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Annual financial statements include:
This service does not include the preparation of one-off accounts for presentation to your financiers for additional finance and the like.
We will maintain the accounting records of the Trust on your behalf from the information and explanations provided to us on your behalf for the purposes of preparing the annual accounts and tax returns.
We will prepare the income and expenditure and capital accounts of the Trust in accordance with generally accepted accounting practice from the books, accounting records and other information and explanations provided to us on your behalf. We will not be responsible for reviewing or verifying any financial statements provided to us either via manual cashbooks or prepared on accounting software. Correct coding or classification of accounts is outside the scope of this engagement. If assistance is required for coding or review of accounts, please discuss this with us as it will entail work which is additional to the current scope and will incur an additional charge.
Where the Trust is required to make income or capital payments to the beneficiaries, we will assist you in preparing all necessary forms relating to such payment.
Trust tax return
We will prepare your 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 the 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.
Our service fees are based on the understanding that our firm will export data directly from your banks and credit card statements into your accounting software. Additional fees may apply for transactions that have to be manually entered from paper or PDF statements.
If additional work is required outside the above scope, then we ask it to be outlined in an email before the commencement of work. If this work is outside our experience or competency we hold the right to decline the work and/or seek help from a person who holds the expertise.
One-time set up fee may apply
Software installation includes:
We will implement and maintain the payroll based on information provided to us, We are not engaged to interpret and apply the FairWork and modern award requirements. We can refer you to a Workplace Relations Specialist if required.
We will prepare user-friendly reports to help you to make informed business decisions.
Examples of Internal Financial Reports
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
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:
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 theinterpretation thereof that are first published after the date on which the advice is given.
You are legally responsible for:
Failure to do this may lead to automatic penalties, surcharges and/or interest.
Trustees or directors of corporate trustees 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 has 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:
You will keep us informed of material changes in your circumstances that could affect the income, capital gains and tax liability of the trust. If you are unsure whether the change is material or not please let us know so that we can assess its significance..
Engagement terms and conditions
Scope of services
The scope of our services is contained in the attached schedule which states your and our responsibilities in relation to the work to be carried out. Only the services which are listed are included within the scope of our instructions. If we agree to carry out additional services for you, we will provide you with a new or amended engagement letter.
We will provide the agreed professional services which 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 for this purpose only. As a result, no audit or review will be performed and, accordingly, no assurance will be expressed. Our engagement 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.
As with other professional services firms, we are required to identify our clients for the purposes of the Australia anti-money laundering legislation. We may request from you, and retain, such information and documentation as we require for these purposes and/or make searches of appropriate databases.
Commissions and other benefits
In some circumstances, we may receive commissions or other benefits for introductions to other professionals or in respect of transactions which we arrange for you. Where this happens we will notify you in writing of the amount and terms of payment and receipt of any such commissions or benefits. The same will apply where the payment is made to or the transactions are arranged by a person or business connected with ours. The fees you would otherwise pay will not be reduced by the amount of the commissions or benefits.
We will comply with the provisions of the Privacy Act 1998 when processing your personal data. Communication between us is confidential and we shall take all reasonable steps to keep your information confidential except where we are required to disclose it by law, by regulatory bodies, by our insurers or as part of an external peer review. Unless we are authorised by you to disclose information on your behalf, this undertaking will apply during and after this engagement.
We may, on occasions, subcontract work on your affairs to other tax or accounting professionals. The subcontractors will be bound by our client confidentiality terms. We reserve the right, for the purpose of promotional activity, training or for similar business purpose, to mention that you are a client. As stated above we will not disclose any confidential information.
We wish to draw your attention to our firm’s system of quality control which has been established and maintained in accordance with the relevant APESB standard. As a result, our files may be subject to review as part of the quality control review program of CPA Australia which monitors compliance with professional standards by its members. We advise you that by accepting our engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program. Should this occur, we will advise you.
