Terms and Conditions

1. This Agreement

These Terms and conditions are to be read in conjunction with our engagement letter to you.  They apply to all services we perform for the parties described in the engagement letter (referred to as Services).  Together, the engagement letter and the Terms and Conditions are called “this Agreement”.  Where there is any inconsistency between the engagement letter and these Terms and Conditions, the engagement letter will prevail.  This agreement constitutes the entire agreement between the parties with respect to our work under this agreement and supersedes all prior agreements, proposals, oral and written representations and negotiations.

Each business entity and adult family member listed in the engagement letter engages us on the terms set out in this engagement letter, and are bound by these terms.  The business entities and adult family members listed are all jointly and severally liable to pay our accounts, regardless of which of the listed individuals or entities those accounts are addressed to, and regardless of who of the listed individuals or entities received the benefit of the work performed.

2. Our Obligations

Venta Belgarum Associates will provide the Services set-out in the engagement letter with competence, due care and diligence, however the quality of the Services will depend upon the input provided by you.

We will be pleased to attend to the preparation of your financial statements and statutory returns in accordance with the relevant standards and ethical requirements of The Institute of Chartered Accountants in Australia and as required by the Income Tax Legislation.  More importantly, you can expect our continual review of your financial position and monitoring of income tax planning to be pro-active and tailored to your needs.

Importantly, you play a major role in helping us to deliver what you want.  By providing the correct information at the correct time you will help us to help you prepare statutory returns that are accurate complete and lodged within the prescribed period.  This is necessary in order to avoid penalty tax and interest.

We shall attend regular management meetings as requested, to discuss and review the current results of your business.

We will also provide you with advice on tax planning issues prior to the end of the financial year.

3. Ownership of Documents

The financial statements, statutory returns and any other documents which we are specifically engaged to prepare, together with any original documents given to us by you, shall remain your property.  Any other documents brought into existence by us, including general working papers, the general ledger and draft documents will remain our property at all times.

If our Services are terminated (by either party), we shall be entitled to retain all documents owned by you until payment in full of all outstanding fees. 

4. Internal Accounting Requirements

We understand your staff will be primarily responsible for your internal accounting requirements.  This will include regular banking and payment, and the maintenance of a general ledger.

We advise that we will be pleased to assist you as and when required, with any accounting or computer input questions as part of our Services to ensure that you have full control over the general ledger and reporting functions.

We consider our role will effectively be limited to providing you with advice in relation to accounting and taxation matters and then utilising the finalised data from your system to ensure that it is presented in such a way as to satisfy accounting standards, corporations law and taxation legislation requirements.

In this regard, we would like to bring the following to your attention.  The actual responsibility for the preparation of financial statements of a company and trust to show a true and fair view of the state of the company and trust affairs and of it’s results is imposed on the directors of the company and trustee company under the corporations law.  Accordingly, we would see our role under this engagement as being one of assisting the directors of the company and Trustee Company to enable them to comply with their statutory obligations.

Severe penalties may be imposed on eh directors of companies for non-compliance with the provisions of the corporations law.

In additions, changes in the law and interpretations may take place before our advice is acted upon or maybe retrospective in effect.  We accept no responsibility to inform you of changes in the law or interpretations affect the advice we provided previously, unless we have been engaged to do so and as stated in this engagement letter.

Further, our work and advice will be based solely on the information you provide, the circumstances made known to us and the assumptions set out in our correspondence.  If there have been any changes in the information the directors originally provided to us, we rely on the directors bringing the changes to our attention.

5. Audit Requirement

We understand that an audit of the financial statement is not required and therefore we will not be expressing an opinion as to the truth and fairness of those financial statements.  Therefore, we disclaim any assumption of responsibility for any reliance on our report to any person other than the directors and members of the entities specified on the engagement letter.  Our report will contain a disclaimer to this effect.

6. Preparation of Financial Statements for your Business Entities

On the basis of the information you provide, we will compile, in accordance with The Institute of Chartered Accountants Professional Standards (APS 9 “Statement on Compilation of Financial Reports” or any future replacement standard) a financial report for the specified entities.

