Engagement Brochure

The purpose of the Engagement Brochure is to confirm the scope, terms and limitations of the services that we will be providing you and your related entities. We may issue you with a formal Engagement Letter which supersedes this brochure.

Please note that by continuing to instruct us or respond to our correspondence, you are acknowledging your acceptance and understanding of the terms outlined in this Brochure and our Terms.

Scope

We will provide accounting, taxation and advisory services, including but not limited to:

  • Preparation of un-audited Special Purpose Financial Statements.

  • Preparation and lodgement of tax forms, including but not limited to, Income Tax Returns, Business Activity Statements, Instalment Activity Statements and Fringe Benefits Tax.

  • Preparation and lodgement of Payroll Tax Returns.

  • Preparation and lodgement of Workcover Annual Returns.

  • Attendance to year-end tax planning.

  • Provision of advice/special assignments as requested.

Scope Limitations

An audit or review will not be conducted as part of this engagement and accordingly, no assurance will be expressed. Our services cannot be relied upon to disclose errors, illegal acts, fraud or other irregularities that may exist. Procedures performed will be limited exclusively to those related to the engagement.

The client is responsible for identifying their tax and other compliance obligations and issues, and requesting assistance if required.

It is the client’s responsibility to provide all information necessary for us to provide the services described above and other services as requested, and to ensure the information is provided in a timely manner. The client is responsible for the reliability, accuracy and completeness of the information being provided.

We will rely on the information provided by the client, and will not perform additional detailed analysis, audit or integrity checks on that information.

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.

Fees

Our fees are calculated on the amount of time and the level of staff required to complete the accounting, taxation and advisory services.

We may charge you for any additional costs or disbursements we incur in relation to your matter, including but not limited to travel costs, stationery costs, couriers costs, title searches.

Our fees are subject to change as required.

Record Keeping and Lodgement Obligations

It is your obligation to provide us with all information that you reasonably expect will be necessary to allow us to perform work contemplated under this engagement within a timely manner or as requested. Inaccurate, incomplete or late information could have a material effect on our services and/or our conclusions and may result in additional fees. We will not verify the underlying accuracy or completeness of information you provide to us.

There are certain record keeping and lodgement obligations required by law that you are responsible for. These include but are not limited to.

  • Keeping proper records of all financial, accounting, taxation and business related matters.

  • Ensuring that income tax returns, activity statements, ASIC forms and other compliance obligations are lodged and paid by the due date.

  • Retaining relevant supporting records and documents for a minimum period of 5 years

Financial Services Advice

Our engagement does not extend to the provision of financial services advice.

Legal and Professional Obligations

In providing the services, we have a duty to act in your best interest, however this is subject to an overriding obligation to comply with the Law and Professional and Ethical Standards, even if that may require us to act in a manner that may be contrary to your interest. These may include (but not limited to) the requirements of:

  • Australian Tax Legislation and Regulations

  • Superannuation Industry Supervision Act and Regulations

  • Australian Accounting Standards

  • Accounting Professional and Ethical Standards Board

  • Chartered Accountants in Australia and New Zealand

  • Corporations Act

  • Australian Securities and Investments Commission

  • Tax Practitioners Board

The Tax Practitioners Board (TPB) maintains a register with details of registered, suspended and deregistered tax and BAS agents. This register is available to the public to search at https://www.tpb.gov.au/public-register. Our details are:

  • Legal/Registration name: Reed Advisory Pty Ltd

  • Type: Tax Agent

  • Registered Agent Number: 26156273

Registered tax practitioners must advise prospective and current clients of any matters that may significantly influence the decision to engage or continue to engage them to provide tax agent services. Please be advised that we have no relevant matters to report.

Confidentiality

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. If you do so, we will have permission to disclose the relevant information accordingly, in the performance of our services, unless you instruct us otherwise in writing.

Limitation of Liability

Our liability may be limited by a scheme approved under Professional Standards Legislation. Further information on schemes is available from the Professional Standards Council – www.psc.gov.au

Ownership of documents

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.

Our engagement will result in the production of, but not limited to, Financial Statements, Income Tax Returns, Business Activity Statements, ASIC forms, Workcover Annual Returns and Payroll Tax Returns. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain our property.

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

Outsourced and Cloud Computing Service Providers

We may utilise outsourced service providers and cloud computing service providers where appropriate.

To perform our service, we may provide these third parties with access to your data to the extent this is required to perform the services. Your data will be stored in services physically located in Australia and other countries, and in accordance with security practices of the third party service provider and our Privacy Policy - please request this by emailing us.

Some of the providers we may use include but are not limited to:

Xero, Hubdoc, MYOB, Quickbooks, BGL, Assured Super, Abbots, Cleardocs, FuseSign, Microsoft, 1Password, Bitdefender.

Period of Engagement

The Engagement will replace any documents previously issued and will commence upon acceptance. The Engagement will be effective for future years unless we advise of any change, or they are terminated or replaced.

Obligation to Correct False or Misleading Statements

We are prohibited by law from preparing or making a statement to the ATO, the TPB or another Australian government agency that is false or misleading in a material particular. Within a reasonable period of time after we believe that the statement given was false or misleading, we must take reasonable steps as outlined by the law.

Termination

You may terminate this engagement at any time by giving us notice in writing. If this agreement is terminated by either party, you are responsible for reimbursing us for any expenses that we incur for work in progress and the transfer of information to a new advisor or other agents appointed by you.

Problem Resolution

Your feedback is valuable to us. We request that any concerns or issues arising during the engagement be discussed with us. We will attempt to address these to your satisfaction in a timely manner. If you are dissatisfied with the way your issue is handled, you can report the matter to the Chartered Accountants Australia and New Zealand (CA ANZ) or TPB at www.tpb.gov.au/complaints