Bank Account Details
Proof of Identification:
The Tax Practitioners Board (TPB) now legally requires that all tax practitioners take appropriate POI steps prior to providing tax agent services and BAS services, and on an ongoing basis, as appropriate. Similarly, in circumstances where an individual is representing a client (including individual and non-individual clients) in engaging a tax practitioner (an individual representative), the tax practitioner must also take steps to ascertain and verify the individual representative’s identity, and the authority for the individual representative to engage the tax practitioner on behalf of the client.
One primary photographic identification document (ID):*
Where photo ID is not available, both of the following:
A primary non-photographic ID document:
- An Australian birth certificate, birth extract or citizenship certificate.
- A foreign birth certificate or citizen certificate.
- A government issued concession card (e.g. Pensioner card or healthcare card).
A secondary ID document:
- A notice from the ATO or other government agency, such as Centrelink, that contains the individual’s name and residential address, issued in the past 12 months.
- A municipal council rates notice or a utilities bill (such as a water, gas or electricity bill) that contains the individual’s name and residential address, issued in the past 3 months.
- A Medicare Card.
- For an individual aged under 18, a letter from a school principal issued in the past 3 months that details the individual’s name, residential address and when they attended the school, or a student card if available.
- Electoral roll details (checked against www.aec.gov.au).
- A legal document showing the authority of the individual representative to engage you on the client’s behalf (where applicable).
The following questions apply to business clients only.
If you are a new client for an individual tax return only:
Please skip the below and submit this form now.
If you are a new business client:
Please complete all of the fields below. Note that further information may be required.
Legal Structure (please select one):
For companies only, do you require us to act as your ASIC registered agent?
I/We authorise M.Kay & Associates (Registered Tax Agent no. 75367003) to submit a Client Update Form to the Commissioner of Taxation using the relevant information provided on this document, for the purposes of adding me to their Tax Agent client list with the Australian Taxation Office. I authorise M.Kay & Associates to correspond with the Australian Taxation Office on my behalf as my Tax Agent, and set communication preferences for all correspondence on my behalf. I hereby declare that all of the information that I have provided is true and correct.
THANK YOU FOR TAKING THE TIME TO COMPLETE THIS FORM.
Hello Sir,
We are pleased to accept appointment as your Tax Agent. M.Kay & Associates will act in your best interest at all times and provide the highest level of professional service. This document sets out the terms of the engagement. Any additions will be by the written agreement of both parties.
As your Tax Agent, M.Kay & Associates:
- analyse, discuss and make recommendations regarding your tax return(s);
- prepare and lodge your tax return(s) for the year* and subsequent years whilst appointment is retained;
In addition to the financial information required to complete these tax returns, it is expected that all relevant source documentation will be made available to us/me. You are responsible for compliance with the substantiation provisions of the Income Tax Assessment Act. M.Kay & Associates will not be responsible for any errors brought about by your failure to provide information or documentation later found to be material to your tax affairs. You are responsible for the timely provision of information and M.Kay & Associates will not be responsible for any late lodgement or other fees and fines brought about by your failure to act in a timely manner.
Please note that any refund is an estimate only and M.Kay & Associates is not responsible and will not accept liability if the Australian Taxation Office determines an outcome which is different than that lodged.
