OUR TERMS OF ENGAGEMENT

1. About this Agreement

This Agreement details the services…

Possum View Enterprises Pty Ltd as trustee for The Dingley Family Trust trading as AIM Accounting and Bookkeeping and HTS Taxation Services Pty Ltd trading as AIM Tax Services will provide on the signing of this agreement.

Our Accounting Professional & Ethical Standards require us to communicate and document the terms of our agreement.

This document is to confirm our understanding of the scope of our agreement and the nature and limitations of the services that we will provide.

Please read it carefully and if you have any questions or wish to discuss any aspect, do not hesitate to contact us.

2. Purpose and Scope

The scope of our agreement will include the services outlined within the attached quote.

The scope of our agreement will be limited to performance of the services listed within the quote.

If the scope does not meet your requirements or you would like to discuss the scope with us further, please let us know.

This work will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB). The extent of our procedures and services will be limited exclusively to the mentioned purpose of the agreement.

Our agreement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist. However, we will inform you of any such matters that come to our attention.

We consider that we have the necessary expertise to perform the services covered by our agreement. However, any changes to the scope of our agreement may require us to reconsider the terms of our agreement and/or make new arrangements with you.

If you wish to change the scope of our instructions, please contact us.

Please note that this proposal and fee is subject to the following terms and conditions. (“We” and “Us” refers to AIM and “You” refers to your relevant entity or entities)

Also the words Agreement and Engagement are to be understood to have the same meaning.

3. Fees and Credit Terms

Prices are Reviewed Annually

The prices listed are reviewed annually on the 1st of July each year and are subject to change without notice.

GST

All fees are GST Exclusive.

Hourly Rate

If our service is being billed by the hour, any work undertaken for a period of less than an hour, the rate shall be charged in 15 minute blocks.
Upon request, we will provide an itemised account of professional fees, costs and disbursements.

Set Fee

If our service is being billed at a set fee, an initial deposit of 50% will be required upon signing of this agreement. An invoice will be issued.

Additional Works

If we perform additional works that are not covered by this agreement, then we will charge your separately for that additional work.

Other Info

• Payment of any invoice is required in full within 14 days of the invoice unless we agree otherwise. Or Direct Debit monthly payment option are available upon request.
• We reserve the rights to use a debt collection agency or other legal means to recover outstanding fees with an debt collection fees being recoverable by you, the client.
• If you dispute any of our invoices, you must still pay the undisputed part within 14 days of the invoice date (or other time agreed) but this will not limit your or our rights in relation to the disputed part of the invoice.
• Please note that any correspondence from that Australian Tax Office (ATO) or ASIC that does not relate to initial assessments or original payments notices, will be treated as additional services.

4. Terms and Conditions

Our Responsibilities

Code of Ethics

The Accountant is bound by the APES 110 Code of Ethics for Professional Accountants, and pursuant to the Responding to Non-Compliance with Laws and Regulations (NOCLAR), the Accountant is required to report any non-compliance with laws and regulations or acts of omission or commission, intentional or unintentional by a client or by those charged with governance, by management or by other individuals working for or under the direction of a client which are contrary to the prevailing laws or regulations.

Quality Review

As a member of the Institute of Public Accountants, as Principal I am subject to periodic Professional Practice Quality Assurance reviews. Unless otherwise advised, you are consenting to your files being part of such a quality review. This review is of our client records and not of you as a client and you have full assurances that complete confidentiality will be maintained throughout.

Standards

You will be provided the highest standard of professional service. If for any reason you feel you have not received the service expected, please in the first instance, contact us to discuss.

Furthermore, as a member of the Institute of Public Accountants in Professional Practice, I am subject to the ethical and professional requirements of the Institute of Public Accountants and its Investigations and Disciplinary processes. These requirements cover issues such as a Code of Ethics, adherence to Accounting and Auditing Standards, requirements to undertake Continued Professional Education and to hold trust money in a Trust Account. Should there be an issue regarding my ethical or business practices, such matters may be referred to the Institute of Public Accountants for investigation. As a member of the Institute of Public Accountants I am also obliged to hold current Professional Indemnity insurance, and I warrant to you that my insurance cover is in accordance with the Institute of Public Accountants requirements.

Best Interests

We have a duty to act in our client’s best interests at all times and provide the highest level of professional service. However, the duty to act in our client’s best interests is subject to an overriding obligation to comply with the law, even if that may require me/us to act in a manner that may be contrary to your directions. For example, I/we could not lodge an income tax return that I/we believe to be false in a material respect.

Privacy Policy

Please visit our Privacy Policy located on our website.

Ownership of Documents

The final documents to be prepared under this engagement, together with any other original documents, shall remain your property.

Documents prepared under this engagement, including general journals, working papers, the general ledger, and draft financial statements, always remain the firm’s property. However, the firm will always provide you with copies of any documents you require.

