Standard Terms and Conditions
These Standard Terms and Conditions set out our terms of the engagement that apply to individuals and sole traders for preparation of an Individual Tax Return. They also apply to an initial consultations for other entities unless otherwise advised. Any additions will be by written agreement of both parties. If you do not acknowledge you accept these terms and conditions, but continue to provide us with information and instructions, we will assume that you have accepted these terms and conditions. We reserve the right to terminate this engagement at any time.
Scope of services
As your tax agent we will prepare and lodge your individual income tax return for 2024 (“the Services”). In performing the Services we will not review the accuracy of any previous tax returns lodged by you or by a previous tax agent.
Fee and billing arrangements
Our fees will be calculated on the basis of the number of hours spent by our accountants on the Services, subject to minimum lodgement fees.
Minimum lodgement fees:
- Wage earner return (up to 25 mins) $125
- Sole trader return (up to 25 mins) $125
- Div293 return (up to 50 mins) $250
- Rental return (up to 100 mins, one rental property) $495
- Additional schedules (e.g., depreciation, capital gains, business) from $125 each
- Additional time $285 per hour charged in 6 min increments or part thereof.
The standard professional fees are:
- Accountant administration (non-advisory) $285 per hour
- Junior Accountant administration (non-advisory) $195 per hour
- Principal Tax and advisor meetings $425 per hour (minimum one hour, plus costs, preparation and follow up)
- Consultation, meetings or reviews required with a third party on your behalf or as part of managing your affairs $625 (charged in one hour increments or part there of, plus costs, travel time, preparation and follow up)
Unless stated otherwise, for work undertaken for a period of less than a full hour, the rate will be charged in 6-minute blocks, or part thereof. Where a minimum time is specified, additional billing increments will apply beyond this time. All fees are GST inclusive where applicable. Any related costs will be at our sole discretion and will be passed on.
Billing arrangements
Fees for the Services will be invoiced and are payable within 5 business days and prior to lodgement of your income tax return.
Our obligations
We are obliged to consider whether our clients create any threats to compliance with our Fundamental Principles and where we cannot reduce the risk to an acceptable level we are obliged to cease this engagement under the Code (section 320) to decline or cease the client engagement.
We have a duty to act in your best interests, unless this duty is inconsistent with our duty to act in the public interest
We have a duty to conduct customer due diligence under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) for specific services provided. Accordingly, before providing these services we may ask you for records to verify your identity. Where you are representing a company or trust, we may also request information regarding previous transactions, including details of where money has come from and third parties involved. We also have a duty to monitor and report suspicious transactions or activity.
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 disclosures in the financial statements or compliance and may be fundamental to your ability to continue its business or to avoid material penalty, we may discuss and dislose the matter and where permitted by law or regulation, may withdraw from the matter.
Where appropriate we will inform you of our intention to disclose the matter to an appropriate authority before disclosing the matter. However, if we have reason to believe that the actual or intended conduct would constitute an imminent breach of a law or regulation that would cause substantial harm to the general public, we may immediately disclose the matter to an appropriate authority in order to prevent or mitigate the consequences of such imminent breach of law or regulation.
Your obligations
- full disclosure of all relevant information.
- your own record keeping relating to your affairs.
- the reliability, accuracy and completeness of the particulars and information provided to us.
- retaining paperwork for as long as legally required
Privacy Statement
We are bound by the provisions of the Privacy Act to maintain all your records securely and in accordance with the provisions of that Act. Any breach of these requirements should be notified to the Privacy Commissioner. As noted above under “Quality Review”, your file, unless you specifically forbid it, may be subject to a Quality Review. As a Tax Agent we are subject to the code of professional conduct established by the Tax Agent Services Act 2009 (TASA), this code requires that unless legally required to we cannot disclose information to a third party without your permission. Our full privacy policy is available at our website, taxhqaccounts.com.au
Confidentiality
We have an ethical duty of confidentiality, which means we must not share or disclose your details of this engagement to anyone, except as otherwise specified in this clause, without your consent unless required to by law. As a member of Professional Accounting Associations, we are 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. Any such disclosure of confidential information does not change any of our commitments to safeguard your information, and the information remains subject to any existing confidentiality obligations. We advise you by signing this letter you acknowledge, our engagement files relating to this assessment will be made available under this program.
Complaint Handling Process
Should you feel that you have not received the service level expected or you have an issue to raise, please direct any concerns or complaints to the Principal – further information for complaint handling is available on our website. If you believe that your concerns cannot be properly addressed in this manner, you may contact CPA Australia or the Tax Practitioners Board.
Advice
Any advice given to the client is only an opinion based on TaxHQ’s knowledge of the client’s particular circumstances.
Retention of records
We retain all client records provided to us electronically for a period of seven (7) years. Any paper and electronic documents are your responsibility to hold and retain for the required period.
Professional Indemnity
We are part of a Professional Standards Scheme and our liability is limited by a Scheme approved under Professional Standards Legislation. We hold professional indemnity insurance of at least the minimum amount prescribed. Our Professional Indemnity cover is currently with Berkley Insurance. For more information on the Professional Standards Scheme or Professional Standards Schemes generally, please refer to: psc.gov.au.
Liability limited by a scheme approved under Professional Standards Legislation