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  Terms of Engagement Agreement  

It is our policy and also a requirement of the CPA Professional Standards, that we provide clients with a Terms of Engagement before we commence any work.

The following outlines the general terms and conditions which will be tailored to the client's individual needs to form their Terms of Engagement. The Terms of Engagement will need to be signed and returned before the commencement of any jobs undertaken by Mogg Osborne Pty Ltd.

 

 

B.

Fixed Price Agreement and Payment Terms

1.

The price for our services is established with you in advance. This way there are no surprises for you.

2.

Billing and payment of our account:

(1) You agree to pay for the Services in accordance with the payment terms set out in the Agreement.

(2) We may invoice you for our fees as work progresses, and not necessarily on completion of the Services,

or on completion of a particular component of the Services.

(3) You must pay each invoice within 14 days of the date of that invoice.

3.

If an unanticipated need arises; (for example, but not limited to,Business Purchase / Sale, Estate or Succession Planning, Financial Planning, Computer Consultancy / Installation, Cash Flows, Finance Application, Centrelink / Pension forms etc); we agree to perform this work at a mutually agreed upon price before the service is provided. This service will be invoiced to you separately, as part of a change order, and will be payable within 14 days of the issue of our invoice.

4.

To assure that our arrangement remains responsive to your needs, as well as fair to both parties, we will meet throughout the year and, if necessary, revise or adjust the scope of the services to be provided and the prices to be charged in light of mutual experience.

5.

It is understood that either party may terminate this Agreement at any time, for any reason, within 10 days of written notice to the other party. It is understood that any unpaid services (e.g. Finalised Tax Returns and Financial Statements) that are outstanding at the date of termination are then payable in full within 10 days.

6.

Any other or additional services that you may request from us will be provided to you on a project by project basis. We will provide you with an up-front price estimate and payment terms for each project before we begin work on each project.

 

C

Terms & Conditions

1.

We will provide our 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 will be limited exclusively for this purpose. 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 may, as part of our responsibilities as a Member in Public Practice, take steps and actions as set out in Section 225 of the Code, "Responding to Non-Compliance with Laws and Regulations". These include but are not limited to the following:

  • During the course of our engagement, if we identify or suspect that non-compliance with laws or regulations has occurred or may occur, which may have a direct effect on material amounts or disclosures in the financial statements or compliance with which may be fundamental to the operating aspects of your business and it's ability to continue its business or to avoid material penalty, we will discuss the matter with the appropriate level of management, those charged with governance or the internal auditor, as appropriate, to enable you to rectify, remediate or mitigate the consequences of the identified or suspected non-compliance or deter the commission of the non-compliance where it has not yet occurred.
  • We will consider whether to communicate the non-compliance or suspected noncompliance with an external auditor, unless prohibited by law or regulation. We will also consider, based on materiality and/or significance of the matter, whether further action is needed in the public interest. Further action may include disclosing the matter to an appropriate authority even when there is no legal or regulatory requirement to do so or withdrawing from the engagement and the professional relationship where permitted by law or regulation. 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 investors, creditors, employees or 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.

2.

Our files may be subject to review as part of the quality control review program of C.P.A 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.

3.

Our professional services are conducted and will be prepared for distribution to the relevant specific organisation or party for the purpose specified in the report or as agreed. We disclaim any assumption of responsibility for any reliance on our professional services to any party other than as specified or agreed, and for the purpose which it was prepared. Where appropriate, our report will contain a disclaimer to this effect.

 

D

Your Disclosure and Record Keeping Obligations

1.

It is your obligation to provide us with all information that you reasonably expect will be necessary to allow us to perform work specified under this engagement within a timely manner or as requested. This includes providing accurate and complete responses to questions asked of you by us within 10 working days. Inaccurate, incomplete or late information could have a material effect on our services and/or our conclusions and may result in additional fees. 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 4 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. Any advice given to you by us is only an opinion based on our knowledge of your particular circumstances.

2.

