TAX INFORMATION

Tax General Conditions

General conditions that apply to this engagement

During all engagements the client is expected to effect and agree to all of the following plans, rules & hints: -

1. Ensure that a separate cashbook is properly maintained for each type of business or project in operation, thus recording all income, expenses and GST clearly and regularly. Further ensure that any private expenses are identified of also recorded in the same.

Failure to keep proper books and records will attract penalties by the taxation office and other authorities and further more makes our tasks even harder for which we will apply extra charges are warranted, all of which forming part of this agreement.

2. Ensure that petty-cash book or system is in place.

3. Ensure that a storage system is in place to categorically store all tax invoices, receipts, visa statements, petty cash, bank statements, cheque butts, employee/ contractor records, contracts, leases, assets register, stock-taking sheets, car log-books, odometer records, petty cash records, diaries, investment and all relevant records.

Also ensure that business income, expenses and GST tax invoices can be verified for the required statutory period of up to 5 years.

4. Ensure that a wage-book is maintained together with copies of employee declarations and that group taxes and superannuation liabilities are paid as they fall due (monthly or quarterly).

5. Ensure that Tax voices (GST) provided by you and your suppliers in respect of your business are maintained inclusive of ABN number and full details of payers & payee for any payments/ receipt made or received by for goods and services provided.

6. Ensure that all paid invoices are marked < TAX INVOICE/ PAID CASH or CHEQUE etc> are dated and stored in like- item rule or proper method.

7. Maintain a list of debtors at all times, especially at year-end or at time of reviews.

8. Maintain a list of creditors at all times, especially at year-end or at time of reviews.

9. Maintain a stock take a stock take of year-end or at time of review.

10. Maintain separate assest register (equipment, cars, trucks, land, investments, shares.etc) at all times.

11. Ensure that you have in place insurance policies for:
- business generally - keyman insurances - workers compensation
- superannuation - sickness & accident cover - life insurance
- all motor vehicles - public liability

12. Ensure that you speedily respond to our letters, questionnaire and take notice of all reading materials we provide periodically.

13. Undertake to pay our fees, always in due course within our office terms and conditions (regardless of plan) , to further agree to pay our fees in respect of all services provided.