Terms of engagement

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.

Purpose of the engagement

Callaghans agrees to prepare (and lodge) documentation for you relating to your taxation and accounting work which may include the following: • Annual Income Tax Returns, including estimates of your taxation position and advice about taxation payments. • Financial Statements • ASIC Documentation • Taxation Advice and Correspondence

What We Will Not Do

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, and 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.

What You Are To Do

Callaghans encourages and assists our clients to complete their own basic bookkeeping. 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. You will be responsible for:

  1. Obtaining and retaining sufficient records to substantiate claims made for income tax deductions
  2. Retaining copies of all financial records for a period of 5 years
  3. Providing to us all information requested within 5 business days of the request from Callaghans or contacting us if it will require a longer collection period
  4. Contacting our office should you wish us to cease acting on your behalf as your Tax Agent or Registered Office (ASIC).
  5. Activate client portal in order to view client documents online.

Professional Fees and Payment Terms

  1. Our tax deductible fees are based on the time required to complete your work plus any direct out of pocket expenses. The hourly rates vary depending upon the level of experience of the team member involved.
  2. The minimum fee for an Individual Income Tax Return is $247.50 (GST inclusive). This fee prepares a basic Tax Return which consists of PAYG Payment Summaries, some interest, and limited dividend information and work related expenses. Please note that if additional work or detailed calculations are required, fees will be increased accordingly.
  3. 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)
  4. Where only advice or other services are provided (i.e. not financials, BAS or tax returns), this advice will be charged on our hourly rates pro-rated for part hours. Chargeable advice includes time responding to any client queries by email or phone and interactions with the ATO on your behalf. Where Callaghans organises ATO Payment Arrangements for you, time setting up the arrangement will be invoiced based on an administrative team charge rate of $70 per hour.
  5. Our charge rates are reviewed annually and may increase over time.
  6. While our usual process is to invoice for tax returns upon completion of work, in cases where information has been requested by us and is outstanding for a significant period Callaghans reserve the right to invoice for work to date.
  7. Where multiple returns are being completed at the same time Callaghans reserve the right to request a deposit for the work at a mutually agreed amount. This deposit amount will then be deducted from your final return fee at completion. Work will not be commenced prior to deposit being paid.
  8. Callaghans will provide our services cost effectively to you by assigning the appropriate level team member to your work. Our invoices contain full details of the services performed.
  9. Where due to unforeseen circumstances, the fee is, or is likely to be, greater than anticipated or expected, Callaghans will discuss the matter with you as soon as possible.
  10. If immediate service is required (rather than your work being scheduled in the order it was received) Callaghans reserve the right to charge a 15% loading on the final tax return cost.
  11. Payment of our invoice amount (in full) must be made prior to lodgement of your return(s) or within 14 days of the date of the invoice. Lodgement may also be made by authorising us to take our fee from your ATO refund or upon agreement of a payment plan for our invoice.
  12. If payment cannot be made within the payment terms stipulated, then our office should be contacted. Any payment overdue by more than 30 days will have a cumulative administration fee of 10% p.a applied.
  13. At any time, we reserve the right to contract out any work as we may deem necessary. This will be done to ensure that your work is done in a time efficient manner and will still be reviewed by us before the tax work is passed onto you for signing.
  14. You will always be provided with an original copy of your tax returns and financials produced by us. Should you, at any time require an additional copy we reserve the right to charge $33 per tax return and $55 per set of financials for providing these to you.
  15. At any time, we reserve the permission to make your files available to a CPA Quality Reviewer for the purposes of a Quality Review. The 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.

Client Acknowledgement

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Guarantee of Payment of Fees

I hereby agree to the payment of all fees and expenses owing to Callaghans for work performed pursuant to the terms of this Agreement, such guarantee being enforceable against myself without any need for Callaghans to first seek payment from any other individual or entity.

Client Signature

Signed and acknowledged by:

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Full Name

Please sign in the box - Esignature

Full Name

Please note: In signing the above you also hereby consent to this Terms of Engagement being applied against all other entities (i.e. companies, trusts and partnerships) that you have signatory rights for and whom have accounting work completed in our offices.