MJC Partners Client Engagement Brochure
The MJC Client Engagement Brochure is to confirm our understanding of the terms of our engagement and the nature and limitations of the services we will provide.
Purpose, Scope and Output of the Engagement
This firm will provide Taxation, Accounting and Business Services, which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB), including the Code of Ethics for Professional Accountants (the Code) and with Australian Securities Legislation and relevant State and Federal Taxation Laws. The extent of our procedures and services will be limited exclusively for this purpose only. As a result, no audit or review will be performed and, accordingly, no assurance will be expressed.
Our engagement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist. However, we may, as part of our responsibilities as a Member in Public Practice, take steps and actions as set out in Section 225 of the Code “Responding to Non-Compliance with Laws and Regulations”. These include but are not limited to the following: During the course of our engagement, if we identify or suspect that non-compliance with laws or regulations has occurred or may occur, which may have a direct effect on material amounts or disclosures in the financial statements or compliance with which may be fundamental to the operating aspects of your business, to your business’s ability to continue its business or to avoid material penalty, we will discuss the matter with the appropriate level of management, those charged with governance or the internal auditor, as appropriate, to enable you to rectify, remediate or mitigate the consequences of the identified or suspected non-compliance or deter the commission of the non-compliance where it has not yet occurred. We will consider whether to communicate the non-compliance or suspected noncompliance with your business’s external auditor, unless prohibited by law or regulation. We will also consider, based on materiality and/or significance of the matter, whether further action is needed in the public interest. Further action may include disclosing the matter to an appropriate authority even when there is no legal or regulatory requirement to do so or withdrawing from the engagement and the professional relationship where permitted by law or regulation. Where appropriate we will inform you of our intention to disclose the matter to an appropriate authority before disclosing the matter. However, if we have reason to believe that the actual or intended conduct would constitute an imminent breach of a law or regulation that would cause substantial harm to investors, creditors, employees or the general public, we may immediately disclose the matter to an appropriate authority in order to prevent or mitigate the consequences of such imminent breach of law or regulation.
The engagement will include the operations and procedures of the Client as agreed.
Our professional services are conducted and the financial accounts and/or taxation returns (including Business Activity Statements if applicable), will be prepared for distribution to the relevant specific organisation or party for the purpose specified in the report or as agreed. We disclaim any assumption of responsibility for any reliance on our professional services to any party other than as specified or agreed, and for the purpose which it was prepared. Where appropriate, our report will contain a disclaimer to this effect.
In conducting this engagement, information acquired by us in the course of the engagement, including any information relating to your affairs whether it belongs to you or not or is provided by you or not, is subject to strict confidentiality requirements. That information will not be disclosed by us to other parties except as required or allowed for by law or regulations, or with your express consent, unless we determine that disclosure of the non-compliance or suspected non-compliance to an appropriate authority is an appropriate course of action in the circumstances.
We wish to advise that our firm’s system of quality control has been established and maintained in accordance with the relevant APESB standard. As a result, our files may be subject to review as part of the quality control review program of CPA Australia which monitors compliance with professional standards by its members. We advise you that by accepting our engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program.
We may collect Personal Information about you, your representatives, your clients and others when we provide services to you. If we do, you agree to work with us to ensure that we both meet the obligations that we each may have under the Privacy Act 1988 (Cth) (as amended) (Privacy Act). The obligations may include notifying the relevant person to whom the personal information relates who we are and how we propose to use their personal information. Where you have collected personal information, you confirm that you have collected the personal information in accordance with the Privacy Act, that you are entitled to provide this personal information to us and that we may use and disclose the personal information for the purpose/s we provide our services to you. We will handle personal information in accordance with the Privacy Act.
You are responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided and disclosure of all material and relevant information. You are required to arrange for reasonable access by us to relevant individuals and documents, and shall be responsible for both the completeness and accuracy of the information supplied to us. Any advice given to you is only an opinion based on our knowledge of your particular circumstances.
You or your staff are responsible for maintaining and regularly balancing all books or accounts, and the maintenance of an adequate accounting and internal control system. You have obligations under self assessment to keep full and proper records in order to facilitate the preparation of accurate returns. It is your responsibility to keep those records for five (5) years.
You are responsible for ensuring that your business activities are conducted in accordance with laws and regulations. You are also responsible for identifying and addressing any non-compliance by your business, by an individual charged with governance of the entity, by a member of management, or by other individuals working for or under the direction of your business.
A taxpayer is responsible under self assessment to keep full and proper records in order to facilitate the preparation of a correct return. Whilst the Commissioner of Taxation will accept claims made by a taxpayer in an income tax return and issue a notice of assessment, usually without adjustment, the return may be subject to later review. Under the taxation law such a review may take place within a period of up to four (4) years after tax becomes due and payable under the assessment. Furthermore, where there is fraud or evasion there is no time limit on amending the assessment. Accordingly, you should check the return before it is signed to ensure that the information in the return is accurate.
