Terms and Conditions
Working Together Made Simple
At La Source Advisory, we believe in clear communication and straightforward relationships with our clients. These Terms and Conditions outline how we work together to achieve your financial goals.
Our Engagement
When you engage La Source Advisory for accounting and advisory services, these terms apply to all services we provide to you and your associated entities.
Each business entity and individual listed in your service agreement engages our firm on these terms. All listed entities and individuals are jointly and severally responsible for payment of our invoices, regardless of which entity received the direct benefit of our work.
How We Work Together
Your Role
The success of our services depends on your timely cooperation. This includes:
- Providing the information we need when we need it
- Ensuring cooperation from your team members
- Making decisions promptly to keep things moving
Our Role
We’ll provide the specific services outlined in your service agreement. Any services beyond this scope will require further discussion and may involve additional fees.
Time Estimates
When we provide estimates for completing work, these are based on receiving prompt information and cooperation from you. If information arrives late or incomplete, additional time and costs may be required, and we may not be able to meet deadlines for lodgements or reports.
Your Information
For us to do our best work, you agree to: - Provide accurate and complete information in a timely manner - Let us know if you later discover any information is incorrect - Take reasonable care to ensure all information is reliable
We’ll base our reports and conclusions on the information you provide. Unless specifically agreed, we won’t verify the accuracy of your information, and we assume no responsibility for its completeness.
Financial Statements
We prepare financial statements in accordance with APES 315 “Compilation of Financial Information,” the professional standard for this work.
Our procedures involve collecting, classifying, and summarizing the financial information you provide. Unless specifically agreed, our work doesn’t include verification or validation procedures, nor does it constitute an audit or review.
While our engagement isn’t designed to detect irregularities, fraud, or errors, we’ll inform you of any such matters that come to our attention.
Record-Keeping Responsibilities
Australian law places responsibility for maintaining accounting records on you. We may review these records during our work, but we don’t verify their accuracy or completeness.
Generally, businesses must keep records that support all transactions relevant for income tax purposes. These records must be retained for at least 5 years after the date of any income tax assessment. Records relating to Capital Gains Tax must be kept for at least 5 years after the disposal year’s assessment.
Under self-assessment, you’re responsible for keeping proper records to facilitate the preparation of correct returns. While the Australian Taxation Office typically accepts claims made in tax returns without adjustment, returns may be reviewed within four years after tax becomes due. In cases of fraud or evasion, there’s no time limit for amending assessments.
When tax law application is uncertain, you have the right to request a private ruling from the Commissioner. We can assist with this process if needed.
Document Ownership
All original documents you provide remain your property. We reserve the right to make copies for our records.
Our work will generate work papers, including reports and reconciliations. Ownership of these documents will transfer to you. All other documents we produce remain our property, subject to any statutory obligations.
In the event of a dispute, we reserve our legal right of lien over client documents in our possession.
Tax Penalties
We’re required to inform you that significant penalties can be imposed by tax authorities for:
Errors (deliberate or inadvertent)
Failure to pay taxes
Misstatements and omissions
Failure to supply information
Failure to lodge returns
Tax Agent Appointment
By accepting these terms, you appoint La Source Advisory as your Tax Agent. This authorises us to prepare and lodge documents with the Australian Taxation Office on your behalf, including forms related to tax agent administration, income tax, GST, PAYG, and activity statements.
GST and Activity Statements
If we prepare and lodge Business Activity Statements for you, we may conduct a general review of GST-related transactions if you provide full details. However, our engagement doesn’t guarantee correct GST treatment of all transactions. You and your staff are responsible for highlighting transactions that need detailed consideration.
Fees and Payment
Our Fees
Our fees will be charged as outlined in your service agreement and will include GST except where services are GST-free (e.g., exported services).
If we incur expenses on your behalf, we’ll charge you the GST-inclusive amount, less any input tax credits we’re entitled to. Any disbursements incurred as your agent will be charged at their GST-inclusive cost.
Payment Terms
Payment is due within 14 days of invoice date or, if specified, prior to lodgement. If our fees aren’t paid, we may suspend all services until payment is received in full.
Confidentiality
Neither La Source Advisory nor you will disclose confidential information without the other party’s consent unless required by law. Confidential information includes proposals, tenders, trade secrets, methodologies, and non-public documents.
Exceptions include disclosures to legal advisors, disclosures required by law, and disclosures necessary for service delivery.
External Reviews
La Source Advisory is subject to quality control reviews by professional accounting bodies. Our files may also be reviewed by regulatory authorities to monitor compliance with professional standards. We may make our files available under these programs with your prior written consent.
Privacy
When providing services, we may collect personal information about you, your representatives, or clients. You agree to work with us to meet our respective obligations under the Privacy Act 1988 (Cth).
Where you’ve collected personal information, you confirm it was collected in accordance with the Privacy Act, that you’re entitled to provide it to us, and that we may use and disclose it for the purpose of providing our services.
You authorise us to collect, retain, and use personal information in accordance with the Privacy Act, and to disclose it to relevant third parties, including solicitors, other consultants, debt collectors, and credit reference organisations.
Termination
Either party may terminate the engagement if the other party fails to remedy a material breach of these terms within 30 days of written notice. If the engagement terminates before completion, we’re entitled to be paid for work completed or costs incurred based on our standard rates.
Upon payment of all outstanding fees, we’ll return all your documents. If we’ve entered into a retainer arrangement, it cannot be cancelled before the agreed period expires.