Terms and Conditions
These Terms of Business apply to all work you engage Aura Accounting & Advisory Pty Ltd T/as CN Tax Advisers (us) to perform from time to time. They apply in addition to the terms of any engagement letter we send you for specific services.
Accuracy of Information
You are solely responsible for the reliability, accuracy and completeness of all accounting records, particulars and other information provided to us. We will provide our services based on the information given to us. Unless it expressly falls within the scope of our engagement, we are not required to independently verify that information. You must inform us immediately if you become aware of any errors, omissions, changes or misrepresentations contained in any information provided to us. You are responsible for maintaining and regularly balancing all books of accounts, and the maintenance of an adequate accounting and internal control system. You must arrange reasonable access by us to relevant individuals, premises and documents.
Anti-Poaching Provision
You agree that during the term of our engagement, and for a period of twelve months thereafter, you will not make an offer to engage (directly or indirectly, as an employee or contractor), or actually engage, any employee or contractor involved in the provision of our services to you, without our prior written consent. If you engage such a person, you agree to pay us a fee equal to 30% of the annual compensation package offered to the person concerned. You acknowledge that this amount represents a genuine pre-estimate of the loss we will suffer as a result of a breach of your obligations under this paragraph.
Assessment and Reviews
As a taxpayer, you have obligations under self-assessment to keep full and proper records in order to facilitate the preparation of correct returns. 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 four 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.
Confidentiality
Information acquired by us in the course of our engagement, including any information relating to your affairs (whether it belongs to you or not, or is provided by you or not), 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.
Delivery of Services
We will deliver our services in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB).
General Limitation of Liability
Our liability to you (including any liability of our directors, associates, employees and contractors) in any way arising from or connected with this engagement is limited as follows:
Where fee is less than $100k: $2 million
Where fee is ≥ $100k but < $300k: $5 million
Where fee is ≥ $300k but <$500k: 10 million
Where fee is ≥ $500k: $20 million
These limits apply even if we are negligent. You release the firm, its directors, associates and employees or contractors from any claim exceeding these limits that arises from or is otherwise connected with any services supplied (or not supplied) by us.
Governing Law and Jurisdiction
This engagement letter, all aspects arising from our engagement by you and the performance of work and services for you are governed by the law of New South Wales. You irrevocably submit to the non-exclusive jurisdiction of the courts of New South Wales, notwithstanding that your activities or any part of the engagement or your acceptance of these terms of the engagement may be or take place outside New South Wales.
Goods and Services Tax (GST)
Where our service attracts GST because it is a taxable supply, you will be charged the same GST amount (currently 10%). This amount is payable at the same time as the balance of our invoice. If, after payment of the invoice, the ATO requires an additional amount payable as GST, you will be liable for that additional amount.
Intellectual Property
Apart from any documents you may own pursuant to these Terms of Business, intellectual property or knowhow, including methodologies, documentation, materials, concepts, processes and systems brought to, used or created by us during the course of our engagement, will remain our property. We will not be restricted from developing and using any intellectual property or know-how including methodologies, documentation, materials, concepts, processes and systems for other purposes. You must not use or display our name or logo on any website or public statement or document without obtaining our prior written consent.
Involvement of Other Experts
Where, as part of our engagement, the services of an external consultant or expert are required, an estimated cost and timeframe and involvement will be provided to you for your approval.
Limitation on Services (exclusions)
Unless our engagement letter states otherwise, neither an audit nor review will be conducted as part of our engagement and, accordingly, no assurance will be expressed. Our engagement cannot be relied upon to disclose irregularities, including fraud, or other illegal acts and errors that may occur. We will inform you of any irregularities that come to our attention.
No Reliance on our Work by Others
We will not accept any responsibility in connection with any reliance by any person on any report or other document we prepare, other than you or the person named in the document. Any document we prepare may not be used for any purpose other than for which it was specifically provided. Our reports and documents may include disclaimers to this effect. We expressly disclaim any liability that arises in connection with our services to anyone other than you, our direct client.
Opinions and Ultimate Responsibility
Any advice we give you is only an opinion based on our knowledge of your particular circumstances. You should not assume that advice we give you is beyond challenge by relevant taxation authorities. This because the application of taxation laws can often depend on facts of which we may not be aware, because some laws are open to interpretation, and because taxation laws change regularly (sometimes retrospectively).
Ownership of Documents
All original documents obtained from you arising from the engagement will remain your property. However, we may make copies for the purposes of our engagement, and we may retain them as part of our records.
Our engagement may result in the production of Financial Statements and Income Tax Returns. Ownership of the final documents will vest in you. We will own all other documents produced in the course of our engagement, including file notes, working papers and documents in both electronic and hard copy form. In the event of a dispute, we have a policy of exercising a legal right of lien over any client documents in our possession. If a dispute arises, you should contact the partner or manager responsible for your engagement by calling (02) 9158 3228.
Payment
Our invoices are payable within 14 days of receipt. Overdue invoices will attract interest at the rate that is 6% above the cash rate last published by the Reserve Bank of Australia as at the date of the default.
Privacy
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) (Privacy Act). These 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 we use outsourced services and that requires the disclosure of personal information overseas, we will take reasonable steps to ensure the Australian Privacy Principles are complied with by any overseas recipients of personal information.
In some circumstances, Aura Accounting & Advisory Pty Ltd also uses third party service providers to carry out its functions and provide services in order to deliver maximum value to our clients at all times by being more available and proactive with advice and solutions. These service providers are typically located in Vietnam and the Philippines.
Private Rulings
Where the application of a taxation law to your particular circumstances is uncertain, you 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.
Professional Standards liability limitation
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:
https://www.psc.gov.au/professional-standards-schemes/scheme-documents
Quality Control
We maintain a 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 the Institute of Chartered Accountants Australia which monitors compliance with professional standards by its members. By accepting our engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program.
Rate reviews
We review our charge rates annually, typically with effect from 1 July each year. Any fees or rates disclosed in our engagement letter are therefore subject to change.
Subcontractors
We may engage subcontractors to perform some (but not all) of the services under our engagement. We will remain liable for services performed by a subcontractor, however the limitations of liability contained in this document will continue to apply.
Termination
You may terminate our engagement at any time, for any reason, by notice in writing. We will stop work immediately upon receiving your notice and will invoice you for any work performed that has not previously been invoiced. We may terminate this engagement at any time by notice in writing:
· if you fail to provide us with information or instructions within a reasonable time, or if you give us information that is deliberately false or intentionally misleading;
· if you fail to accept our advice; or
· for any other just cause, including any conflict of interests. You will remain liable for payment of our fees, notwithstanding the termination of our engagement.
Timing of Services
We will use our best efforts to ensure our work is completed by any dates agreed with you, including any identified in our engagement letter. We will not have any liability to you if we are unable to meet those dates for reasons beyond our control, such as any delays in receiving documents, information or instructions from you. Additional fees may apply for additional work that is required due to circumstances beyond our reasonable control.
These Terms of Business, combined with any accompanying engagement letter, constitute the entire agreement between us in relation to its subject matter. These terms supersede any prior understandings or arrangements. You acknowledge that you have not relied on any representations by us in entering into this engagement, other than those set out in these Terms of Business and any accompanying engagement letter.