Terms of Engagement & Fee Agreement
As part of the quality assurance procedures at Sound Tax & Accounting, we provide you with this document to confirm our understanding of the terms of our engagement and the nature and limitations of the services we will provide.
Purpose, Scope, and Output of the Engagement This firm will provide taxation 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 will inform you of any such matters that come to our attention.
The recent changes to Section 225 (and 360) of APES 110 on Responding to Non-Compliance with Laws and Regulations (NOCLAR) require us to
report a non-compliance with laws and regulations or acts of omission or commission, intentional or unintentional by a client or by Those Charged with Governance, by management or by other individuals working for or under the direction of a client which are contrary to the prevailing laws or regulations. If we decide that disclosure of NOCLAR to the appropriate authority is the correct course of action, then such a disclosure will not be considered a breach of confidentiality under our code of ethics.
Our professional services are conducted, and income tax returns 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.
Responsibilities In conducting this engagement, information acquired by us in the course of the engagement is subject to strict confidentiality
requirements. That information will not be disclosed by us to other parties except as required or allowed for by law, or with your express consent.
We wish to advise that our firm’s system of quality control 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 Institute of Public Accountants (IPA who 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.
Clients are required to arrange for reasonable access by us to relevant individuals and documents, and to be responsible for both the
completeness and accuracy of the information supplied to us.
The responsibility for providing accurate and complete financial information, including documentation to substantiate any deduction claimed,
rests with you. It is important to remember that you are personally responsible for the information contained in any statutory return and that you must retain all necessary supporting documentation to substantiate any claim. We will not take responsibility for any failure on your behalf to maintain adequate records. By signing this engagement, you are agreeing to check your income tax return as well as any other work prepared by us and inform us of any errors or omissions.
We also remind you that it is your responsibility to inform us immediately if you change your home, postal or email address or telephone number.
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.
Fees Our fees are reviewed every year on 1st July. Any additional work may be performed at your request and these fees can be discussed and quoted by us.
The fee for the preparation of a standard salary/wage earner taxation returns for the 2025 year are as per our schedule of fees.
Rental Properties (existing) – as per schedule of fees.
Salary/Wage Earner Tax Return – Couple - as per schedule
Additional fees will apply to prepare Business Profit & Loss Statements, cryptocurrency, share or dividend trades, rental property schedules, capital gains schedules and/or any other work required outside the salary/wage earner tax return requirements.
Additional fees will also apply if you engage our firm during the year to attend to other matters e.g. evaluation of a rental property purchase, evaluation of salary sacrifice arrangement, provision of documents and declarations to third parties and other meetings, phone calls and email communications.
Billing Arrangements We require full payment on the day of your appointment or prior to lodgement of your tax return. You may pay your account by cash, cheque, credit/debit card or in advance by direct credit into our bank account.
Audit Protection Please note that additional fees will apply if we are engaged by you to assist in an audit, review, or investigation by the ATO or
other government agency. We offer Audit Protection insurance (information sent separately) which will cover our fees for such an audit if you elect to pay the premium.
Ownership of documents Unless agreed to the contrary, source documents such as receipts, invoices, and correspondence between the ATO
and you, ATO notices of assessment, letters of advice and tax returns prepared by us remain your property. We reserve the right to make a copy and retain for our records. Our working papers and documents remain our property.
In the event of the termination of services, you are advised that we may invoke a lien over certain documents we have prepared, and we will hold these documents until all outstanding fees have been paid, or satisfactory agreements have been made. A lien is a right to hold certain documents or property until the debt incurred in respect of those documents or property has been paid.
Confirmation of Terms Acceptance of our services in conjunction with this information document, indicates that you understand and accept the arrangements. This information will be effective for future engagements unless we advise you of any change.
I have read and understood this document and wish to engage Sound Tax & Accounting as my Tax Agent and Accountant.