Purpose and scope of engagement
Our engagement is to attend to the following matters;
- prepare and lodge the annual Income Tax Returns for your you and or your family and
- Any other matters that you request us to attend to in writing.
Basis of engagement
Our engagement is to assist with the preparation and lodgement of you and your families Income Tax Return.
1. Income tax returns
This firm has been engaged to prepare and lodge income tax returns for you and for your family.
In addition to the basic financial information required to complete these tax returns, it is expected that the source documentation will be available to allow this firm to analyse the income tax implications of any transaction.
It is also expected that, in respect of individual income tax returns, each person will comply with the substantiation provisions of the Income Tax Assessment Act.
We will specifically advise as to the requirements of the substantiation provisions relating to your income tax return and of the necessity to obtain acceptable receipts as specifically required by the legislation.
From time to time, this firm prepares templates and schedules to assist with the collation of information to complete income tax returns. These will be provided free of charge.
The fee for this service does not cover any inquiries or investigations conducted by the Australian Taxation Office.
Before we lodge any returns on your behalf, we will forward the documents to you for approval. We will endeavour to ensure that the returns are lodged by the due dates and will advise you at the beginning of the financial year when documentation should be provided to us. If you are late in providing information, we will do our best to meet the time limits, but we will not be responsible for any lodgement penalties you may incur.
The tax returns and any other documents which we are specifically engaged to prepare, together with any original documents given to us by you, shall be your property. Any other documents brought into existence by us, including general working papers, the general ledger and draft documents, will remain our property at all times.
If our services are terminated, we shall be entitled to retain all documents that we have prepared or hold until payment in full of all outstanding fees.
3. Additional services
The scope of our engagement is the preparation and lodgement of the accounting and taxation matters detailed above. Our agreed fee if applicable applies only to services and advice provided within the scope of our engagement. This fee includes the checking and forwarding of original assessments and original payment notices that are received from the Australian Taxation Office and the Australian Securities & Investments Commission (ASIC).
However, any additional services or advice that you request are outside the scope of our engagement and not included in this agreed fee. These services will be charged on the basis of the time and degree of skill and acumen required to complete the task undertaken by us, including any direct out-of-pocket expenses. Please note in particular that any correspondence from the Australian Taxation Office or ASIC that does not relate to initial assessments or original payment notices will be charged as additional services.
We shall now outline the basis of our engagement in the context of the specific services to be provided.
It should be noted at the outset that as a general proposition we rely upon our clients to provide us with accurate and timely information to enable us to properly perform our engagement obligations. Consequently, any rectifying work performed by us on the basis of incorrect or late information will be work which is outside the scope of our engagement and will be charged as additional services.
4. Your original documentation
In the event that you should no longer require the services of LG Accounting Solutions a company representative shall make contact with you to arrange the collection of your original documentation. Your documents will remain on-site at our offices for a period of 28 days. Should after 3 consecutive attempts at making direct contact with you and upon expiry of the 28 days period your documents remain uncollected, the documents in question will be archived at off-site premises. Should you then advise of your intention to collect these documents you will be invoiced for the cost of the document retrieval from the archives off-site premises.
5. Confirmation of engagement
Obviously, there are many issues to consider in this engagement and we ask that you consider all aspects of this letter to ensure that you are satisfied with the scope of our engagement.
Please contact us if you have any queries about this letter.
Once you are satisfied with the terms of our engagement, would you please have all persons sign and date both copies of this letter in the places indicated.
One copy should be forwarded to us as evidence of your acceptance of the terms of our engagement. You should retain the other copy as your evidence of our engagement.
6. Obligation to pay fees
By signing the acknowledgement of the Schedule Clients and Terms and Fees for 2012/13 overleaf, you acknowledge and accept that each of the persons, companies, trusts, partnerships and other entities or associations of persons referred to in the schedule of clients (“the clients”) is jointly and severally liable (as co-principle debtor) to pay each and every invoice rendered by us under or in connection with this engagement or any other work that you instruct us to perform in accordance with our Terms and Fees 2012/13. If any of our invoices are not paid in full by the person or the entity to whom it is rendered, we may seek payment from any or all of the clients listed overleaf in Schedule Clients. Furthermore, you agree to pay our reasonable costs of recovering any invoice not paid within our trading terms, which are payment by the end of the month in which the invoice was received.
We thank you for the opportunity to provide services to you and your family and we look forward to developing a close relationship with you for many years to come.