FEES & TERMS OF ENGAGEMENT

Packages, Fees & Engagement Terms

KMA Business Solutions provides the highest standard of work to all of our valued clients

Our Fees

HOURLY RATES

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CONSULTATION WITH PRINCIPAL

Hourly rates are calculated in 6 minute blocks

$300 per hour

(Plus GST)

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CONSULTATION WITH ACCOUNTING STAFF

Hourly rates are calculated in 6 minute blocks

$150 per hour

(Plus GST)

TAX RETURNS, BAS & PAYG

INDIVIDUAL & SOLE TRADER RETURN

Cost is based on a structure of standard fees for the type of schedules required. It varies depending on complexity of the return as well as availability of information required to complete

COMPANIES, TRUSTS & PARTNERSHIPS

These tax returns have detailed reporting requirements and vary in complexity.
Fee estimates can be discussed upon consultation to determine a definitive price

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B.A.S & P.A.Y.G STATEMENTS

These fees are calculated based off the volume of company transactions. This determine the amount of work required, therefore the amount of time required to prepare statements.

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TERMS OF ENGAGEMENT

When you request KMA Business Solutions to provide you or your business with accounting and taxation or consulting services (“services”), we ask you to agree to the terms and conditions on which we will provide our services. Due to increased reporting requirements for Tax Agents we require all clients to agree to our terms, either electronically or by signed letter, prior to providing tax preparation and advisory services. We also require all returns to be signed prior to lodgment.

From 1 March 2010, provisions in the Taxation Administration Act 1953 can provide you with “safe harbours” from penalties for incorrect or late lodgment of returns if, amongst other things, you give us “all relevant taxation information” in a timely manner. This means that it is to your advantage to give us all information necessary for us to properly do the work and promptly advise us of anything that occurs subsequently to render information already provided misleading or incomplete.

These standards terms will be effective for future years unless we publish or advise you of any changes. If there is anything you do not understand, you should not accept our terms until we have clarified matters. Above all, if there is anything you are concerned about we urge you to discuss the matter with us and, if necessary, request a change to the terms set out above.

Please do not hesitate to contact us if you have any questions. We value your business and look forward to being of continued service to you.

At the time specific services for a particular project are required, we will discuss with you the nature of the services required prior to beginning the work and, if you wish, we will provide you with an estimate of our fees for those services. To be fair to each of our clients, work which you deliver to us will, when received, be attended to on a first in/first out basis.

The entities for which we are providing services will be placed on our “Tax Agent Lodgment List”. Please contact our office to inquire about your last date for tax lodgment. If requested, we will also register as your agent with the Australian Securities & Investments Commission (“ASIC”).

The services shall be as agreed from time to time, but may include:

  • The preparation and lodgment of annual income tax returns;
  • The preparation and lodgment of BAS, PAYG Withholding and other statements as required;
  • The provision of accounting services involving preparation of journals, financial statements and the recording of your business’ financial transactions in accounting software when requested;
  • Advice relating to the maintenance of your accounting and record keeping systems;
  • Providing general taxation advice and taxation based structuring advice, including business tax advice and any other advice that we are qualified to provide, as requested by you; and
  • Acting as your contact with the Australian Tax Office and dealing with correspondence and matters relating to your income tax affairs.

    Please note that as we perform these services:

  • 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;
  • Unless you authorise and instruct us to act as your tax agent for activity statement purposes, we do not deal with your Tax Office matters relating to your BAS, GST or PAYG instalments;
  • We are accountants, not licensed financial advisers, and cannot give you financial planning advice or recommend financial products;
  • We are not responsible for your prior year tax returns or any other documents prepared and lodged by you or other accountants. However, if required, you may request and we may agree to amend the returns or documents for you.

     

All professional fees for the services provided are charged to you based on the time and degree of skill and acumen required to complete the tasks, including out of pocket expenses and statutory charges, unless otherwise agreed between the parties.

General information about our fees for a variety of services is available on our website and we are happy to provide a written estimate of costs when requested. Standard fixed fees are charged for some individual tax returns. We provide an estimate of costs when requesting payment of a deposit towards a large undertaking of work which will be charged on a time-based billing basis.

