.
Disclosure by you of personal information to us in the course of our engagement is subject to the Privacy Act 1998 [“The Privacy Act”]. Accordingly, the Services are provided on the basis that you will only disclose personal information about an individual to us:
(a) for a purpose related to the performance of the Services;
(b) provided you have made all disclosures required under the Privacy Act;
(c) provided you have obtained any consents required under the Privacy Act; and
(d) provided to do so would not otherwise breach the Privacy Act.
As we rely on you to fulfil these obligations you will indemnify Lee and Associates, its partners, contractors and staff, against any claim, loss or expense resulting from your failure to make any disclosure or obtain any consent required under the Privacy Act or otherwise to comply with the Privacy Act.
If the performance of the Services requires a third party to supply personal information to us on your request, it is your obligation to ensure that the third party complies with clauses (a) to (d) above and you will indemnify us against any claim, loss or expense resulting from that party’s failure to do so, or to otherwise comply with the Privacy Act.
14. NOTICE OF DISCLOSURE
Marketing or Referral Fee
From time to time we may receive a marketing/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 marketing/referral fee.
From time to time we may receive a marketing fee from third parties in relation to work referred to them by our office, these external parties have the obligation to notify you of these if you are not sophisticated investor, alternatively we are able to provide the details to you upon request.
Previous Accountant (if applicable)
As a matter of professionalism, 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.
In some case, the previous accountant may refuse to cooperate or completely ignore our request to provide us with the necessary information to smooth over the transition. By engaging us to be your new accountant, you agree to absolve Lee and Associates from any liability (both financial or non-financial) as both direct and indirect result from the lack of cooperation from your previous accountant.
Where you are a corporate entity, then each director thereof who executes the Engagement Terms & Conditions orAccounting Service Guide shall also be known as the guarantor (the “Guarantor”) and if more than one, shall both jointly and severally guarantee the performance by you of your obligations under the Engagement Terms & Conditions and Accounting Service Guide to Lee and Associates.
Each Guarantor gives a guarantee and indemnity in favour of Lee and Associates in consideration of you agreeing to enter into the Engagement Terms & Conditions or Accounting Service Guide.
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 you of your obligations (including the obligations to pay money) pursuant the terms and conditions of the Engagement Terms & Conditions and Accounting Service Guide. As a separate undertaking, the Guarantors unconditionally and irrevocably indemnifies you 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 you breach of the Engagement Terms & Conditions and Accounting Service Guide.
16. 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 on 07 3105 2843 or firstname.lastname@example.org and we endeavor to resolve this matter to your satisfaction.
Please note that we do not give any financial products recommendation or financial advice at all, this also includes the product or service recommendation of our referral partner. You are strongly encouraged to seek for independent advice (financial and legal) and consider your own circumstances before you decide to use the service of our referral partner.
Our referral partners include the following organisations
(a) Wilsons Private Wealth
(b) Leaf Financial
(c) Sure Insure Pty Ltd
(d) Peak Wealth Creation
(e) Lifestyle Strategist
(f) Consulting Invest Build
(g) I-Sale Property
(h) Mew Migration
(i) Smartprop Real Estate
(j) SIRE Management Rights
(l) Washington Brown
(m) YBR Milton
(n) JWT Financial Services
General and SMSF Investment – Disclaimer
We are strictly “no financial advice firm” and we may recommend independent financial planning firm to our client. Alternatively, you could engage your own financial planner. This financial planner are independent firm to us and you are responsible to assess their suitability and expertise to your needs and you will need to pay their own cost.
We do not provide any investment or product recommendation advice in relation to SMSF Investment or Personal Investment, you are strongly encouraged to engage your own financial advisor and obtain Statement of Advice (SOA) & Investment Strategy from the same.
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 Agreement comprising the Engagement Terms & Conditions or Accounting Service Guide forms the entire agreement between us relating to the Services. It replaces and supersedes any previous proposals, correspondence, understandings or other communications whether written or oral.
Engagement Terms & Conditions or Accounting Service Guide to take Precedence
In the event of any conflict between these Terms and Conditions and the Engagement Terms & Conditions or Accounting Service Guide, the Engagement Terms & Conditions or Accounting Service Guide Letter will take precedence.
Neither party may, nor have the power to, assign or otherwise deal with its rights or obligations under this Agreement without the prior written consent of the other party, except that Lee and Associates may without consent assign or novate this Contract to a successor of the business of Lee and Associates to which this Contract relates.
Should circumstances change and we are no longer permitted to provide a service to you because of auditor independence rules or legislation, we reserve the right to vary our Engagement Terms & Conditions or Accounting Service Guide with your agreement so that we and you would not be in breach of such rules or legislation or to terminate the relevant services. Where an engagement is terminated for these reasons, you will pay for all services provided up to the date of termination.
Notices to produce documents
If we receive any legally enforceable notice or demand issued by a third party, including the Australian Securities & Investment Commission, Australian Taxation Office, Australian Stock Exchange, any government statutory body or instrumentality, or any court or tribunal in relation to or in connection with the Services you agree to pay our reasonable professional costs and expenses (including solicitor client expenses) in complying with or challenging any such notice or demand to the extent that our costs and expenses are not recovered or recoverable from the party issuing the notice or demand.
19. 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 an Engagement Terms & Conditions or Accounting Service Guide).
This Term & Conditions was last updated on 30 June 2021