If the terms of our engagement are acceptable, we ask that all persons please sign the enclosed copy of this engagement letter in the places indicated and return to our office.
This letter sets out our terms of engagement and the scope of the work to be performed by us within that engagement. Please read it carefully and contact this office immediately if you do not understand, or wish to discuss, any aspect of the terms of this engagement.
Our engagement is to prepare and lodge the annual income tax returns for the individuals listed in the schedule.
We expect that all relevant information will be collated by you prior to your scheduled appointment. It is expected that the source documentation will be available to allow Premier Tax Consultants to analyse the income tax implications of any transaction if we request to see it. Whilst we will not as a matter of course be looking at these documents, the ATO will expect you (and you are required) to have them available before any claim is made in your income tax return. We may in some circumstances also request to see source documents if a tax issue is particularly contentious.
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. 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.
The tax returns 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 (by either party), we shall be entitled to retain all documents owned by you until payment in full of all outstanding fees.
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. We will not, however, be checking that the requirements of the substantiation provisions have been satisfied.
This specifically means that we will not be reviewing your log book or any calculations or information you provide us, for example a rental property schedule either prepared by you on spreadsheet or by a property manager. If you require assistance in completing a log book or preparing any calculations or you would like us to review such work, please discuss this with us. This will entail work which is outside the scope of our engagement and will be charged as additional services.
From time to time, Premier Tax Consultants 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. Substantial penalties apply for an incorrectly prepared income tax return. If you have any queries in respect to this, please contact our office for assistance.
Our fees will be charged in accordance with the terms and conditions as published on our website. Please review these to ensure you understand the basis of our charges and our payment terms.
Once you are satisfied with the terms of our engagement, would you please have all persons sign where indicated.
A copy should be forwarded to us as evidence of your acceptance of the terms of our engagement. You should retain a copy as your evidence of our engagement.
We thank you for the opportunity to provide accounting and taxation services to you and your business and we look forward to developing a close accounting relationship with you for many years to come.