Terms & Conditions

Our Responsibilities

We will be responsible for the following:

  1. Preparation of yearly if not monthly or half yearly profit and loss statement and balance sheet.
  2. Preparation of your income tax returns for you and your business.
  3. General discussions and advice regarding financial statements prepared as and when required.
  4. General discussions and advice regarding tax planning and other business matters.
  5. Preparation of your company’s Australian Securities Commission annual return and supporting minutes, reports and statements.


In relation to items 3 & 4, these matters are of a general nature and if specific tasks or further investigation is required with regard to a particular matter, a separate letter of engagement will be completed if requested and submitted to you, which will include an estimate of any possible additional fees.


We understand that an audit of the financial statements is not required, and therefore I will not be expressing an opinion as to the truth and fairness of those statements. We will process the financial information you present to us without any review of the source documents, on the understanding that you have documented to satisfy the tax office.


We will also provide the following:

  1. When requested, advice and instruction for you and your staff on the maintenance of accounting and internal control systems.
  2. When requested, undertaking of special assignments for such matters as management consulting services, business acquisitions, business planning, financial planning, loan applications and other similar matters.
  3. When requested, any other assistance or information that you require, that relates to you and your business, especially the growth of your business.


Your assistance will be required in discussion and explanations. On completion of the annual financial statements we will need material explanations and representations in writing.


Our involvement in this type of engagement will not disclose fraud, defalcation or other irregularities which may occur.  Furthermore, any advice given to you can only be an opinion based on our knowledge of your particular circumstances as passed to us by you.  However, any material weaknesses in the accounting or internal control systems which come to my notice will be drawn to your attention. You and your staff will be responsible for maintaining and regularly balancing all books of accounts.


From time to time the use of outside contractors may be necessary to ensure the timely preparation of accounts.  All contractors are fully controlled by us and use a secure line to dial into our system in order to have the limited access required.  At no time does any of your information leave our possession.


Ownership of Documents

The financial statement, income tax return and any other documents which you ask us especially to prepare, together with any original documents you give us shall be your property. Any other documents brought into existence by us including things like general journals, working papers, the general ledger, draft financial statements and tax returns will remain our property at all times.


Your Responsibilities

You are responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided and disclosure of all material and relevant information. You are required to arrange for reasonable access by us to relevant individuals and documents, and shall be responsible for both the completeness and accuracy of the information supplied to us. Any advice given to you is only an opinion based on our knowledge of your particular circumstances. You or your staff are responsible for maintaining and regularly balancing all books of accounts, and the maintenance of an adequate accounting and internal control system. You have obligations under self-assessment to keep full and proper records in order to facilitate the preparation of accurate returns. It is your responsibility to keep those records for five (5) years.

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.

Quality Control

We wish to draw you attention to our firm’s system of quality control which has been established and maintained in accordance with the relevant APESB standard,  in your signing this agreement you hereby consent to your file being made available to any reviewer duly appointed by the Australian Society of Certified Practising Accountants for the purpose of its Quality Assurance Program, on the understanding that total confidentially is maintained on the same basis as other members of the Targeted Business Services Pty Ltd team.


Information Storage

As we move to the use of cloud technology the use of off-site data storage facilities will become more and more common.  Dependent on the third party program we use, these sites may be at times located outside of Australia.  While we cannot absolutely guarantee these sites, we would like to assure you that at all times, all document storage will be at a site proven to be secure.  We shall also make sure that these sites use of the best available data encryption services available to provide the highest level of security for your data possible at all times.


If you are using a third party supplier for accounting packages such as Xero their individual policies are available to view from each of their web sites independent of our policies.


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:  http://www.professionalstandardscouncil.gov.au.


Our professional fees, which will be billed as work progresses, are based on the time required by the individual assigned to the engagement plus out-of-pocket expenses, and you will personally be responsible for same. Our terms are 14 days on date of invoice, unless you make special alternative arrangements with us. A progress bill of work completed to date will be issued if work outstanding is greater than (30) days.