TERMS & CONDITIONS
I authorise Allianz Accounting to prepare my Income Tax Return and/or Education Tax Refund claim with reference to the associated questionnaire I have completed on the www.allianzaccounting.com.au website. I agree to pay the fees associated with this service by way of an approved method as notified on the website prior to the Income Tax Return or Education Tax Refund claim being lodged.
True and Full Disclosure
Your attention is drawn to the following important considerations to ensure the correctness of each income tax return:
- That income from all sources have been disclosed;
- That all deductions claimed can be justified;
- That all deductions claimed for work, car and travel expenses can be substantiated by the required records and receipts;
- That all statements are correct and complete.
Capital Gains Tax and Overseas Income
Every sale of property of any description should be considered for the possible application of both income tax and capital gains tax. Your attention is specifically directed to the questions concerning the sale of property; income derived from overseas sources and property located overseas.
The worldwide income of Australian resident taxpayers is taxable in Australia with a credit allowed for the income tax paid in a foreign country on that income.
Substantiation of Work, Car and Travel Costs
Please advise if you would like us to provide you with details regarding requirements to keep records and receipts to substantiate any deductions claimed for work, car and travel expenses. Where claims have been made in your return for any of these expenses, substantiation requirements need to be clearly understood before signing the Lodgement Declaration in your return. Any doubts should be resolved before signing the declaration.
False and Misleading Statements
If an answer to a question or any statement made in an income tax return or an attached schedule appears to be incorrect, incomplete or misleading, please provide the information needed to amend the return. Penalties may be imposed in an assessment for an incorrect return under the Income Tax Assessment Act 1936 and/or the Income Tax Assessment Act 1997 for up to double the amount of additional income tax subsequently assessed. These penalties may apply even if the error was made innocently. Alternatively, in more serious cases, prosecutions may be instituted under the Taxation Administration Act 1953 and fines imposed by the Courts, if convicted.
These considerations assume greater significance now that the Australian Taxation Office is placing increasing reliance upon self-assessment by taxpayers. The issue and payment of an assessment does not imply the tax liability for the year has been finalised. As a consequence, a greater onus is placed on taxpayers to ensure that income tax returns are accurately prepared and contain no misleading statements or information. All taxpayers may expect some attention from the Australian Taxation Office about their past taxation affairs. The penalty for any errors and omissions detected at that time may assume large proportions if several years have passed since the income tax return was lodged and assessed. If you have any queries or concerns regarding these matters, please contact us.
AUTHORITY TO RECEIVE FEE FROM REFUND SERVICE
Unless otherwise directed or relevant fees are paid in full prior to lodgement of my Income Tax Return/Education Tax Refund claim, I request to pay my accounting fees from my tax refund. An additional processing fee of $25 will apply to use this service. I accept that I am responsible for providing correct information and that incorrect information may cause delays in receiving my refund money. I authorise Allianz Accounting to direct the ATO to deposit my tax refund into the Allianz Accounting trust account and to deduct my fees prior to the balance remaining being paid to my nominated bank account.