It should be noted at the outset that as a general proposition we rely upon our clients to provide us with accurate and timely information to enable us to properly perform our engagement obligations. Consequently, any rectifying work performed by us on the basis of incorrect or late information will be work which is outside the scope of our engagement and will be charged as additional services.

You will appreciate it is very difficult for us to be able to provide to you before we commence the service, an estimate of the time it will take in completing the work. This is because our fees allow for:

  • The nature and timeliness of the information you provide;
  • Whether the information has been provided to us in a format which facilitates entry into our processing software, including any relevant usernames and password for any accounting package software files;
  • Your availability to respond to any questions we may have on the information you have provided;
  • The complexity of the issues involved.

If the costs to you are likely to be significantly higher than any estimate provided or an amount that you were previously charged for the same type of service, we will inform you of this and the reasons for the likely increase.

Generally our fee rates will change effective 1 July each year. The new rates will take into account the costs we incur in ensuring that suitably qualified staff is available to provide the services and other general cost pressures in the market place. We may from time to time amend the rates referred to on our website or provided to you in writing, by providing you with a further written notice.

We do not charge for reasonable levels of internal office expenses such as photocopying, printing, local telephone calls and faxes. If significant costs are incurred, we reserve the right to request a reasonable contribution towards these costs. We will pass on to you the following charges (at cost) for external expenses incurred by us:

  • External photocopying or printing required;
  • Courier costs;
  • Travel costs; and
  • Other external expenses as agreed with you
  • If it becomes necessary or advisable in providing our services to obtain the assistance of third parties, such as solicitors, barristers, consultants, or experts, we will not employ anyone without your prior permission. We will pass on to you the actual costs of any such third parties.
The invoice will provide a brief description of the work done. Please let us know if you require any more details. For the majority of work that we undertake we invoice at an hourly rate.

Unless other arrangements are made before we start the work, we require payment within 7 days of the date of the invoice. We may invoke a Lien over certain documents held until such time as an outstanding fee has been paid or other satisfactory arrangements are reached. A Lien is a right to hold certain documents or property until the debt incurred in respect of that property/document has been satisfied. The Lien however may not be held over property that belongs to another, including if held jointly, and does not cover statutory documents (e.g. a Tax Return, BAS or refund cheque) If you are late paying our invoices we may require you to agree to pay all our fees upfront prior to our firm agreeing to continue providing services under this engagement.

 

 

On completion of the work, we will return your files to you and you should retain those files for 5 years after completion of the work for individuals and 7 years for other entities. Copies of taxation returns, ASIC and other relevant materials must be retained by us for the statutory period of time, currently 5 years. We shall retain all working papers as they have been created by us for our use while providing those services to you. These working papers represent part of our permanent records and do not belong to you.
We will not continue to act for you if you do not pay our invoices, fail to give us adequate instructions or advise us that we have lost your confidence. Otherwise, either you or we may terminate this agreement at any time. Before we terminate this agreement, we will give you 7 days notice setting out the reasons. If the agreement is terminated, you will be required to pay for all work done and expenses incurred up to the date of termination within 7 days from the termination date.

If you terminate this agreement and appoint another accountant to provide the services, we will not provide any information, records or registers whatsoever to your new accountant unless and until all fees rendered by our firm have been paid in full.

Other obligations under out standard engagement terms are as follows:

  • We will act in your best interests but we must comply with the law even where that may be contrary to your interests. For example, we must comply with certain statutory notices from the Australian Tax Office, which may require payment to it of money we are holding on your behalf, or the production of documents or information;
  • Subject to the law, we must not disclose any information relating to your affairs to a third party without your consent. To the extent necessary to carry out our work for you, you agree that your confidential information may be disclosed to entities related to you unless you instruct us otherwise in writing;
  • If during the engagement you become aware of any conflict of interest or potential conflict of interest or there is a change in circumstances which may result in a conflict, you must advise us.

For more information on how we can help you, schedule an appointment today.