Thank you for appointing Cube Accounting!
This Agreement is to confirm our understanding of the terms
of this engagement and the nature and limitations of the services we provide
Recurring compliance work
We will prepare your self-assessment tax returns together with any supplementary pages required from the information that you provide to us. After obtaining your approval and signature, we will submit your returns to the Australian Taxation Office (ATO).
We will calculate your income tax and tell you how much tax you should pay and when. We will advise on the interest, penalty and surcharge implications if tax is paid late. We will also check ATO’s calculation of your tax and initiate refund claims if tax has been overpaid.
We will advise you possible tax return related claims and elections arising from information supplied by you. Where instructed by you, we will make such claims and elections in the form and manner required by ATO.
Before we lodge any returns on your behalf, we will forward the documents to you for approval. We will endeavour to ensure that the returns are lodged by the due dates subject to your provision of all information and supporting documents in a timely manner.
Ad hoc and advisory work
Where you have instructed us to do so, we will also provide other taxation ad hoc and advisory services as agreed between us. Where appropriate we will discuss and agree additional fees for such work when it is commissioned by you. Examples of such work include:
Advising on ad hoc transactions, preparing additional supplementary pages to your tax return and calculating any related liabilities.
Dealing with any enquiry opened into your tax return by ATO.
Preparing any amended returns which may be required and corresponding
with ATO as necessary.
On occasions where specialist advice is required, we may need to seek this from or refer you to appropriate specialists.
Changes in the law
We will not accept responsibility if you act on advice given by us on an earlier occasion without first confirming with us that the advice is still valid in the light of any change in the law or your circumstances.
We will accept no liability for losses arising from changes in the law or the
interpretation thereof that are first published after the date on which the advice is given.
You are legally responsible for:
Arranging for us reasonable access to relevant documents, and for both the completeness and accuracy of the information supplied to us. Any advice given to you is only an opinion based on our knowledge of your particular circumstances.
Ensuring that your self-assessment tax returns are correct and complete;
Filing any returns by the due date; and
Making a payment of tax on time.
Failure to do this may lead to automatic penalties, surcharges and/or interest.
Taxpayers who sign their returns cannot delegate this legal responsibility to others. You agree to check that returns that we have prepared for you are complete before you approve and sign them.
You will forward to us ATO statements of account, copies of notices of assessment, letters and other communications received from ATO by you in time to enable us to deal with them as may be necessary within the statutory time limits. Although ATO have the authority to communicate with us, it is essential that you let us have copies of any correspondence received because ATO is not obliged to send us copies of all communications issued to you.
Please note that a taxpayer is responsible under self-assessment to keep full and proper records in order to facilitate the preparation of a correct return. Whilst the Commissioner of Taxation will 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. Under the taxation law such a review may take place within a period of up to 5 years after tax becomes due and payable under the assessment. Furthermore, where there is fraud or evasion 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.
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. Where you disagree with the decision in the private ruling, or the Commissioner fails to issue such a ruling, you can lodge an objection against the ruling if it relates to income tax, fuel tax credit or fringe benefits tax. Your time limits in lodging an objection will depend on whether you are issued an assessment for the matter (or period) covered by the private ruling.
To enable us to carry out our work, you agree:
That all returns are to be made on the basis of full disclosure of all sources of income, charges, allowances and capital transactions;
To provide full information necessary for dealing with your affairs: we will rely on the information and documents being true, correct and complete and will not audit the information or those documents;
To authorise us to approach such third parties as may be appropriate for information that we consider necessary to deal with your affairs; and
To provide us with information in sufficient time for your tax return to be completed and submitted by the due date following the end of the tax year. If you are late in providing information, we will do our best to meet the time limits, but we will not be responsible for any late lodgement penalties you may incur.
You will keep us informed of material changes in your circumstances that could affect your tax liability. If you are unsure whether the change is material or not please let us know so that we can assess its significance.
You and your spouse/partner
We shall advise you and your spouse/partner on the basis that you are a family unit. You both agree that in all matters relating to you or your spouse’s/partner’s tax and financial affairs, we may deal directly with either of you and we may discuss with either of you the tax liabilities and/or financial affairs of the other. If you wish to make any change to these arrangements at any time, please let us know.
In order for us to act for you as a couple in respect of a joint claim, you undertake that all instructions, information or explanations either of you gives us will be on behalf of both of you, unless you specifically tell us otherwise. Similarly, if one of you signs a document, it will be on behalf of you both unless you instruct us to the contrary. If a conflict of interest should arise between you in relation to any matter to do with your joint claim or entitlement, we reserve the right to cease acting for both of you, or to advise one or other of you to obtain independent advice.