Services Conducted in Accordance with Standards and Legislation:
These services will be conducted in accordance with the relevant professional and ethical standards and relevant legislation. 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. However, we will inform you of any such matters that come to our attention. This engagement includes preparation of the client requested tax returns and any prescribed reports only and does not extend beyond that. We will produce a copy of the tax returns for your record. There is no assumption of responsibility for any reliance on our reports. 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.
Period of Engagement:
The engagement will start as soon as client accept these terms of engagement. The first period for provision of the service is the tax year ending following the year in which client signature appears on engagement letter. We will not deal with earlier periods unless you specifically ask for us to do so and we agree. The period of engagement could include specific financial years for which preparations of the tax returns have been requested for.
Client Acknowledgment:
Client acknowledges that they have been informed and explained on their responsibilities and obligations about proper record-keeping procedures. They have been advised on having all the necessary invoices, bank statements, copies of the contracts, and other documents for the amounts they have declared on their financial reports for preparation of their tax returns. They acknowledge accuracy of the amounts declared, completeness of the information provided for their tax returns, and all amounts and sources of their assessable income for tax purpose. Clients have been advised on their obligations under corporations’ law in lieu of due diligence and acting in good faith in their interest of the company as a whole. They have been advised on their office holder legal responsibilities in running a cooperation and their liabilities in breach of their duties. Client acknowledges that they have made full and complete declaration on their Australian and overseas assessable income.
Limitation of Liability:
Our liability is limited by a scheme approved under the Professional Standards Legislations. Further information on the scheme is available from the Professional Standards Councils website. http://www.professionalstandardscouncil.gov.au
Ownership of Documents:
All original documents obtained from your arising from the engagement shall remain your property. However, we reserve the right to make a reasonable number of copies of the original documents for our records. All other documents produced by us in respect of this engagement will remain the property of the firm. Our firm has 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.
Confidentiality:
We will always maintain all of your financial information and affairs strictly confidential. We agree not to provide any information to a third party without your approval.
Client Substantiation Declaration:
Client declares that they have been advised by this Practice of the requirement to demonstrate that any deductible expenses have been incurred and satisfies the substantiation legislation for all claims, but especially work, car, and business travel expense. They have been informed by this Practice of the need to obtain original documents, i.e. tax invoices/receipts, carrying details of: Name of supplier, Nature of goods and services, Amount of expense, Date, GST. Client confirms that they have all necessary documents to support all the claims relating to their Return for the expenditure incurred, and records for capital gains and any assets, which may be depreciated. The records for all assets need to be retained for a six-year period from the date of the ATO Assessment Notice recording disposal or sale of the asset. All other documents relevant to this return will be kept for the same period. Client acknowledges that they have been advised that they cannot make a claim for an amount that is not allowable for income tax and/or GST purposes, and that they must comply with that substantiation and nexus requirements.
Penalties for Incorrect Returns:
Client has been advised and is aware of the consequences, i.e. penalties and interest charges that may arise if they lodge an incorrect return whether by error, omission, or intention. ATO and/or ASIC may initiate court proceedings, apply additional taxed, penalties interest charges and or/debt recovery action. Client acknowledges that the practice is not liable in any way for any the charges that may be levied including for the non-including for non-lodgement or late lodgement of work.
Income & GST Declaration:
Client acknowledges that they must declare all income and GST from all sources, in and out of Australia. Including net capital gain received for the period of this return. Client understands that they must declare their spouse’s income benefits for the calculations of Separate Net Income (SNI).
Apportionment:
Where items are used for both business and private purpose e.g. car telephone home and study internet and computer etc., client advises they have kept appropriate apportionment documents e.g. Logs to verify their business and income usage claims. Client advises that their employer will verify that it was necessary to incur such expenditure in earning their income where requested. Client has instructed to prepare the return on the understanding they will be able to produce such records.
Audit Matters:
Client further confirms that they are aware that they must obtain duplicate documents or complete Statutory Declarations if substantiation documents are lost or destroyed. They may be required to verify and income, expenses offsets surcharge and or GST items noted in their return. Client understands the substantiation records that they are required to maintain for all appointment claims and other deductions including work, self-education, home study, telephone, car, and travel expenditure etc.
ATO, ASIC Correspondence, and Personal Papers:
Client hereby authorizes this Practice to retain on their behalf copies of ATO and/or ASIC correspondence and their personal records where the practice deems it appropriate. Client authorizes the practice to retain their personal papers, ATO and or ASIC correspondence and any partial or completed work in cases of disputed or non-payments for service until full payment including penalties, interest charges, debt recovery, and legal costs in full have been received by the practice.
Client Declaration:
Client declares that:
Fee Adjustments:
Stella Tax Solutions keeps the right reserved for fees to be changed compared to the initial quote, depending on what the client initially agrees to provide.