You are also required to advise us on a timely basis if there are any changes to your circumstances that may be relevant to the performance of our services. Specifically, if any subsequent event results in the information you provided to us being inaccurate, incomplete or misleading, then you are obliged to advise us as soon as possible. We take no responsibility to the extent that our advice is inaccurate, incomplete or misleading because it is based on inaccurate, incomplete or misleading information being provided to us.

3.

By accepting the terms in this Agreement, you will be taken to have agreed that the performance of our services is dependent on the performance of your obligations relating to disclosure and record keeping. You are responsible for the reliability, accuracy and completeness of the accounting records and disclosure to us of all material and relevant information.

4.

The Taxation Administration Act 1953 contains specific provisions that may provide you with "safe harbours" from administrative penalties for incorrect or late lodgement of returns if, amongst other things, you give us "all relevant taxation information" in a timely manner. Accordingly, it is to your advantage that all relevant information is disclosed to us as any failure by you to provide this information may affect your ability to rely on the "safe harbour" provisions and will be taken into account in determining the extent to which we have discharged our obligations to you.

5.

You are also required to advise us if you become aware of any conflict of interest or potential conflict of interest. Generally, a conflict of interest is any event which may result in us becoming unable to remain objective in the performance of our services to you. Some examples of events which could give rise to a conflict of interest or potential conflict of interest during this engagement are changes to your business circumstances, events affecting your family (eg. death and/or marriage breakdown) or a legal action commencing against you.

6.

You are responsible for ensuring that the business activities are conducted in accordance with laws and regulations. You are also responsible for identifying and addressing any non-compliance by an individual charged with governance of the entity, by a member of management, or by other individuals working for or under the direction of the business.

7.

Please note that if you do not provide us your financial information properly reconciled and in the format requested by us, any up-front or Fixed Quotes we have provided to you will not be applicable and the cost of our services will be higher.

 

E.

Your Rights and Obligations under the Taxation Laws

1.

You have certain rights under the taxation laws, including the right to seek a private ruling from the Australian Taxation Office (ATO) or to appeal or object against a decision made by the Commissioner. If relevant, we will provide further information to you concerning your rights under the Australian Taxation Laws while we provide our service to you. You also have certain obligations under the Australian Taxation Laws, such as the obligation to keep proper records and the obligation to lodge returns by the due date.

 

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 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.

 

F.

Benefits to You

1.

We are confident in offering you high value services in line with your expectations and above those offered by our rivals. With that in mind, part of our value service to you, is a number of benefits of the services we offer. They include:

  • To act on any correspondence received from any reporting agencies within 48 hours of receiving it.
  • To return calls, emails & requests for information from you within 24 hours of receiving it.
  • To notify you of any unexpected issues that may arise which may vary this engagement and discuss with you the options available to you and any additional costs.
  • To advise you of when you will have the work finalised and presented to you.
  • The price is "Fixed" making it easier to plan and better on cash flow.

G.

Our Obligations to Comply with the Law

1.

We have a duty to act in your best interests. However, the duty to act in your best interests is subject to an overriding obligation to comply with the law even if that may require us to act in a manner that may be contrary to your interests. For example, we could not lodge an Income Tax Return for you that we knew to be false in a material respect.

2.

We also have an obligation to ensure that we manage conflicts of interest as they arise. In this regard, we have arrangements in place to ensure that we manage potential or actual conflicts of interest. The effective operations of these arrangements depend, in part, on you complying with your obligation to disclose any potential conflicts of interest to us (see section D above).

3.

Our advice and/or services will be based on Australian Taxation Laws in force at the date of the provision of the advice and/or services. It is your responsibility to seek updated advice if you intend to rely on our advice at a later stage. We note that Australian Taxation Laws are often subject to frequent change and our advice will not be updated unless specifically requested by you at the time of the change in law or announced change in law.

 


H.

Our Expectations of you and our standards

1.

Our team of Accountants will not start a job until ALL necessary papers for that work have been received.

