Engagement of Kadota Accounting
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.
Basis of Engagement
Our engagement is to prepare and lodge the annual income tax returns, financial statements, and activity statements for the individuals/entities and SMSF accounts. 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 Kadota Accounting to analyse the income tax implications of any transaction if we request 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.
You are required by law to keep full and accurate records relating to your tax affairs. It is your obligation to provide us with all information that would reasonably be expected to allow us to perform the services for you under this engagement as requested. This includes you providing accurate and complete responses to questions asked of you by us. Inaccurate, incomplete, or late information may have a material effect on our services or reports.
Income Tax Returns, Financial Statements and so on, will be prepared for distribution to the specific organisation, client or entity for the purpose specified in the report. There is no assumption of responsibility for any reliance on our report by any person or entity other than you and those parties indicated in the report. The report shall not be inferred or used for any purpose other than for which it was specifically prepared.
Before documentation is lodged on your behalf, drafts will be forwarded for your approval. Documentation will be lodged with the relevant departments by the due dates, provided all information and documentation is received promptly after the Financial Year End or other statutory date. This will allow adequate time for preparation and lodgement. If you are late in providing information, best efforts will be made to meet deadlines. No responsibility will be accepted for any late lodgement penalties incurred.
As a member of the IPA, we are part of the IPA Professional Standards Scheme and our liability is limited by a Scheme approved under Professional Standards Legislation. For more information on the IPA Professional Standards Scheme or Professional Standards Schemes generally, please refer to: psc.gov.au.
At times Kadota Accounting will use an outsourced service. This service allows us to offer competitive prices while still maintaining high standards of quality. Where the outsourced service requires the disclosure of personal information to an overseas recipient, a consequence of your consent is that Kadota Accounting Pty Ltd is bound by the provisions of the Privacy Act 1988 to maintain all records securely and in accordance with the provisions of that Act.
The fee arrangement is based on the professional service type and the expected amount of time and the level of staff required to complete the services. The fee is estimated to be like the corresponding assignment for the previous year. The fee arrangement will be subject to change if at any stage during the engagement, additional services are requested to be performed. We anticipate issuing a fee invoice upon completion of the agreed services. Further pricing information can be seen via the link below.
Ownership of documents
Unless agreed to the contrary, source documents such as ledgers, receipts, invoices and journals, correspondence between the ATO and you, ATO notices of assessment, letters of advice, books of account, tax returns and financial statements prepared by us remain your property. Our working papers and documents remain our property.
Confirmation of the terms in this Engagement:
Acceptance of our services in conjunction with this information indicates that you understand and accept the arrangements. This information will be effective for future engagement unless we advise you of any change.
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.
Director / Master of Practising Accounting