These are the Terms of Engagement upon which Callaghans will agree to perform work.
The Agreement is constituted by these terms, plus any later document that we advise you becomes part of or varies this Agreement. The Agreement confirms our understanding of the nature and the limitations of the services we will provide. The Agreement has been created to ensure we follow best practice guidelines as a dedicated CPA firm.
Callaghans agrees to prepare (and lodge under their tax agent authorisation) documentation for you relating to your taxation and accounting work. The process may include the following:
Upon requesting our services (whether for income tax returns or advice) Callaghans will provide an estimate of the expected time for completion. If this period elapses, then our team will be in contact with you to advise of the delay and with an updated progress report. For individuals our standard turnaround time is 2-3 weeks. This may increase in peak demand seasons such as between August and December. This turnaround time allows for Callaghans quality procedures to be followed to help ensure the accuracy of your return and compliance to relevant professional standards. Please see our website for further information on our tax return completion process.
At any time Callaghans reserves the right to cease acting as your tax agent should our client-tax agent relationship deteriorate to a point when effective communication is no longer possible or beneficial. You will be notified formally should this occur.
Callaghans encourages and assists our clients to complete their own basic preparation. This gives you a better knowledge of your affairs and helps reduce our cost to you. The completeness and accuracy of the information you supply will affect the relevance and reliability of the Tax Returns and other reports we prepare.
Our current hourly rates are listed below (inclusive of GST):
Partner: $330
Qualified Accountant: Client Facing $200 - $302.50*
Accountant^: Non Client Facing $110
* Based on level of experience and qualification(s)
^ Generally recently graduated or close to graduating (accounting qualification).
In providing the above services, information acquired by us in the course of the engagement, including any information relating to your affairs whether it belongs to you or not or is provided by you or not, 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 regulations, or with your express consent unless, we determine that disclosure of the non-compliance or suspected non-compliance to an appropriate authority is an appropriate course of action in the circumstances.
As part of our agreement to act as your tax agent we will also set your ATO communication preferences so that we receive and process all ATO correspondence on your behalf with the exception of business and instalment activity statements that you manage, PAYG instalment statements and study and training support loans information.
When relevant information is received and reviewed by our office it will be forwarded to you with the appropriate cover letter to clarify the information contained in the document. This information will be sent to us from the ATO by use of an ATO digital system inbox. At all times you can view your correspondence directly from the ATO by accessing your MyGov account and communication history in the ATO area. We can change your individual preferences at any time upon notification from you.
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. The Quality Review is undertaken in connection with the conduct of your affairs which may include, as part of the file review, the disclosure of your tax file number(s). Your name or any other identifying information is not included in the report or working papers of the reviewer
We may collect Personal Information about you, your representatives, your clients and others when we provide services to you. If we do, you agree to work with us to ensure that we both meet the obligations that we each may have under the Privacy Act 1988 (Cth) (as amended) (Privacy Act). The obligations may include notifying the relevant person to whom the personal information relates who we are and how we propose to use their personal information. Where you have collected personal information, you confirm that you have collected the personal information in accordance with the Privacy Act, that you are entitled to provide this personal information to us and that we may use and disclose the personal information for the purpose/s we provide our services to you. We will handle personal information in accordance with the Privacy Act.
From time to time we will need to consult with external independent advice services such as the National Tax and Accountants Association or Aged Care Steps. Your personal information is not revealed as part of this process – only information as to the circumstances of the situation that we require advice on. Advice is sought in these circumstances to ensure that we are meeting our responsibilities to you for due care and competence in the preparation of your tax return and the provision of any advice.
Callaghans retains ownership of any internal workpapers and background documents completed as part of the engagement process. These may be made available to you on request depending on the circumstances and the nature of the enquiry. At the completion of the engagement you will provided with a full copy of your tax return/summary of advice that will show the results of the work completed through these workpapers and documents in a concise and easy to read format.
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 a taxpayer 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 two (individuals or sole traders without GST registration) or four (non-individual entities and sole traders registered for GST) 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.
In preparing your Tax Returns, Callaghans will not be auditing them, and our role is one of compilation of your records. Our procedures will be limited to the collection, classification and summarisation of financial information and will not include verification or validation procedures. Therefore, we will not be expressing an opinion as to the truth and fairness of the Tax Returns. You warrant that the information provided to us will be accurate and complete, as we will rely on that information without further verification.
Any advice provided to you is also only opinion based on our knowledge of your situation as conveyed to us.
In signing this document, you acknowledge that the reliability, accuracy and completeness of the accounting records are your responsibility and that you have disclosed to us all material and relevant information.
If you disagree with the assessment made by the ATO or identify changes that need to be made Callaghans will assist you with guidance as to your rights, obligations and options available under the taxation law. Callaghans will also provide advice on any possible penalties and other tax consequences to allow you to make an informed decision as to the appropriate course of action to be taken.
Where the application of a taxation law in relation to your circumstances is uncertain you also have the right to request a private ruling which will set out the Commissioner’s opinion about the way a taxation law applies, or would apply, to you in those circumstances. You must provide a description of all the facts (with supporting documentation) that are relevant to your scheme or circumstances in your private ruling application. If there is any material difference between the facts set out in the ruling and what transpires the private ruling is ineffective.
If you rely on a private ruling you have received, the Commissioner must administer the law in the way set out in the ruling, unless it is found to be incorrect and applying the law correctly would lead to a better outcome for you. Where you disagree with the decision in the private ruling you can lodge an objection against the ruling if it relates to income tax, fuel tax credit or fringe benefits tax. Your time limits in lodging an objection will depend on whether you are issued an assessment for the matter (or period) covered by the private ruling.
Upon requesting our services (whether for income tax returns or advice) Callaghans will provide an estimate of the expected time for completion. If this period elapses, then our team will be in contact with you to advise of the delay and with an updated progress report. Times will increase in peak demand seasons such as between August and December. This turnaround time allows for quality procedures to be followed to help ensure the accuracy of your return and compliance to relevant professional standards. Please see our website for further information on our tax return completion process.
In signing this document, you acknowledge that the reliability, accuracy and completeness of the accounting records are your responsibility and that you have disclosed to us all material and relevant information. With respect to Corporate Secretarial engagements we will be responsible for any transactions for corporate and trust setups and ongoing correspondence or updates required due to entity changes including such services, but not limited to:
Company formation
Business name registration
Change of company details
Company and personal searches
Preparation of ASIC database updates
Annual ASIC company statements
With respect to corporate secretarial engagements you will be responsible for:
Providing information to us in a timely and complete manner
Paying your ASIC fees when they fall due before payment deadlines
Advising us as soon as practicable of any changes to corporate entities including changes in the control/management of the entity or changes to the mailing address or physical location of the corporate or trust entity.
At any time Callaghans reserves the right to cease acting as your tax and or ASIC agent should our client-tax agent relationship deteriorate to a point when effective communication is no longer possible or beneficial. You will be notified formally should this occur.