Our procedures use accounting expertise to collect, classify and summarise the financial information, which you provide, into a financial report.  Our procedures will not include verification or validation procedures.  No audit or review will be performed and accordingly no assurance will be expressed.

We will rely on you for both the completeness and accuracy of the information supplied to us, and this includes responsibility for the maintenance of adequate accounting records, an adequate internal control structure and the selection and application of appropriate accounting policies.  You are solely responsible to users of the special purpose financial report compiled by us.

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

7. Preparation and Lodgement of Income Tax Returns for your Business Entities and Family

We will be responsible for the preparation and lodgement of income tax returns for individuals and entities required to lodge these returns, and if requested we will review all assessments, instalment notices and correspondence issued by the Australian Taxation Office (‘ATO’) in respect of these returns.

Whilst every care will be taken to provide the highest standard of professional advice, you should be aware of the following:

  • Under Australian Taxation Law, responsibility for the accuracy and completeness of income tax returns and other statements made to the ATO, vests with the taxpayer or the officers of the taxpayer entity.
  • Our taxation advice is necessarily an opinion only, based on our knowledge of the particular circumstances.  There are limitations attaching so such tax advice and our expression of opinion should not be taken as an assertion of fact.  Consequently, such advice and income tax returns are not beyond challenge.
  • Our advice will rely on our understanding of specific facts, which will be provided by you or associated entities.  The accuracy and completeness of our advice is reliant on the accuracy and completeness of the underlying facts provided.

This service does not over any inquiries made by or investigations conducted by the ATO.

8. Preparation and Lodgement of BAS Returns for your Business Entities

Given BAS returns are prepared and lodged quarterly, it is not possible for this firm to review the correctness of the underlying financial information as part of the preparation of the quarterly BAS return.

Therefore, we rely upon and process the financial information provided to us without any review of the primary source documents.  In doing that, we will make the following specific assumptions:

  • The financial information provided to us is accurate.
  • The financial information correctly states the GST position.  For example, all input tax credits and GST payable amounts have been correctly recorded in the general ledger.  If you are unsure of the correct position or require advice regarding this, we are able to provide this service outside of the scope of our engagement charged as additional services.
  • You have the necessary supporting documentation to satisfy the ATO for GST purposes.  Again, if you are unsure of the ATO requirements or require advice regarding these documents, we are able to provide this service outside of the scope of our engagement charged as additional services.
  • You hold valid tax invoices and adjustment notes for all expenditure incurred by you in respect of which an input tax credit is being claimed.  Substantial penalties apply for an incorrectly prepared BAS.  If you have any questions in relation to this, please contact our office for assistance.

However, it is possible that, when the financial accounts are prepared, some discrepancies will exist between the information disclosed in the quarterly BAS returns and in the annual financial statements.  Should any such discrepancies arise, we will discuss the need to correct either the BAS returns and/or financial accounts.  These services will involve work outside of the scope of our engagement and will be charged as additional services.

This service does not cover any inquiries made by or investigations conducted by the ATO.

9. Secretarial Services

We will attend to the preparation and lodgement of the appropriate annual other statutory returns and as required, we will attend to the maintenance of your company registers on the basis of the information supplied by directors.

10. Delays

Venta Belgarum Associates will not be liable for any failure or delay in performing the Services if that failure or delay arises from anything beyond its control, including the untimely performance by you of your obligations, in which case Venta Belgarum Associates is entitled to review it’s fees and, if the delay is substantial, terminate this agreement.

11. Fee and Account Terms

Our fee accounts for professional services are rendered at the start of the engagement or on an interim basis as agreed with you.  We reserve the right to perform no further work for you until all outstanding accounts are paid in full.

Annual compliance work consists of the following:

  • preparation of workpapers;
  • preparation of accounts;
  • preparation and lodgement of income tax returns; and
  • preparation and lodgement of BAS returns.

It does not include the following:

  • auditing of the financial statements;
  • tax planning;
  • finance advice;
  • consulting work;
  • review of income tax assessments and other ATO correspondence; miscellaneous correspondence.

