With the new financial year commencing tomorrow, with it come some changes..
There are three professional accounting industry body regulators recognised in Australian legislation. Their contribution and professional monitoring of accounting practices and processes are significant to the development of and maintained quality of the Australian accounting standards.
These industry body regulators are becoming ever more stringent with business licensing, registrations, policies, procedures, and evidence based requirements.
Inline with the IPA (Institute of Public Accountants) and Practice Manager best practices we will be implementing the following changes to work practices this year:
- Engagement Letters: Every client will be required to sign an engagement letter, every year moving forward. This letter outlines both parties legal obligations and expectations.Terms Of Engagement: View the Terms of Engagement
- Fees Payable Prior To Lodgement: In line with best practise all fees will now be required to be paid in full before lodgement of tax return.
- Refund paid direct to you from the ATO: The previous process of your refund (if applicable) paid to Tuplin Accounting, to then forward on to you, will no longer be applicable. This will mean your full refund (if applicable) will be paid directly into your bank account from the ATO.
- Bank Account Details On Tax Return: Please ensure you check your bank account details are correct on the tax return before you sign it to ensure you receive your tax refund (if applicable) directly from the ATO.
- Lodgement Deadline Dates: The ATO sets lodgement deadlines for every entity (individual, company, trust, partnerships etc) based on previous income, lodgement status, general tax previous position. The ATO is becoming more vigilant regarding these dates. As soon as we receive the set due dates for our clients Tuplin Accounting will be contacting those clients with tight deadlines to advise actions that need to be taken. Penalties apply for late lodgement.
A reminder: MyGov ATO correspondence: Please ensure you check your MyGov regularly. The ATO has been issuing correspondence, we don't want you to miss anything important.
If you have any queries please feel free to contact us.
We thank you for support in the past and look forward to working with you again in the future.