Audit or Review

We do not undertake an audit or review, and as such no assurance will be expressed.

This engagement does not include attendance to any ATO audit or review.

Draft Documents and Due Dates

Before any necessary documentation is lodged on your behalf, we will forward draft documentation for approval. We shall endeavour to ensure that documentation is lodged with the relevant departments by due dates, provided all information and documentation is received promptly after the Financial Year End or other statutory date.

Commissions

We will disclose to clients any commissions or other fees received as a result of work undertaken and will fully comply with statutory requirements in relation to the disclosure of this information.

Outsourced Services

We may involve third party contractors or outsourced service providers in providing various aspects of your accounting work. These services may include:

• Accounting file preparation and/ or Data entry into our accounting systems
• Auditing of accounts (including Self-Managed Super Funds)
• Hosting of data on cloud based servers

Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services as described above. Where the outsourced service requires the disclosure of personal information to an overseas recipient, a consequence of your consent is that AIM Accountants will be required to take reasonable steps to ensure that Australian Privacy Principles are complied with by the overseas recipients of the Personal Information.

AIM Accountants has taken all available measures to ensure the security and privacy of your data is protected and follows the notifiable data breaches scheme as outlined in the Privacy Act 1988.

When we act as your Accountant – Tax Return Service Only

• We will analyse, discuss and prepare recommendations regarding your accounting records, financial affairs, bookkeeping requirements and workflow procedures.
• We will prepare and lodge taxation returns, review assessments and advise on appeal procedures where necessary.
• We will not review the accuracy of any previous tax returns lodged by you or your previous tax agent (unless otherwise engaged to do so).
• We will undertake a cross-check against ATO portal records for the GST, PAYGW and gross wages. If the ATO records do not agree with your financial reports within acceptable materiality, then additional fees may apply to make corrections (or you can make the corrections).
• We will undertake other work as agreed.

This engagement does not include any advice or analysis of the following items (unless otherwise engaged to do so).

• Bookkeeping
• Analysis of superannuation obligations
• Wages reporting to the ATO
• FBT
• WorkCover declarations or analysis
• Payroll tax declaration or analysis
• Contractor analysis or reporting
• GST analysis
• Foreign tax analysis including any withholding obligations on payments to foreign entities or detailed ledger analysis of each account (this is not an audit).

When we act as your Accountant –BAS Services Only

• We will prepare and lodge your Business Activity Statement (BAS) and or Instalment Activity Statement (IAS)
• We will not review the correctness of the underlying financial information as part of the preparation of the quarterly BAS return. Accordingly, the quarterly BAS returns will be based upon the financial information provided without review of primary source documents.

In doing so,

• • • It is assumed that the financial information provided by you is accurate
    • That the financial information correctly states the GST position, for example that all input tax credits and GST payable amounts have been correctly recorded
    • That you have supporting documentation to satisfy the Australian Taxation Office for GST audit purposes
    • That you hold valid tax invoices and adjustment notes for all expenditure incurred and for which an input tax credit is being claimed
• If this agreement also includes the preparation of the tax returns, then at the end of the financial year, when the financial accounts are prepared, any BAS discrepancies between the information disclosed in quarterly BAS returns and the annual financial statements will be reviewed and amended.
• We will not be responsible for any errors in the BAS other than those that can be shown to be our fault.
• We will undertake other work as agreed.

This engagement does not include any advice or analysis of the following items (unless otherwise engaged to do so).

• Bookkeeping
• Analysis of superannuation obligations
• Wages reporting to the ATO
• FBT
• WorkCover declarations or analysis
• Payroll tax declaration or analysis
• Contractor analysis or reporting
• GST analysis
• Foreign tax analysis including any withholding obligations on payments to foreign entities or detailed ledger analysis of each account (this is not an audit).

When we act as your Bookkeeper

• We will analyse, discuss and prepare recommendations regarding your bookkeeping requirements and workflow procedures.
• With permission, liaise with your Accountant (if this is not us) on relevant issues.
• We will undertake other work as agreed.

This engagement does not include any advice or analysis of the following items (unless otherwise engaged to do so).

• Analysis of superannuation obligations
• WorkCover declarations or analysis
• Payroll tax declaration or analysis
• Contractor analysis or reporting
• GST analysis

4. Terms and Conditions

Your Responsibility

Timing

As with any engagement, you should indicate the preferred timing to ensure your expectations are met.

Changes to your circumstances

You are required to advise us on a timely basis if there are any changes to your circumstances that may be relevant to the performance of our services. Specifically, if any subsequent event results in the information you provided to us being inaccurate, incomplete, or misleading, then you are obliged to advise us as soon as possible. We take no responsibility to the extent that our advice is inaccurate, incomplete, or misleading because it is based on inaccurate, incomplete or misleading information being provided to us.

