TERMS & CONDITIONS
Terms, Definitions and Meanings
|We/Us/Our||Tradewise Solutions Pty Ltd T/A Tradewise Solutions ABN 92 642 687 027|
|ATO||The Australian Tax Office|
|ATO Portal||The Tax Agent Portal is a secure website providing registered agents and
their authorised staff access to a range of tools, services and information about
|ITR||Income tax Return|
|GST||Goods and services tax|
|IT Systems||Information technology systems|
We at Tradewise Solutions encourage you to read and understand the following terms and conditions, which apply to your use of our services in person and/or through our website including completions of your/your business’s ITR and your engagement with Tradewise Solutions. By engaging us to provide you with the service, you agree to be bound by these terms and conditions. You warrant that you have the capacity and all necessary authority to enter into this agreement. This agreement commences on the date you first utilise our service and will continue until terminated by either party.
We have a duty under the Tax Agent Services Act 2009 to advise you of your rights and obligations in relation to the services we provide to you. These will vary according to the particular taxation and accounting services which you require from us from time to time.
If you have any questions or require further clarification about this Terms & Conditions, please, do not hesitate to contact us via our contact form.
- You authorise us to prepare and lodge your income tax return to the ATO on behalf of you based on the information you provided to us and pursuant to the applicable laws and regulations (e.g. the Income Tax Assessment Acts of 1936 and 1997).
- You understand that you may self-prepare your ITR at no fees and lodge your return online with the ATO directly. You can also use us as your registered tax agent to prepare and lodge your tax return for you. A tax agent is a qualified professional who can help you prepare and lodge your tax return. You can engage the services of a tax agent either online or face-to-face. You are responsible for the tax records you provide to your tax agent.
- We attempt to provide as accurate information as possible in our website. However, we cannot guarantee that the content of our website is completely error-free. We will notify you should any error arise during your interview with us or review of your particulars, and tax information.
- You will not attempt to violate the security of our websites and E-mail systems. This includes any attempts to download source code, spreading malicious programs or viruses, or interfere with the operation of our IT systems.
- You agree to handle information exchanged between you and us including any personal, financial, correspondence or other information, in a secure, private and confidential manner and to not reveal or disclose any such information, unless required by law.
- These Terms and Conditions are governed by Australian Laws. We reserve the right to amend these Terms and Conditions and our Online Tax Lodgement facility at any time, in which case you will be deemed to have accepted the amended terms by utilising our service after those terms have been published.
Your tax return lodgement
- By providing us with the requested information, you agreeing and authorising us to register you in the Tax Agent Portal and access your records from the portal. The requested information can be provided electronically such as our website, E-mail, telephone and/or in person.
- Under the applicable laws, we have legal duty to check your tax records, and regardless of whether your income is pre-filled or manually entered, we need to make sure it is accurate and complete. We may contact you via email, telephone, or SMS to ask you questions about your income, expenses and other relevant matters, such as your deductions. Tradewise Solutions does not accept any responsibility for the information that you provide on your return.
- If you have paid more tax than you need to, the ATO will refund the extra amount to you (this is called a tax refund). If you have not paid enough then you may receive a tax bill from the ATO. Tradewise Solutions cannot guarantee that, after lodgement of your ITR, every taxpayer is entitled and receive tax refund. Whether or not you are entitles to a tax refund from the ATO, if we lodge your tax return on behalf of you, you must pay our fees for providing the services to you.
- The ATO aim to process electronically lodged tax returns within two weeks. However, some tax returns may require manual checks and take longer. The ATO process majority of refund claims without any problem. To ensure refund claims are correct, the ATO verify information provided on the return against information on their systems and may contact other parties such as banks, employers, customers and suppliers to verify that information. Also, manual checks may be required when inaccurate information is provided, or when you lodging your tax for the first time, or when a large unusual refund being claimed. We are not responsible for delays caused by processing, audit, or any other requirements resulting from the ATO’s processes or requirements.
When we review your return particulars, or when we lodge your tax with the ATO, except certain situations, we will not issue a refund of the fees. For example, we refund you if the agreed services are not provided to you by the agreed time. However, this is not applicable if there are situations beyond our control. i.e. When we experiencing system issues with the ATO or our software providers that is causing delays in delivering our services to you.
Fees and processing
The fees quoted by us are for preparation and lodgement of one ITR for the current year only and are inclusive of GST. These fees are our standard fees; however, our services are based on the complexity of your tax return. Additional charges may apply for extra services provided beyond your tax return preparation and lodgement. We will notify you of any changes in our current rates or fees or any additional fees and charges that we may apply in advance, as required by law.
Before preparing and lodging your tax return, we require that you provide us with all relevant information and copies of documentations requested from you. We also require that you pay our fees, which at your election you may pay by credit card, direct debit to our bank account, or by deduction from your tax refund.