Conflicts of interest
We will inform you if we become aware of any conflict of interest in our relationship with you or in our relationship with you and another client. We have safeguards that can be implemented to protect the interests of different clients if a conflict arises. Where conflicts are identified which cannot be managed in a way that protects your interests then we regret that we will be unable to provide further services. If this arises, we will inform you promptly. If there is a conflict of interest that is capable of being addressed successfully by the adoption of suitable safeguards to protect your interests then we will adopt those safeguards. Where possible this will be done on the basis of your informed consent. We reserve the right to act for other clients whose interests are not the same as or are adverse to your subject of course to the obligations of confidentiality referred to above.
We use cloud computing services to store your Personal Information and other data. We will use commercially reasonable security technologies (such as encryption, password protection and firewall protection) to protect this Personal Information and other data of the Client from unauthorized disclosure. You however acknowledge and agree that it is impossible for us to guarantee the security of the Personal Information and other data with absolute certainty and that the use of cloud computing services may therefore entail certain risks. We shall only be responsible if it has finally judicially been determined that it did not take commercially reasonable measures to protect your Personal Information and other data from unauthorized disclosure.
Electronic and other communication
Unless you instruct us otherwise we may, where appropriate, communicate with you and with third parties via email or by other electronic means. The recipient is responsible for virus checking emails and any attachments.
With electronic communication there is a risk of non-receipt, delayed receipt, inadvertent misdirection or interception by third parties. We use virus-scanning software to reduce the risk of viruses and similar damaging items being transmitted through emails or electronic storage devices. However electronic communication is not totally secure and we cannot be held responsible for damage or loss caused by viruses nor for communications which are corrupted or altered after dispatch. Nor can we accept any liability for problems or accidental errors relating to this means of communication especially in relation to commercially sensitive material. These are risks you must agree to bear in return for greater efficiency and lower costs.
Intellectual property rights
We will retain all copyright in any document prepared by us during the course of carrying out the engagement except where the law specifically provides otherwise.
If any provision of this agreement is held to be void, then that provision will be deemed not to form part of this contract and the remainder of this agreement shall be interpreted as if such provision had never been inserted.
Fees and payment terms
Our fees may depend not only upon the time spent on your affairs but also on the level of skill and responsibility and the importance and value of the advice that we provide, as well as the level of risk. We may indicate a fixed fee for the provision of specific services or an indicative range of fees for a particular assignment. It is not our practice to identify fixed fees for more than a year ahead as such fee quotes need to be reviewed in the light of events. If it becomes apparent to us, due to unforeseen circumstances, that a fee quote is inadequate, we reserve the right to notify you of a revised figure or range and to seek your agreement thereto.
All payments must be paid in advance; our invoices are due for payment within 7 days of issue. We will commence work when payment is received in full. Our fees are exclusive of GST. Any disbursements we incur on your behalf and expenses incurred in the course of carrying out our work for you will be added to our invoices where appropriate. Unless otherwise stated, our fees do not include the costs of any third party, counsel or other professional fees.
We reserve the right to charge interest on late paid invoices at the rate of 5% above bank base rates under the Late Payment of Commercial Debts (Interest) Act 1998. We also reserve the right to suspend our services or to cease to act for you on giving written notice if payment of any fees is unduly delayed. We intend to exercise these rights only where it is fair and reasonable to do so. If you do not accept that an invoiced fee is fair and reasonable you must notify us within 14 days of receipt, failing which you will be deemed to have accepted that payment is due.
We will act in your best interest, but like all citizens, we must comply with the law even if it may be contrary to your interests. For example, we must comply with certain statutory notices from the ATO which may require us to provide information or we may have to make a decision that a potential tax claim is invalid due to lack of documentation, even if you inform us that the claim is valid.
Limitation of liability
Our liability is limited by a scheme approved under Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Councils’ website www.professionalstandardscouncil.gov.au.
Limitation of third-party rights
The advice and information we provide to you as part of our service is for your sole use and not for any third party to whom you may communicate it. We accept no responsibility to third parties for any advice, information or material produced as part of our work for you which you make available to them. For the purpose of eliminating any doubt, we will not be held responsible should a financial institution (or any other party) rely on financial statements we have provided to you.
Ownership of documents
All original documents obtained from you arising from the engagement shall remain your property. However, we reserve the right to make a reasonable number of copies of the original documents for our records. All other documents produced by us in respect of this engagement will remain the property of the firm.
