Your obligations and rights
The Tax Agents Services Act 2009 requires us to advise you of your rights and obligations where we are acting for you on taxation matters. In relation to the taxation services provided:
- You are subject to the self-assessment system in relation to any of your income tax returns. The Commissioner is entitled to rely on any statements made in your income tax returns. Where those statements are later found to be incorrect, the Commissioner may amend your income tax assessments and, in addition to any tax assessed, you may also be liable for penalties and interest charges.
- You have an obligation to keep proper records that will substantiate the taxation returns prepared and which will satisfy the substantiation requirements of the Income Tax Assessment Act. Failure to keep such records could result in claims being disallowed, additional tax being imposed, and the imposition of penalty or general interest charges.
- You are responsible for the accuracy and completeness of the particulars and information required to comply with the various taxation laws. We will use this information supplied in the preparation of your returns.
- You have the right, as a taxpayer, to seek a private ruling, object to an assessment by the Commissioner and appeal against an adverse decision by the Commissioner.
Certain time limitations may exist for you to exercise these rights. Should you wish to exercise these rights at any time you should contact us so that we can provide you with the relevant time frames and to discuss any additional requirements which may exist.
While our engagement does not include the audit of your financial statements or income tax returns, we are required by the Tax Agents Services Act 2009 to satisfy ourselves as to the reasonableness of the information and claims being made in the income tax returns. The legislation provides the basis for this and may require us to make further enquiries of you or other nominated representatives from time to time in relation to your taxation returns. Where possible, we will endeavour to identify the information that will be required in advance.
To ensure the efficient completion of your work, it is agreed that all information that is reasonably required will be made available in order for us to complete the various engagements agreed.
Some of the agreed work is subject to specific lodgement dates. Our objective is to ensure that all work is completed in time to meet these lodgement dates. Our capacity to complete the work required is reliant on us receiving the work within a reasonable time period prior to those due dates (our recommendation is not less than 45 days) and receiving timely answers to any queries raised. We will agree a work program with you each year, including the dates for both the receipt of work and our completion date.
We will treat as confidential and maintain the confidentiality of all information and records that you provide to us. This information will only be disclosed to a third party where specific authority has been granted for us to provide this information, or where we are subject to a legal duty to disclose the information.
We may also involve appropriately qualified third party and/or outsourced service providers to undertake some aspects of our professional accounting, taxation and advisory services. These personnel will have access to your accounting and taxation records only for the purpose of completing the accounting and taxation engagements agreed. In all cases these personnel will be subject to our supervision and control.
- We utilise cloud computing technology to deliver services to our clients in a flexible manner. Our cloud computing service providers use advanced infrastructure to create a secure platform across multiple domestic and international servers. Data in relation to your matter may be stored on these international servers, however it will be encrypted for your protection.
- Koustas & Co is a ‘paperless’ accounting practice. We do not retain hardcopy documents. Any hardcopy documents which come into our possession will either be returned to you (in the case of originals) or destroyed (in the case of copies). We will however retain electronic copies of documents for at least seven years.
As indicated in our engagement letter, our fees for the work done will be charged on a fixed fee basis. This fee comprises our hourly rate, intellectual property precedent charges and administration fees. In addition you will be charged GST and any necessary disbursements.
Please note that if the scope of the work changes, we may need to revise our fees. We will confirm these fees or the basis for their charge with you in advance of commencing the additional work.
PAYMENT OF FEES
As specified in our engagement letter, fees will be charged in equal instalments, at the end of month. In accordance with our credit policy, payment is required within 14 days of the invoice. We will keep you advised regarding the status of the assignment and your ongoing investment in our services.
If your account remains unpaid and no alternative arrangements have been agreed to by us, we may do any or all of the following:
- Charge interest at the rate prescribed in the Penalty Interest Rates Act 1983 with a minimum charge of $10 per month;
- Start proceedings to recover the amount owed, plus default interest and any collection costs incurred; and/or
- Cease to do any further work for you, and will not release your papers and files until all accounts are paid.
If we agree to address an invoice to another person, you will be required to pay that invoice if the other person does not.
Should at any time you have any concerns about the work or charges made, then we invite you to contact us so that we can discuss and resolve those concerns.
During the provision of the services, and for the period of six months thereafter, you will not make any offer of employment to any of our Personnel involved in the provision of the services without our prior written consent.
We, in turn, agree not to make any offer of employment to any of your Personnel for the period of six months following the provision of the services.
In the course of our engagement we will prepare various working papers and notes consistent with our internal quality control system. These working papers remain the property of our firm and will be retained by us to support any future queries on work completed. Original source records provided by you to us to assist in the completion of your work will be returned to you at the completion of each engagement. Where appropriate, we may take copies to retain on your client file.
Book an appointment?
If you are not currently a client of this firm and would like to discuss the possibility of us working with you, please contact us or click on the link below and send an enquiry. Our Business Development team will promptly ensure that you get to talk to the right person in our firm.