Confidentiality
We have an ethical duty of confidentiality, which means we must not share or disclose your details of this Engagement Letter to anyone, except as otherwise specified in this clause, without your consent unless required to by law. We endeavour to ensure that the confidentiality of your data is maintained at all times and we take every precaution both from a physical and digital perspective to ensure that your information is secure. Under the Tax Agent Services Act 2009 we are required to advise you that our workflows may rely on third party contractors. These contractors perform the following services: -
Compliance
To assist with processing of bookkeeping, preparation of financial statements, income tax returns for all entity types. These contractors, if engaged, will work on our systems and or secured server environment and your information shall be confined to our systems and or secured server environment at all times. Contractors we use include: -
- Zanida Nominees Pty Limited (Sydney) and its subsidiary AccSource Knowledge Process Outsourcing Private Limited (India)
IT
We have been engaging a third-party external IT provider to provide IT services to ensure the integrity and security of our IT systems. With increased complexities and everchanging Information Technology necessitates engaging an IT specialist
Data Storage
Dependant on the type of data, client data is hosted on various cloud-based platforms. Secure portals in which clients can login and transfer data are currently being implementing within the practice. Current storage facilities include: -
- One Drive for Business
- Xero
- Outlook – (Office 365 for Business)
- MYOB
- Just SFSM Audits (superannuation)
- BGL CAS 360 & Simple Fund 360
External Advice
Seeking an opinion or advice from a third party, such as another registered tax practitioner, financial advisor, or legal practitioner e.g. CPA Australia Ltd. In all instances, other than with explicit authorisation, your identify is kept confidential from the external advisor.
Professional Fees and Payments
The standard professional fees are as per below (excluding GST & subject to notification of change):
-
Principal
$250 per hour
-
Senior Staff
$180 per hour
-
Secretarial / Bookkeeping
$65 per hour
-
Individual Tax Returns
From $130.00
-
Rental Property Schedule
From $80.00
-
Capital Gains Schedule
From $80.00
-
Business Worksheets
From $80.00
-
Fee from Refund
$20.00
Deduction of Fees from refund (optional)
It is agreed that fees for the service provided will be deducted directly from any tax refund. Your refund will be deposited into M.Kay & Associates Trust Account with the fee deducted and the balance forwarded to you as agreed.
Terms of Payment
Unless otherwise agreed, payment terms are strictly 14 days from invoice date.
Client’s disclosure and record keeping obligations
You are required by law to keep full and accurate records relating to your tax affairs. It is your obligation to provide M.Kay & Associates with all information that would be reasonably expected will be necessary to allow M.Kay & Associates to perform work contemplated under the engagement within a timely manner or as requested. This includes providing accurate and complete responses to questions asked of the client by the practitioner. Inaccurate, incomplete or late information could have a material effect on services and or conclusions.
The Taxation Administration Act 1953 now contains specific provisions that may provide you with “safe harbour” from administrative penalties for incorrect or late lodgement of returns. These safe harbour provisions will only be available to you if, amongst other things, you provide “all relevant taxation information” to M.Kay & Associates in a timely manner (the safe harbour provisions apply from 1 March 2010). Accordingly, it is to your advantage that all relevant information is disclosed to us/me as any failure by you to provide this information may affect your ability to rely on the “safe harbour” provisions and will be taken into account in determining the extent to which tax practitioners have discharged their obligations to clients. It is your responsibility to show that you have brought all matters to M.Kay & Associates attention if you want to take advantage of the safe harbours created under new regime.
Client’s rights and obligations under the taxation laws
Taxpayers have certain rights under Australian taxation laws, including the right to seek a private ruling from the Australian Taxation Office (ATO) or to appeal or object against a decision made by the Commissioner. Taxpayers also have certain obligations under Australian taxation laws, such as the obligation to keep proper records and the obligation to lodge returns by the due date. M.Kay & Associates must keep you informed of any specific rights and obligations that may arise under Australian taxation laws.
Tax Practitioners obligation to comply with the law
M.Kay & Associates have a duty to act in our client’s best interests. However, the duty to act in our client’s best interests is subject to an overriding obligation to comply with the law, even if that may require me/us to act in a manner that may be contrary to your directions. For example, M.Kay & Associates could not lodge an income tax return that we believe to be false in a material respect.
Previous Returns
M.Kay & Associates have not been engaged to review the accuracy of any previous returns lodged by you or by a previous Tax Agent.
Quality Review
As Principal, I am subject to periodic Professional Practice Quality Assurance reviews. Unless otherwise advised, you are consenting to your files being part of such a quality review. This review is of our client records and not of you as a client and you have full assurances that complete confidentiality will be maintained throughout.
Acknowledgement and Confirmation
I (Taxpayer) hereby acknowledge and accept the terms of this engagement and agree to be liable for all fees for services performed in accordance with this agreement.