  • We want you to contact us with any queries you may have of an income tax or business related nature, at any time, no matter how trivial it may seem. This service is included in the "Fixed Fee" so there is no additional charge.
  • As we offer an expert, timely, courteous service by our team, we expect our clients to do the same, by giving us any relevant requested information in a timely manner.
  • When our staff are assigned to work for you, you agree that, during the period of our engagement to provide the Services and for a period of twelve (12) months following the completion or termination of our engagement to provide the Services, you will not employ, or procure a third party to employ, any of our employees who have taken part in the provision of the Services without our consent. If we do provide consent, we reserve the right to charge you a fee equivalent to the recruitment, training and additional expenses required to replace our employee, plus GST.
  • To present all records provided to us to the best of your ability with neatness and clarity.
  • To notify us of any issues, discrepancies or grievances you may have as soon as they arise so that we have the chance to rectify them immediately.
  • To pay our fees within our payment terms. Please refer to our trading terms on our website at www.moggosborne.com.au.
  • To provide us with the source records & documents needed to enable us to meet deadlines in an efficient, stress free, timely manner.

I.

Confidentiality

1.

We will not disclose any information relating to your affairs to any third party without your consent, unless required by law. You may provide us with permission to disclose your confidential information in certain circumstances, or place conditions on the disclosure of certain confidential information. Your information will remain strictly confidential.

 

 

 

J.

Use of Outsourced Third Party Services

1.

We may involve third party contractors or outsourced service providers in providing various aspects of your accounting work. These services may include;

 

  • Accounting file preparation and / or Data entry into our accounting systems.

 

  • Auditing of accounts (including Self-Managed Super funds)

 

  • Actuarial (pension) analysis

 

These services will be provided by staff in the Philippines under guidance from our staff.

Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services as described. Where the outsourced service requires the disclosure of personal information to an overseas recipient a consequence of your consent is that Mogg Osborne Pty Ltd will be required to take reasonable steps to ensure that the Australian Privacy Principles are complied with by the overseas recipients of the Personal Information.

 

K.

Ownership of Documents

1.

All original documents obtained from you arising from this engagement will remain your property. However, we reserve the right to make a reasonable number of copies of the original documents for our records.

2.

Our engagement will result in the production of Financial Statements, Income Tax Returns, and other Super Fund Documents, including electronic documents or files which will be supplied to you. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain our property.

3.

We will exercise a legal right of lien over any of your documents in our possession in the event of a dispute between us. We also have established dispute resolution processes, details of which are available on request.

 

L.

Director's Indemnity

1.

In the event that the entity invoiced by us for our services is unable to discharge its liabilities to us, then the entity's Directors or Trustees agree to personally indemnify us for any such liability.

 

M.

Privacy Collection Statement

1.

We may collect Personal Information about you, your representatives, your clients and others when we provide services to you. If we do, you agree to work with us to ensure that we both meet the obligations that we each may have under the Privacy Act 1988 (Cth) (as amended) (Privacy Act). The obligations may include notifying the relevant person to whom the personal information relates who we are and how we propose to use their personal information. Where you have collected personal information, you confirm that you have collected the personal information in accordance with the Privacy Act, that you are entitled to provide this personal information to us and that we may use and disclose the personal information for the purpose/s we provide our services to you. We will handle personal information in accordance with the Privacy Act.

If you do not provide us with certain personal information, we may not be able to provide you with services under our agreement with you. In providing you with the services you have requested, we may disclose your personal information to our associated entities and to third parties, such as accounting and auditing service providers. Some of the third parties may be located overseas. The locations of the overseas recipients are identified in our Privacy Policy.

Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services as described. Where the outsourced service requires the disclosure of personal information to an overseas recipient a consequence of your consent is that the business will be required to take reasonable steps to ensure that the Australian Privacy Principles are complied with by the overseas recipients of the Personal Information.

By providing us with your personal information, you consent to us disclosing your information to our associated entities and to third parties. If you provide us with personal information about another person (such as a spouse or dependent), please make sure that you tell that person about this privacy statement.

To access the personal information we hold about you, contact us by mail PO Box 101, COBRAM VIC 3644 or by emailing privacy@moggosborne.com.au. For more information as to how we may use, disclose (including to third parties) or otherwise handle your personal information or to make a privacy-related complaint, please read our Privacy Policy located on our website at www.moggosborne.com.au.

 

Last Updated: 3rd June, 2019                                                                             Version 1.1

 

 

 

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