Engagement of Preset Super Pty Ltd Services
Trustees, or their Adviser / Accountant acting on their behalf, need to sign the Engagement of Services application form of Preset Super Pty Ltd.
Fees
Payment of fees are payable by Direct Debit Authority signed directly by the Trustees or directly with the Adviser/Accountant. Any variation to this method must be agreed between Preset Super and the party involved.
Fees are payable for the full financial year regardless of when the fund was established or transitioned for the services. Catch up fees for the elapsed months from any given 1 July to the date of commencement of the regular monthly fees will be charged to the fund’s bank account.
Termination of Services Refund Policy
The Preset Super policy is that once operating bank transaction data, fund information and member particulars are evident, no refund is payable from the commencement of the financial year up to the date of termination.
Termination of services must be in writing and will attract a Termination Fee of $250 (includes GST) where the fund has been created and established on the Preset Super administration system. The termination fee is not payable for funds transferring between Preset Super and Triple A Super.
The termination fee will be deducted from the fund’s bank account or paid separately by the client.
The Preset Super SMSF administration services includes continued oversight of the fund’s operating bank account and fund administration compliance in accordance with the prescribed SIS regulations. As such, Preset Super will not refund any fees that have been paid by monthly deduction up to the date of termination.
Preset Super is under no obligation to complete the annual accounts or audit unless the total fee has been paid for the financial year. The audit fee component of the monthly fee deduction will be refunded if the respective audit is not required.
Preset Super will forward all files and information to the client or their appointed representative.
Preset Super requires the client to execute a formal acknowledgement releasing Preset Super from any legal obligations arising from the termination of services.
Establishment of New Funds
Once an order has been placed for any deed services, including any company establishments, no refund will be payable. Fees or charges for any mistakes or oversight of required information necessitating any changes or replacement of the deed or associated documents will be payable by the trustee / client where required.
e A Taxation Services Pty Ltd is the Tax Agent for SMSFs where appointed following the establishment of the administration with Preset Super Pty Ltd. Following are the terms of this engagement for trustee acceptance and future reference.
Purpose and Scope of Engagement
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 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 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 this office and where requested we will make arrangements 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.
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 days 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 for which 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 in the course of 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 for 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 in order 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 which is part of the total administration fee is included in the administration fee deducted.
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. In particular, as your tax agent we are bound by a statutory Code of Conduct which is administered by a new national Tax Practitioners Board. That 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.
