The Oculus commitment to you:
- We will undertake the engagement in accordance with these terms and conditions and the relevant professional and ethical standards issued by the Accounting Professional and Ethical Standards Board Limited (APESB) and the Tax Agent Services Act 2009.
- We will use appropriate skill and care in undertaking the engagement.
- We will act with integrity, honesty and openness in everything we do.
- We will respect the confidentiality of our relationship.
- We will look for opportunities to value add to you and your personal wealth.
Your commitment to us:
- Please always give us clear instructions.
- When we request information from you please give it to via the Client Portal or email whenever possible.
- Please respond promptly to any important questions that may arise.
- If you ever need anything urgently, please let us know it is urgent.
- Please keep in regular touch and let us know if you have changed address or if you are going away for an extended period.
- Feel free to ask us if you are unsure about anything or do not hear from us when you expect to.
- Please let us know if you think we may have misunderstood you.
- Don’t hesitate to ask for a progress report if you are concerned about anything.
Period of engagement
This engagement starts as soon as you accept these terms of engagement and is effective for future years unless we advise you of any change to our arrangements or there is a significant change in your circumstances, in which case a new letter of engagement will be prepared. We will not deal with earlier periods unless you specifically ask us to do so and we agree.
The price of our services may be reviewed from time to time. We will provide you with a quote at the start of each financial year for services we will provide you during that year.
In conducting this engagement, it is agreed that we will not be undertaking any independent audit of the financial statements or income tax returns prepared. Our role will be limited to assistance in the compilation of the financial statements and preparation of the relevant taxation returns based on the information and records provided by you to us. The financial statements prepared will contain an appropriate disclaimer that identifies the extent and limitation of our role. We are entitled to rely on the records provided as being both accurate and complete.
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 your income tax returns. The legislation provides the basis for this and may require us to make further enquiries with you 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, you agree to make available all information as is reasonably required in order for us to complete the various engagements agreed.
Please note: it is our policy that we cannot commence any work requested until we receive your signed engagement letter and if requested, specific directors’ guarantees.
Some of your agreed work is subject to specific lodgement dates. Our objective is to ensure that all of your work is completed in time to meet these lodgement dates. This is reliant on receiving your work within a reasonable time period prior to those due dates (our recommendation is not less than 30 days) and having timely answers to any queries raised.
From time to time, you may request that we undertake additional work for you other than what is described in this engagement letter. This will represent a separate engagement for which we will, where practicable, issue you with a separate engagement letter and a separate fee proposal.
Your obligations and rights
The Tax Agents Services Act 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.
- Any advice given to you in the course of the above services provided is only an opinion based on our knowledge of your particular circumstances; and
- 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.
Your rights as a taxpayer include:
- The right to seek a private ruling;
- The right to object to an assessment by the Commissioner;
- The right to 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.
We guarantee that our work will be to your complete satisfaction. If you are not completely satisfied with the value we provide under this agreement, we will, at our option, either refund the fee, or accept a portion of the fee that reflects your level of satisfaction.
Tax Agent Appointment
Where we are expected to prepare and lodge income tax returns on your behalf, you agree to appoint us as your tax agents.
Failure to provide us with all information, documents and assistance necessary to complete the engagement in a timely matter may incur penalties from regulators. Oculus is not responsible for any penalties incurred for late lodgement of the required information in these circumstances.
In the course of the 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. All original documents from you in respect to this engagement shall remain your property; however, we reserve the right to make electronic copies of the original documents for record purposes.
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 you provide specific authority for us to provide this information to them, or where we are subject to a legal duty to disclose the information. You agree to work with us to ensure that we both meet the obligations that we each may have under the Privacy Act 1988.
From time to time during the completion of your work, we may engage various staff who we consider appropriate for the completion of your work. These team members 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 team members will be subject to our supervision and control.
Contact us for more information on terms of engagement