Reliance on advice
We will endeavour to record all advice on important matters in writing. The advice given orally is not intended to be relied upon unless confirmed in writing. Therefore, if we provide oral advice (for example during the course of a meeting or a telephone conversation) and you wish to be able to rely on that advice, you must ask for the advice to be confirmed by us in writing.
Period of engagement and termination
Our work will begin when we receive your acceptance of this engagement agreement. We will not be responsible for periods before that date. This agreement will be effective for all future years unless either party advises of any change in our arrangement.
When you remove our tax agent role with the ATO, or by registering with another tax agent, this engagement is immediately discontinued at that time, and all responsibility for any services covered under this engagement is reverted to you and/or your new tax agent from that date.
Each of us may terminate this agreement by giving not less than 21 days notice in writing to the other party except where you fail to cooperate with us or we have reason to believe that you have provided us or ATO with misleading information, in which case we may terminate this agreement immediately. Termination will be without prejudice to any rights that may have accrued to either of us prior to termination. In the event of termination of this contract, we will endeavour to agree with you the arrangements for the completion of work in progress at that time, unless we are required for legal or regulatory reasons to cease work immediately. In that event, we shall not be required to carry out further work and shall not be responsible or liable for any consequences arising from termination.
Further to our general right to disengage services to any entity, on the 1st June of every year, any client who has not provided information for their prior financial year tax return, or is not in an lodgement extension arrangement will be removed from our client list due to ATO lodgement program requirements that require us as a tax agent to meet compliance levels to retain our concessional lodgement timeframes. Clients removed from our client list will have no agent appointed from there on in and will not enjoy any of our concessional compliance timeframes. We may however consider re-engagement where a client is ready to bring their obligations up to date, at that time.
Professional rules and statutory obligations
We will observe and act in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB) and will accept instructions to act for you on this basis.
The extent of our procedures and services will be limited exclusively for this purpose only. As a result, no audit or review will be performed and, accordingly, no assurance will be expressed. Our engagement 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 will not be liable for any loss, damage or cost arising from our compliance with statutory or regulatory obligations. The requirements are available online at www.cpaaustralia.com.au.
Retention of records
During the course of our work we may collect information from you and others relevant to your tax affairs. We will return any original documents to you. Whilst certain documents may legally belong to you we may destroy correspondence and other papers that we store, electronically or otherwise, which are more than 5 years old.
You have a legal responsibility to retain documents and records relevant to your tax affairs:
Tax Agent services regime
There are provisions in the Taxation Administration Act 1953 (“TAA”) that provide you (as of 1 March 2010) with “safe harbours” from administrative penalties from incorrect or late lodgement of returns, if among other things, you give us “all relevant taxation information” in a timely manner. This includes cooperating with our requests for information to allow us to accurately perform our work and promptly advising us of anything that occurs subsequently to render any previous information incorrect, misleading or incomplete.
Any failure by you to provide all such information and documentation, reply to our requests for information, or to advise us of any changes in circumstances may affect your ability to access the safe harbour provisions. Further, as the ATO monitors the lodgement and accuracy compliance of Cube Accounting as a tax agent, and we are bound by our professional association ethical values, we reserve the right to discontinue our engagement with any entities that provide untimely, misleading or illegitimate information.
Third-party audits, reviews and questionnaires
The ATO (as an example) conduct both random and targeted audits in order to maintain the integrity of the tax system. As your tax agent, we are often the first contact for the ATO where they are conducting an audit or review. Often the initial contact takes time to ascertain exactly what type of audit or review the ATO are conducting, what information they require, the time frame of the audit or review, and various other aspects. As your tax agent, you are authorising Cube Accounting to automatically handle this initial ATO contact and you agree to pay any fees levied by Cube Accounting for its time involved. Once details of this initial ATO contact has been ascertained, you will be contacted with the details of the audit or review, and at that stage you can request or decline further assistance with the audit or review. There are other entities (particularly Government entities) that this would apply to.
Confirmation of Terms
Please sign and check below to indicate that it is in accordance with your understanding of the arrangements. This agreement will be effective for future years unless we advise you of any change.