| Terms of Engagement for Triple A Taxation Services Pty Ltd to act as Tax Agent |
The purpose and scope of this engagement is to prepare and lodge the annual income tax returns for your SMSF and where requested to be the Registered Agent for ASIC for any related company. These services 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 review will be performed and, accordingly, no assurance will be expressed. Our engagement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist. However, we will inform you of any such matters that come to our attention.
This engagement only covers the tax return preparation for the Self-Managed Superannuation Fund, BAS lodgement and ASIC annual renewal activities. The annual ATO taxation return will be prepared for distribution to the Trustees for review and signing. The annual audit of the fund must be undertaken and signed by the trustees of the fund before the SMSF annual return is lodged. The audit will not be undertaken by Triple A Taxation. We will arrange for the audit to be undertaken by an external party and you will be billed and be liable for all costs associated with the completion of the audit either on a monthly or end of year basis.
In engaging us to provide ASIC related services, it is important for you to understand that although we act as your agent that you are responsible for advising us of any changes to the Annual Statement details within the required 28-day period. You are responsible for all corporate obligations including payment of the ASIC renewal fee.
There is no assumption of responsibility for any reliance on our report by any person or entity other than the Trustees. 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. Any advice we provide is only an opinion based on our knowledge of your particular circumstances.
Period of Engagement
This engagement will start from the date of signing this application. The first period where we will be responsible is for the current financial year. We will not deal with earlier periods unless you specifically ask us to do so, and we agree. This engagement document will be effective for future years unless we issue an amended one to you.
Responsibilities
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. As a result, our files may be subject to review as part of the quality control review program of CPA Australia which monitors compliance with professional standards by its members. We advise you that by accepting our engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program. Should this occur, we will advise you.
The Fund is responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided and disclosure of all material and relevant information. The trustees are required to arrange for reasonable access by us to relevant individuals and documents. It is the Fund’s responsibility to keep those records, generally for at least five (5) years. Where you are unable to provide us with complete and accurate records, we may be unable to prepare and lodge your return. Tax agents are subject to a Professional Code of Conduct which prevents them from acting for a client where insufficient records or information exists.
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 the fund in an income tax return and issue a notice of assessment, usually without adjustment, the return may be subject to later review. Under the taxation law such a review may take place within a period of up to four (4) years after tax becomes due and payable under the assessment. Furthermore, where there is fraud or evasion there is no time limit on amending the assessment. Accordingly, you should check the return before it is signed to ensure that the information in the return is accurate.
Liability limited by a scheme approved under Professional Standards Legislation.
Fees
Where Triple A Taxation Services Pty Ltd is engaged as the Tax Agent, the taxation lodgement fee is included in the total administration fee deducted for the fund.
Ownership of Documents
All original documents obtained from the Fund arising from the engagement shall remain the property of the Fund. 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 the Fund Taxation Return. Ownership of this document will vest in you. All other documents produced by us in respect of this engagement will remain the property of the firm. Should any disputes arise, Triple A Taxation Services Pty Ltd has established dispute resolution processes.
Regulations
We may identify one or more issues that are not clear under the tax laws and you have a right to request a Private Binding Ruling from the ATO. Upon providing the ATO with all the relevant facts, they will provide you with a ruling setting out their view on the proper tax treatment of the issue requested to be ruled upon. The Tax Agent Services Act 2009 (TASA) and complimentary amendments to the applicable taxation administration legislation provide statutory protections for taxpayers who engage registered tax agents. As your tax agent we are bound by a statutory Code of Conduct which is administered by the Tax Practitioners Board. The Code requires us, amongst other things, to act lawfully in your best interests and with honesty and integrity in the performance of our duties. In addition, as the client of a registered tax agent, you have statutory “safe harbour” exemptions from penalties in certain circumstances.
Third Party Involvement
We may from time to time engage third party specialist professionals and other public practitioners, where warranted to obtain the advice you need or to assist us to provide our service to you. These may include cloud service providers and outsourced service providers.
We may have outsourcing arrangements with overseas facilities or contractors to provide certain services to us. As a result, we may at times be required to provide access to your personal information to these overseas facilities. This may include:
Privacy & Confidentiality
Our collection use and disclosure of your personal information may be subject to the Privacy Act 1988 (Cth) and accordingly we will only collect information about you that relates to the engagement. We may disclose information about you with your implied consent for the primary purpose of this engagement to third parties by express consent or as required by law. This information may be stored overseas. If you would like to access any information we might hold about you contact us on 03 9021 7420
Where an outsourced service requires the disclosure of information to an overseas recipient, we will take reasonable steps to ensure, by contract or otherwise, the recipient complies with the Australian Privacy Principles.
We have an ethical duty of confidentiality, which means we must not share or disclose your details of this engagement to anyone, except as otherwise specified in this clause, without your consent unless required to by law.
The scope of work may fall within the CPA Australia Ltd Professional Standards (Accountants) Scheme (Scheme), which facilitates improvements to industry professional standards and protects consumers. Accordingly, we need to notify you of the following: “Liability limited by a scheme approved under Professional Standards Legislation.”