Safe Harbor

The Taxation Administration Act 1953 contains specific provisions that may provide you with “safe harbors” from administrative penalties for incorrect or late lodgement of returns if, amongst other things, you give us “all relevant taxation information” in a timely manner (the safe harbor provisions apply from 1 March 2010). Accordingly, it is to your advantage that all relevant information is disclosed to us as any failure by you to provide this information may affect your ability to rely on the “safe harbor” provisions and will be taken into account in determining the extent to which we have discharged our obligations to you. It is your responsibility to show that you have brought all matters to our attention if you want to take advantage of the safe harbours created under new regime.

Conflict of Interest

You are required to advise us if you become aware of any conflict of interest or potential conflict of interest. Generally, a conflict of interest is any event which may result in us becoming unable to remain objective in the performance of our services to you. Some examples of events which could give rise to a conflict of interest or potential conflict of interest during this agreement are changes to your business circumstances, events affecting your family (eg. death and/or marriage breakdown) or a legal action commencing against you.

Private Ruling

Taxpayers have certain rights under the taxation laws, including the right to seek a private ruling from the Australian Taxation Office (ATO) or to appeal or object against a decision made by the Commissioner. Taxpayers also have certain obligations under Australian taxation laws, such as the obligation to keep proper records and the obligation to lodge returns by the due date. I/We must keep you informed of any specific rights and obligations that may arise under Australian taxation laws.

Electronic Communications

You agree that we will communicate with each other by electronic means such as e-mail, SMS etc. We and you each recognise that e-mail and the internet are inherently insecure and that emails and data can become corrupted, are not always delivered promptly (or at all) and that other methods of communication may be appropriate. In addition, the internet is prone to viruses. We and you each recognise these hazards and so each of us will be responsible for protecting our own systems and interests and neither of you nor we will be responsible to the other on any basis for any loss or damage in any way arising from the use of electronic communication.

When we act as your Accountant – Tax Return and BAS Service

• You or your bookkeeper (if this is not us) have reconciled correctly the records provided to us for all bank accounts, all transactions and GST accounts. You acknowledge that you or your bookkeeper have applied due care and skill in summarising the transaction data. If you do not understand any part of your bookkeeping or accounting process you must raise it with us in writing before the engagement commences.
• You have warranted that reliance can be placed on the balance sheet(s) and other financial records presented by you for this purpose.
• We need not verify the underlying accuracy or completeness of information from you if it appears reasonable. However, if we believe information is missing, incorrect or misleading, we will need to seek further assurance from you.
• We remind you that the responsibility for the maintenance of a business accounting system and internal control systems, including protection against and prevention of fraud, the selection and application of accounting policies and the safeguard of the assets of the entity, rest with you the client. You will also be responsible for the maintenance of books of account. This includes any work produced by a third party not engaged by this firm that is to be relied upon. If any material weakness in the accounting systems or internal control systems comes to our notice, you will be advised accordingly.
• You are required to maintain all records, source documents, logbooks and other evidence to substantiate transactions in the event of an ATO audit.
• You are required to identify any private expenditure, non-business expenditure or capital expenditure that you or your bookkeeper have allocated to profit and loss accounts for the relevant reporting periods (as these will not be tax-deductible and may be subject to FBT)
• You are required by law to keep full and accurate records relating to your tax affairs. Therefore, it is important to remember you are personally responsible for the information contained in any statutory return and that you must retain all necessary supporting documentation to substantiate transactions.
• It is expected that the source documentation will be made available to us as and when required. Therefore, it is your obligation to provide us with all information that you reasonably expect will be necessary to allow us to perform work contemplated under this agreement within a timely manner or as requested. This includes providing accurate and complete responses to questions asked of you by us within a reasonable timeframe. Inaccurate, incomplete, or late information could have a material effect on our services and/or our conclusions and may result in additional fees.
• We do not take responsibility for any client failure to maintain adequate records, or to provide all relevant information and we will not be responsible for any consequences brought about by your failure act in a timely manner.
• As with any engagement, you should indicate the preferred timing to ensure your expectations are met.

5. Your acceptance of the Terms of Agreement

You/the client and or Us/the Contractor may terminate this engagement without showing cause, at any time pursuant to the attached Terms of Engagement.

This Agreement will be effective for future years unless we advise you of its amendment or replacement, or the engagement is terminated.

Any changes to the matters outlined must be evidenced in writing.

By clicking the ‘I agree with the Terms and Conditions’ checkbox within our forms, you are indicating your acceptance of the terms of our agreement.

6. Thank you

We thank you for the opportunity to provide you with accounting, taxation and or bookkeeping services to you and your group.

Tel: 0429 777 228 | Modbury Heights, Adelaide SA 5000

amy@aimtaxservices.com.au | www.aimtaxservices.com.au | ABN 57 585 606 073

Liability limited by a scheme approved under Professional Standards Legislation