Code of Professional Conduct matters

Vialto Partners is a registered Tax Agent. As a Tax Agent, our work for you is performed in accordance with the Tax Agent Services Act 2009. Under this Act, the Tax Agent Services (Code of Professional Conduct) Determination 2024 requires that we make the following disclosures to you:

• Matters that could significantly influence your decision to engage us (or continue to engage us) for a Tax Agent Service. There are currently none applicable.

• The Tax Practitioner’s Board maintains a register of Tax Agents and BAS Agents. You can access and search this register here: https://www.tpb.gov.au/public-register.

• If you have a complaint about our Tax Agent services, please contact the Australia team partner or engagement team member in the first instance or email au_operations@vialto.com with the details of your complaint. If our team cannot resolve your complaint, contact the Vialto Ethics Helpline. The helpline is managed by an independent third party and complaints are handled by Vialto’s Risk and Compliance department. If you are still dissatisfied with the outcome, you can file a complaint with the Tax Practitioners Board (TPB) - see information here. The TPB will acknowledge receipt of your complaint via email and conduct a review and risk assessment. If you are unhappy with the TPB's handling of your complaint, the link also provides information on your review rights and additional support options.

Privacy

Our approach to privacy is set out in our Privacy Policy https://vialtopartners.com/legal and in compliance with the Australian Privacy Act 1988.

Communications

We use only secure websites (e.g. myMobility, Docusign) for delivery of documents or requests for form completion and signature, unless requested otherwise by you.

We will set your communication preferences with the Australian Taxation Office (ATO) such that we receive your most important tax-related ATO mail (e.g. notices of assessment, any debt notices). You will continue to receive other ATO mail related to your personal matters if relevant (e.g. business activities, HELP debt, etc) unless it is covered under your or your employer’s engagement with us.

Basis of our advice and other deliverables

Our advice and other deliverables are based on the information that you provide to us either directly or indirectly, such as information provided to us by third parties on your behalf. You are responsible for ensuring the accuracy and completeness of the information provided to us.

Our advice is based on current law, administrative practices, and your circumstances. This advice, including any deliverables like tax returns, may be challenged by tax authorities.

To gain certainty on a tax position, you can seek a private ruling from the ATO, which the ATO is then generally bound by. We can assist you with the process and any necessary appeals.

Record-keeping requirements

Australian tax law contains specific record-keeping requirements, which vary depending on your circumstances. Failure to keep the required records may result in penalties. More information can be found on the ATO website at:

• Individuals & Families: Records you need to keep
• Businesses: Overview of record-keeping rules

Self-assessment and tax audits

The Australian tax system relies on self-assessment, meaning the ATO generally accepts the information you provide in your tax return. For more details, visit the ATO web page: Self-assessment and the taxpayer.

Individual Tax Returns: Your tax assessment is based on the taxable income you disclose. The ATO may review your return and require you to provide records and information. They may also conduct reviews or audits.

If tax is underpaid, the Commissioner can amend the assessment within a prescribed period to recover the tax. This period is usually two or four years but is unlimited in cases of fraud or evasion. The ATO may impose penalties and interest on underpaid tax due to incorrect returns, with penalties up to 25% of the tax shortfall for failing to exercise reasonable care.

You can request an amendment or lodge an objection to dispute an assessment, but there are time limits. These limits vary based on circumstances, typically up to four years from the original assessment, but sometimes as short as two years. Missing these deadlines may forfeit your right to an amendment or reclaim overpaid tax.

Understanding ATO Penalties

The ATO has strict penalties for non-compliance. Detailed information is available on the ATO web page: Penalties.

Penalties for late tax return lodgement are based on a base penalty rate for each 28-day period (or part thereof) up to a maximum non-deductible penalty. Penalty units are multiplied by a factor based on the size of the entity. For instance, penalties double if your assessable income for the year exceeds A$1 million.

If you provide us with all relevant information on time, administrative penalties for late lodgement may not apply even if the return is filed late.

Significant Global Entity (SGE) Penalties: SGEs, defined as global parents with an annual global income of A$1 billion or more, or members of a consolidated group with such income, face specific penalties. For more details on SGEs and related penalties, visit the ATO web page: Significant global entities – penalties.

General Interest Charges (GIC)

Failing to pay taxes (such as income taxes or PAYG instalment taxes) by the due dates may result in a General Interest Charge (GIC) on the unpaid amounts. The GIC accrues daily from the due date until both the taxes and the GIC are paid.

For more information about interest charges, please refer to the ATO web page: Interest charged by the ATO