Where the application of a taxation law to your particular circumstances is uncertain you also have the right to request a private ruling which will set out the Commissioner’s opinion about the way a taxation law applies, or would apply, to you in those circumstances. You must provide a description of all of the facts (with supporting documentation) that are relevant to your scheme or circumstances in your private ruling application. If there is any material difference between the facts set out in the ruling and what you actually do the private ruling is ineffective.
If you rely on a private ruling you have received, the Commissioner must administer the law in the way set out in the ruling, unless it is found to be incorrect and applying the law correctly would lead to a better outcome for you. Where you disagree with the decision in the private ruling you can lodge an objection against the ruling if it relates to income tax, fuel tax credit or fringe benefits tax. Your time limits in lodging an objection will depend on whether you are issued an assessment for the matter (or period) covered by the private ruling.
Failure to keep appropriate records on tax claims may involve imposition of penalties and interest, including not maintaining the appropriate records and documents for up to five years. Where those assessments submitted are later found to be incorrect, the Commissioner may amend your income tax assessments. In addition to any tax assessed, you may be liable for penalties and interest charges.
Involvement of Others
Where as part of our engagement, the services of an external consultant or expert are required, an estimated cost and time frame and involvement will be provided to you for your approval.
Storage of Personal Information
We do not currently store personal information overseas. The Privacy Act requires that data be stored in Australia or in a country where the laws are substantially similar to Australia’s privacy laws.
By accepting these services you acknowledge and agree that your personal information may be stored overseas.
Period of Engagement
This engagement will start upon acceptance of the terms of engagement by the Client in line with this brochure. We will not deal with earlier periods unless the Client specifically asks us to do so and we agree.
This engagement document will be effective for future years unless we issue an amended one to you.
Where fees have not been agreed on upon our engagement, our fees will reflect the time we spend on your matter. The actual fees and rates charged by us reflect the seniority, expertise and experience of the persons involved, as well as factors such as the time frame in which this work is to be carried out, the particular nature of the retainer and the complexity and risks of the matter. The maximum hourly rate for the services of a partner is $380 per hour exclusive of GST. If a fee estimate is provided, it is given in good faith but is not contractually binding. This fee arrangement will be subject to change if your instructions change or other circumstances come to our attention which necessitate us contacting you to discuss a revision of these fees. We may charge you for any additional costs or disbursements we incur in relation to your matter, including the following:
(a) Travel costs
(b) Stationery costs, and
Limitation of Liability
Our liability is limited by a scheme approved under Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Councils’ website: psc.gov.au.
Ownership of Documents
All original documents obtained from you arising from the engagement shall remain your property. However, we reserve the right to make a reasonable number of copies of the original documents for our records.
Our engagement will result in the production of documents such as income tax returns and/or financials statements. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain the property of the firm, subject to any statutory obligations.
The firm has a policy of exploring a legal right of lien over any client documents in our possession in the event of a dispute. The firm has also established dispute resolution processes.
Confirmation of Terms
If these terms of engagement are inconsistent with any other written agreement we have made with you, whether generally or in respect of a specific instruction, then that other agreement prevails over these terms.
Acceptance of our services in conjunction with this information brochure indicates that you understand and accept the arrangements. This information will be effective for future engagements unless we advise you of any change.
If you wish to discuss any of the terms of this engagement please contact our office. We look forward to working with you.
Individual Tax Returns
Self Managed Super Funds
Our Clients Say
“Before we started working with Andrew from MJC Partners we had a large ATO debt, had just written off $600,000 from a bad debtor and our financial results fluctuated from small profits to big losses. Our expenses were too high, our creditor days were too long, and we had an underperforming CFO. The worst part was, our accounting systems were not sophisticated enough to give us the information we needed to make important decisions.
MJC Partners’ External CFO Service has been instrumental in turning everything around. They overhauled our accounting systems to streamline and increase our reporting capabilities, and then showed us how we could improve.
We have gone from small profits and big losses to a consistently profitable business. We have diversified our business and are now the go to provider for services in relation to civil construction, power and traffic signalling.
Whilst we were transitioning, MJC helped manage our relationships with the ATO, our lenders, and suppliers, and our creditor days are now on terms.
We are now looking to expand and this will need careful management to ensure we are successful into the future, and we look forward to growing in conjunction with our partners in business, MJC Partners.”
– Peter Healey,
Our Clients Say
“It seems that the government change the rules around superannuation every second year. We know we can rely on Daniel to keep us compliant with the law changes and to give us great advice that gets us the best outcome possible. He also keeps us up to date with what’s going on politically on the horizon so we can plan for the future. He guided us through the super changes in 2017 and made sure we were eligible for tax relief that saved us over a hundred thousand dollars.
Being a financial adviser and an accountant, he has the ability to give us strategy advice as well as structural advice and tax advice. Whenever we want to do anything out of the ordinary, all we need to do is call Daniel or one of the super team, and they can give us detailed information on what we can and can’t do and how to make sure we do it properly. They explain the laws in ways that we understand and the team always attend to our queries straight away.