Tradewise Solutions may receive your tax refund into its trust account. In the event our fees are not paid upfront, to retain from that tax refund any fees that you are owing us, you agree and authorise us to receive any tax refund into our trust account. Any surfeit from your tax refund will be deposited into your nominated bank account via electronic transfer. If you have paid more tax than you need to, the ATO will refund the extra amount to you. If you have not paid enough then you may receive a tax bill from the ATO. If you receive a bill from the ATO (rather than a refund) or the sum of your tax refund received from the ATO is lower that the fees you owing us, you must pay our fees in full by the due date stipulated in the issued tax invoices inclusive of the GST amounts.
Your obligation to keep records
Under the taxation laws, you are required to keep records that properly explain the transactions you have entered into.
As an individual if a taxpayer claiming deductions for work-related expenses, the taxpayer is subject to the Substantiation rules. According to the Substantiation rules, a taxpayer is requiring to keep all the receipts, invoices, etc of the relevant expenses they incur. For example, to claim car expenses, you may need to provide written evidence to show how you worked out your business kilometres (for example, by producing diary records of work-related trips).
Failing to keep proper records can lead to the ATO denying a particular deduction, which may involve the imposition of penalties and interest. Substantiation records must be retained for 5 years after the tax return for the relevant year was lodged.
As a business, you are requiring to keep appropriate records that clearly explain all the transactions you have entered into. This includes all the documents that explain how the income and expenditure of the taxpayer was determined. All these records must be retained for a period of 5 years after your tax return is lodged. There are penalties, if a taxpayer fails to keep the records for this period of time.
Obligation to provide complete and accurate records
It is a taxpayer’s responsibility to provide us with accurate and complete records. You understand that it is your duty to keep the evidence of income/deductions for a minimum of 5 years. In order to lodge your return, we are requiring to the receive documentations from you as and when requested. You declare that you will provide us correct and complete details of your personal and business income including your ordinary and statuary incomes, such as your salary, wages, dividends, Jobkeeper payments, Government allowances, and pensions, interest, royalties, and foreign income, etc. You declare that you have the necessary receipts/records for the deductions/rebates claimed in your tax return(s).
Where you are unable to provide us with complete and accurate records, we may be unable to prepare and lodge your tax return. Under the Tax Agents Services Act 2009, tax agents are subject to a Professional Code of Conduct which prevents them from acting for a client where insufficient records or information exists so as to be able to determine the amount of the client’s income or deductions.
The ‘safe harbour’ (or exemption) rule
Any returns lodged on or after 1 March 2010, is subject to the ‘safe harbour’ rule. The safe harbour provisions aim to ensure that services provided to the public by a tax practitioner are of an appropriate ethical and professional standard.
Under the safe harbour provisions, a client will not be liable to certain administrative penalties if they provide all the relevant tax information to their tax agent. Therefore, to benefit from the ‘safe harbour’ rule, you should ensure that you provide us with all the relevant tax information in your possession. This includes any documents that we request from you in addition to any other relevant information you think may be relevant to the preparation of your tax return. The information provided must be complete and accurate.
It is also important that you provide us with all relevant tax information to enable us to lodge your return, notice, statement, or other documents by the due date. You declare that before authorising us to act on your behalf, we have explained relevant provisions of the Income Tax Act regarding income and expenses to you. You also understand that taxation laws provide heavy penalties for providing false or misleading information.
Shortfall interest charge
If your tax return is amended and your tax liability increases, there is a tax shortfall. The ATO apply interest to this shortfall amount for the period between when it would have been due and when the assessment is corrected. The ATO apply a lower-rate interest called shortfall interest charge (SIC) rather than general interest charge (GIC). This is because taxpayers are usually unaware of a shortfall amount until they receive an amended assessment.
Objecting to an assessment
By law you can object to tax assessments (except for the Diverted profits tax assessment) and most other decisions the ATO make, within the appropriate time limits. Time limits for lodging objections vary from 60 days to four years. The time starts from the date the assessment or notice of decision was given to you. This is generally taken to be the date our assessment, notice, ruling, demand, decision or other correspondence was delivered to you or your representative in the usual course of the post.
You discharge us and our staff from any liability arising on account of any audit or other investigation in respect of any undeclared income or excess claims made in your tax return.
In our website we use texts, forms, graphics, logos, images, etc. All of these contents and materials are property of Tradewise Solutions, and are protected under the Copyright Act.
Client’s Authorisation to Lodge Income Tax Return
- I authorise my tax refund to be transferred to my tax agent’s trust account. I understand that I will be paid the balance on my tax refund only after my tax agent has deducted its fees.
- I have read, and I accept the above terms and conditions. I authorise Tradewise Solutions to prepare and lodge my ITR.
DISCLAIMER: The contents of this Terms and Conditions are general in nature and we accept no responsibility for persons acting on the information contained herein. This publication does not constitute specific advice and readers are encouraged to consult their tax advisor directly on matters contained herein. Tradewise Solutions makes no representation and gives no warranty that our service will function in any particular way or be available at any particular time; and information in our website will not be interpreted nor relied upon as being financial or investment advice.