This brochure is to confirm our understanding of the terms of our engagement and the nature and limitations of the services we will provide.
Purpose, Scope and Output of the Engagement
This firm will provide Taxation Services which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB), including the Code of Ethics for Professional Accountants (the Code) and the Income Tax Assessment Act 1997. 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 such matters that may
come to our attention.
The engagement will include the operations and procedures of the Client as agreed in the preparation of the Income Tax Return.
Our professional services are conducted, and the tax returns will be prepared for distribution to the relevant specific organisation or party for the purpose specified in the report or as agreed. We disclaim any assumption of responsibility for any reliance on our professional services to any party other than as specified or agreed, and for the purpose which it was prepared. Where appropriate, our report will contain a disclaimer to this effect.
In conducting this engagement, 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.
A taxpayer is responsible to keep full and proper records in order to facilitate the preparation of a correct return. Whilst Inland Revenue may 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. The Commissioner may challenge the position taken in a tax return unless the return has been previously assessed and four years have passed from the end of the year in which the notice of original assessment was issued. Furthermore, where the returns are fraudulent or wilfully misleading or omit income of a particular nature or from a particular source, 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.
Where the application of a taxation law to your particular 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 of 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 you actually do the private ruling is ineffective. Inland Revenue charge a fee based on an hourly rate to provide a ruling.
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.
Failure to keep appropriate records on tax claims may involve imposition of penalties and interest, including not maintaining the appropriate records and documents for at least seven years. Where those assessments submitted later found to be incorrect, the Commissioner may amend your income tax assessments. In addition to any tax assessed, you may be liable for penalties and interest charges.
Storage of Personal Information
By signing this letter and accepting these services you acknowledge and agree that your personal information may be stored overseas.
OnPoint Advisory engages the cloud computing services listed below:
These servers for these online services are located in the following countries:
- New Zealand
- United States of America
During the course of our engagement, if we identify or suspect that Non-Compliance with Laws or Regulations (NOCLAR) has occurred or may occur, which may have a direct effect on material amounts or compliance and may be fundamental to you, the Client’s, ability to continue its business or to avoid material penalty, we may:
- discuss the matter with the appropriate level of management, those charged with governance or the internal auditor, as appropriate
- communicate the non-compliance or suspected non-compliance with your external auditor (if appropriate), unless prohibited by law or regulation
- disclose the matter to an appropriate authority even when there is no legal or regulatory requirement to do so; and/or
- withdraw from the engagement and the professional relationship where permitted by law or regulation
Period of Engagement
This engagement will start upon acceptance of the terms of engagement by the Client in line with this brochure. The first period for which we will be responsible will be agreed upon at the time of appointment. We will not deal with earlier periods unless the Client specifically asks us to do so and we agree.
The fee arrangement is based on the expected amount of time and the level of staff required to complete the reports and returns as agreed.
Fee invoices will be issued in line with a billing schedule advised to the Client. There are standard fees for basic Individual Income Tax Returns. These vary depending on the nature of the return and the additional schedule, if required.
Limitation of Liability
Our liability is limited by a scheme approved under the Professional Standards Legislation. 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 you 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.
Our engagement will result in the production of income tax returns. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain the property of the firm.
The 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
Confirmation of Terms
Acceptance of our services in conjunction with this information brochure indicates that you understand and accept the arrangements. This information will be effective for future engagements unless we advise you of any change.