Daniel has a very high attention to detail and his insistence on everything being perfect is reassuring. He understands how important it is to look after our retirement savings and he looks after our fund as if it were his own.”
Our Clients Say
“Succession planning is a potentially stressful and costly process. We were faced with the potential dilemma of transitioning our business to the next generation in a tax effective way. Our previous accountant believed that the succession process would trigger hundreds of thousands of dollars of Capital Gains Tax.
Through MJC’s knowledge of the intricacies of the tax system, along with their network of valuers, tax lawyers and advisors, they were able to ensure we paid no CGT at all! Not only this, but the structure we now have is better for asset protection, is more tax effective, and is a better structure for future succession.
Throughout the process, Matt explained the issues and the solutions, and made us comfortable and informed, in what would normally be a stressful situation.
Once the restructure was complete, MJC set about redrafting our financial accounts to give us more detailed and relevant management accounts. They assisted us with setting relevant KPIs that are tailored to our situation and our quarterly management meetings with MJC now help us focus on the areas that are important to manage our business efficiently and effectively.
Whether it’s through compliance, one offs like implementing Superstream or Single Touch Payroll, liaising with the bank about our covenants, deferred GST in relation to our imports or strategic forecasting, we know MJC have the expertise to grow with us.”
Our Clients Say
“I had a feeling that we weren’t getting value for money with our old accountant, but it wasn’t until we started working with Dave that I realised what a good accountant can actually add.
He has fixed up all the issues that our previous accountant caused and has helped us restructure our affairs to save tax and increase our asset protection.
We also felt that we were getting bill after bill with our old accountant. Knowing that we can call Dave whenever we have a query and it is included in our fixed fee is great. As a result we are in constant communication and this results in better outcomes.
Our relationship with our accountant has gone from one where we would meet once a year to one where we meet with Dave quarterly for management meetings and he is always available by phone to answer any queries we have.
Whether it be partitioning for stamp duty, payroll queries, property development or the management of our restaurant, we know we can call Dave and he will make sure we get the best advice and outcome possible.”
Our Clients Say
“We call Chris our External CEO. Chris helped us redevelop our business plan, which has helped us to really focus on our strategic direction. This focus has in turn brought renewed motivation and inspiration to senior management and the firm as a whole.
Following the maxim ‘You can’t manage what you don’t measure’, Chris has helped us develop results orientated financial KPIs. By marrying this with a monitoring system for tracking progress towards these KPIs, we have seen an increase in the financial figures, but financial KPIs are just the start. MJC have helped with our corporate governance and strategic oversight across the board.
Chris has helped us take a strategic look at the way we monitor performance and conformance in all areas of the business. This is not a set and forget service. Each management meeting is tailored to our specific circumstances, goals and issues.
MJC are constantly assessing our systems and processes and evaluating where in our workflow we can increase efficiencies and effectiveness. They are constantly trying to identify non value adding activities that can be eliminated.
Chris has helped us with team building and increasing our communication channels, setting realistic goals and staying motivated to reach those goals. I can’t recommend the service highly enough.”
Buckley’s Financial Protection
Our Clients Say
“I started working with Chris soon after setting up my business. In a little over a year we have introduced a new CRM, revised our quoting system, improved our cost tracking system and trained our staff in the new quoting system and the critical interactions between quotes, budgets and project management.
We’ve put in place better processes around when suppliers are paid, have improved our debtor terms and now have more meaningful and accurate monthly reports so we know exactly how we’re tracking.
We have introduced an improved workflow management system to reduce the variance between feast and famine and enable us to manage our time and resources more effectively.
MJC have helped us analyse the cost benefit of employees versus sub-contractors and identify the right mix for our business.
Of course they do standard accounting and I appreciate that, but my time with Chris is invaluable and what sets MJC apart from other accountants.”
-Nicholas De La Roche Souvestre,
Our Clients Say
“We were a bit hesitant to change accountants at first. Our old accountant seemed OK, but we knew we needed some more help in the running of our business. Kate said ‘what have you got to lose’ and so we started working with Kate on our business improvement.
First she figured out how much it cost us to run our business, and highlighted the gap between where we were and where we needed to be each month. We then worked with Kate to identify ways we could increase our performance – by reducing some expenses and by increasing sales.
We were working too many hours and our job was basically to put out fires and do all the jobs our staff should have been doing that needed to be done, rather than working on the business and doing our own jobs.
By rejuvenating our workforce and implementing targets, parameters and planning, we now have a team that know their roles, and do their jobs great. This has allowed us to focus on building the business. We are now enthusiastic about the business, rather than it being a burden.
This gave us the confidence to move to MJC for our compliance accounting work. Kate checks in with us each month to discuss the business and see how we are going – which is a big difference to meeting our old accountant once a year.
Kate has just finished a restructure that gives us more flexibility and asset protection and has a really good tax outcome for us. We are about to start trading out of our new entity, and Kate will help us to coordinate that.”
Kate uses accounting to tell the story of our business and helps us to write what the story will say next.
Team up with a great accountant
Build a relationship with MJC Partners, we will help you take your business to the next level.