All fees quoted in Australian dollars and are inclusive of GST at the prevailing rate.

Fees can be paid via any one of the following:

  • directly into our bank account:

    Account Name: Venta Belgarum Pty Ltd
    BSB: 066-202
    Account Number: 1015 7599

  • PayPal;
  • secure pay; or
  • fee from refund.

Please include your name and invoice number in narrations.

12. Disbursements

Our fees include all reasonable postage, printing, filing fees, out-of-pocket expenses and other applicable costs incurred on your behalf. 

Occasionally we may contract with outside parties for services in connection with our professional engagement on your behalf.  If we do, we may forward the invoice to you and request payment be made directly to the suppliers.

Where we incur disbursements on your behalf, we will charge you the GST inclusive amount of those expenses.

13. Termination of Agreement

You may choose to terminate our engagement by giving us written notice at any time.  If you do so, you shall be obliged to pay our fees for work done and for other charges incurred up to the time of the termination.  Subject to fulfilling our professional responsibilities, we may terminate our engagement at any time, including where you expect us to do something unlawful, by giving you reasonable notice or if our fees are not paid when due.

14. Confidentiality

The conduct of this engagement in accordance with the standards and ethical requirements of The Institute of Chartered Accountants in Australia, means that the information acquired by us in the course of the engagement is subject to strict confidentiality requirements.  We will not disclose that information to other parties except as required for by law or professional standards, or with your signed permission.

15. Privacy

During the course of our work, you may disclose personal information about yourself or other to us.  This information will be used for the purpose of our engagement.  We may also disclose personal information to our related entities.  This information will be securely stored and access will be limited.

From time to time we issue newsletters and other information on a variety of subjects.  This material will be sent by mail or electronic means, depending on its nature.  We maintain a database of our client and other business contact which is used to distribute this information.  Distribution is typically done in-house.  If you do not wish to remain on our distribution list, please email us at xxx@yyy.com to request your removal from our database.

16. Independence

The Tax Agent Services Act requires Venta Belgarum Associates to act lawfully.  Accordingly, we reserve the right to terminate an engagement if a client expects Venta Belgarum Associates to do something unlawful.

17. Intellectual Property Rights

Venta Belgarum Associates retains all copyright (and other intellectual property rights) in everything we develop (or are involved in developing) either before or during the course of an engagement, including systems, methodologies, software, know-how, all reports, written advice and other deliverables we provide to you.

All working papers prepared by Venta Belgarum Associates in connection with the engagement remain our property.

18. Use of Electronic Media

You agree that we may communicate with you using electronic media.  You acknowledge that electronic media is inherently insecure, may be intercepted, may not be delivered and may contain viruses.  Neither of us is responsible for loss suffered in connection with the use of such electronic means.

19. Indemnity for Liability to Third Parties

You agree to indemnify Venta Belgarum Associates against all liabilities, claims, costs and expenses collectively referred to as “LOSS” (including any GST payable by Venta Belgarum Associates or amounts paid by you under this indemnity), incurred by Venta Belgarum Associates in respect of any claim by a third party which is related to, arises out of, or is any way associated with our engagement.  However, the indemnity does not apply to any “LOSS” in respect of any matter which are finally determined to have resulted from Venta Belgarum Associates negligent, wrongful or wilful acts or omissions.  Liability is limited by a scheme approved under Professional Standards Legislation.

20. Limitations of Liability

Under the Professional Standards Act 2003 and the Scheme approved under that Act, our liability including that of the firm, it’s partners and employees, is limited to a maximum sum of $1,000,000, where the engagement fee is less than or equal to $100,000.  Where the fee exceeds $100,000, the Limitation Amount shall be a multiple of ten times the fee, but ,must not exceed a monetary ceiling of $20 million.

You agree that you have fully considered the limitation of our liability created by this clause, you acknowledge that we have advised you herein and we accept that you may wish to obtain legal advice on all questions arising from the terms of our engagement letter and, in particular, the limited liability of provisions, because they may impact on your legal rights.

21. Severability

We agree that each of the promises and undertakings given in this letter of engagement are independent form one another and severable.

 

 

 

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