Retainer Agreement Terms

Client Acknowledgement and Confirmation

Please contact us if you have any queries about our retainer agreement. KCL Business Services Pty Ltd will request that you sign our retainer agreement prior to representation. Please note that If you fail to formalise acceptance but continue to use our services this will be taken as acceptance of terms.

Terms of Payment (retainer)

Unless other terms have been agreed to, our terms require payment in advance as per the agreed monthly retainer package. If your drawing is returned or dishonored by your financial institution, we will schedule your account to be re-drawn with the dishonored amount on your next scheduled payment in addition to a dishonor fee which will be drawn together with any other due payments. Any transaction fees payable by us in respect of the above will be added to this debit. If you do not pay your account by that date, we reserve the right to use a debt collection agency or other legal means to recover any outstanding fees.

Out of Scope – Works not included in Retainers

From time to time particular works may be excluded from your agreed retainer and these works will be billed in addition to your agreed retainer at a rate relevant to the level of experience and expertise required to complete the works. Note the commencement of out of scope works requires notification prior to commencement. Failure to approve necessary works will automatically forfeit all future lodgement obligations.

Out of scope works include:

Xero / MYOB Configuration, Payroll configuration, ATO-initiated investigation/audits, client-initiated amendments, auditing and/or forensic accounting, tax planning and/or research, mid year financial statements, private ruling applications, Division 7A loan agreements, preparation of manual ledgers,  additional budget and forecasting preparation exceeding 2 hours bi monthly, maintenance of record-keeping practices, additional bookkeeping, additional document portal activation, travel charges, debt recovery and legal fees, tax law advice, liquidation and insolvency advice, business coaching and development (inclusive in all premium packages), directors’/stakeholders’ individual tax returns, additional strategy consultations, letter of advice disbursements, new entity setups, fines and penalties, 50%-estimated-appointment-fee cancellation fee, additional out-of-hours work, mergers and acquisitions, management of debtors and creditors, printing, faxes, request for bank statements, third party management software upkeep and reporting

Cancellation Policy – Retainer

Appointment cancellations require at least 24 hours prior notice, otherwise a cancellation fee amounting to 50% of the applicable estimated fee will apply.

Professional Fees and Payments

Retainer packages will be calculated using our standard professional fees, works that have been deemed “Out of Scope” will be charged as follows;  (subject to notification of any changes to the rates):

Principal – $400

Senior Accountant $300

Accountant $200

Junior Accountant $150

Administration $80

Our professional fees for the services we provide will be based on the time and degree of skill and acumen required to complete the nominated tasks and will include as an additional item out of pocket expenses and statutory charges, unless otherwise agreed between the parties.

*All activities are billed in 6min increments and are subject to GST with site visits incurring a minimum 3 hourly charge

For work undertaken for a period of less than an hour, the rate shall be charged in 6 minute blocks, or part thereof. All professional fees are GST exclusive.

Disclosure of other fees and commissions

We will disclose to our clients any commissions or other fees received as a result of work done for that client and will fully comply with statutory requirements in relation to the disclosure of such information.

Expiration & Modification

The terms of this retainer agreement are valid until the 30th June each financial year. If notice to terminate is not provided  the option to renew will be automatically adopted for the consecutive 12 months in accordance with this agreement.

Unless otherwise stated, if you do not use all your included value and/or your included services (as appropriate) in the relevant month, that included value and/or included services (as appropriate) is forfeited, is not refundable, and will not carry over into any other month. Annual services such as tax returns and financial statements require 12 consecutive payments prior to commencement of any works. Pro-rata charges may apply for agreements entered into mid financial year*

This agreement may be modified or amended as necessary after negotiations initiated by either party. If agreement is reached, only written instrument signed by both parties will modify this agreement.

Termination

Termination of the retainer can be made by either party at any time with a 30 days mandatory notice period within which time all outstanding lodgements and obligations are to be settled in accordance with our terms of engagement.

Termination of the retainer agreement will automatically forfeits all/any outstanding obligations of KCL Business Services Pty Ltd upon the conclusion of the 30 day notice period. In accordance with this agreement KCL Business Services Pty Ltd is obligated to meet all outstanding lodgements within this 30 day period that are considered fair and reasonable.

Documents

Before we lodge any necessary documentation on your behalf, we will forward draft documentation to you for approval. We shall endeavour to ensure that documentation is lodged with the relevant departments by the due dates, provided all information and documentation is received promptly after the Financial Year End or other statutory date – to allow us adequate time for preparation and lodgement.

If you are late in providing information, we will do our best to meet the time limits, but we will not be responsible for any lodgement penalties incurred.

Responsibility for Accounting and Internal Control Systems

We advise that the responsibility for the maintenance of a business accounting system and internal control systems, including protection of and prevention against fraud rest with you the client. You will also be responsible for the maintenance of and keeping of the books of account. This includes any work produced by a third party not engaged by this firm that is sought to be relied upon. If any material weakness in the accounting systems or internal control systems comes to our notice, we will advise you accordingly.

It is important to remember that you are personally responsible for the information contained in any statutory return and that you must retain all necessary supporting documentation to substantiate your transactions. We do not take responsibility for any failure on your behalf to maintain adequate records or to provide us with all the relevant information.

Quality Review

As a registered agent with the Tax Practitioners Board (TPB) the Firm is subject to periodic quality assurance reviews. Unless otherwise advised by yourself, by engaging us, you are consenting to your files being part of such a quality review. This review is a review of our firm and not a review of you as a client. Your confidentiality will be retained throughout this process.

Standards

We will provide the highest standard of professional service and we are focused on your concerns as the firm’s client. If for any reason you feel you have not received the service level expected or have an issue to raise, please, at first instance, contact KCL Business Services Pty Ltd to discuss how the problem may be resolved.

Furthermore, as a registered agent with the Tax Practitioners Board we are subject to the ethical and professional requirements of the TPB and its Investigations and Disciplinary processes. These requirements cover issues such as a Code of Ethics, adherence to Accounting and Auditing Standards, requirements to undertake Continued Professional Education. Should there be an issue regarding our ethical or business practices, such matters may be referred to the TPB for investigation.

As a registered agent with the Tax Practitioners Board we are also subject to the Professional Standards Legislation and our liability is capped under a scheme approved by the Professional Standards Legislation.

Privacy Statement

We are bound by the provisions of the Privacy Act to maintain all your records securely and in accordance with the provisions of that Act. Any breach of these requirements should be notified to the Privacy Commissioner. However, as noted above in “Quality Review”, your file, unless you specifically forbid it, may be subject to a Quality Review by the TPB.

Accounting and Record Keeping

In undertaking this engagement, it is understood that you will generally ensure that:

• The bookkeeping for all business entities is maintained on a regular basis. In fact, we recommend the bookkeeping and record-keeping tasks be attended to each week.
• Reconciliations for the bank accounts, debtors and creditors are performed at the end of each month for each of the business entities.
• A stocktake will be performed during the last weekend in June for each entity that deals in trading stock.

It is expected that the trial balance of each of the business entities will be completed no later than 15 October of each year.
In respect of the personal tax returns for you and your family, it is expected that all relevant information will be collated and forwarded to our office by 30 November of each year.