Terms of engagement

Introduction

Following are the terms, the nature and limitations of our services and form part of letter of engagement (‘Letter’).  This Letter supersedes all previous agreements.

Scope

We will provide the Services in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB).  No audit 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 will inform you of any such matters that come to our attention.

The Services are provided only for the benefit of our client. We are not liable to any other person in respect of the Services.

Period of engagement

This engagement will be effective on the date this document from the tax year specified in the Letter and will continue to be effective until revised or terminated.

Fee

The Fee is as set out in the Letter, subject to:

  • Increased scale and complexity of the service(s) in Scope
  • Changes to your requirements, which change the service scope and deliverable(s).
  • CPI and other cost-based adjustments

We will discuss in advance any change of scope and fee. However, we reserve the right to adjust our fee for significant additional work caused by additional demands by yourself or by the ATO, with full justification and your agreement of course.

Payment

Unless otherwise agreed per the Specific Terms, payments terms are as follows:

  • Tax returns: payment in advance and non-refundable.
  • Monthly payments: 2 months upfront and on the 1st of each subsequent months. Paypal payments attract a 2.6% fee.

Regardless of the monthly payment plan, fees may be adjusted for services not required, but not in strict proportion to the number of months remaining of the financial year.

  • Advisory: monthly in advance.
  • Project: in advance or as agreed.
  • Rebate: requires upfront payment.

All work in progress (WIP) will be deducted from the refund of advance payments. WIP includes all activities relating to your engagement, including meetings and discussions, research and investigation, preparation, and lodgement, whether conducted remotely or in person, with yourself, a third party or on our own.

Your responsibility

You have obligations under tax law to keep complete and accurate records for five years and do so, in the case of a business, with a proper accounting system.

You agree to be responsible for the accuracy and timeliness of the information you provide. Delays and incorrect information will affect the quality of our service may incur additional fee.

You are responsible for the management and operation of your business, for deciding how you use our advice, and for its correct implementation to generate the expected benefits.

Confidentiality

Personal information collected by us in the course of our dealings with you will be handled in accordance with Privacy Act 1988 (Cth), and our privacy policy as published on our website.

Information you provide to us will be kept strictly confidential. Access to the information by our employees and contractors will be limited to the level of access required for them to complete the Service, for training, legal compliance and for crime prevention.

Quality Review

Our client files may be subject to service quality review conducted by Chartered Accountants ANZ and CPA Australia, to ensure a high professional standard of service delivery.  You consent to your files’ being used for reviews. Should this occur, we will advise you.

Third Party Involvement

We may utilise third party services to perform the Services and provide them with access to your data to the extent that this is required to perform this Services. This does not require information being sent overseas in accordance with the Privacy Policy.

Intellectual Property

All original documents obtained from you from this engagement shall remain your property. You consent to our retaining copies for the completion of the Engagement. All working papers, templates, designs, methods and models produced by us in respect of this Engagement will remain our intellectual property.

Our Services

The Services have not been undertaken in accordance with any auditing, review or assurance standards.

Any time estimate provided is indicative only. All projection and recommendation are opinions based on your information and circumstantial context at the time.  No assurance is expressed that actual outcomes will match projections. We claim no responsibility for our information or advice rendered inaccurate by subsequent event, information, or legislative change.

Limitation of Liability

Our liability is limited by a scheme approved under professional standards legislation.

Our legal obligation

We have a duty to act in your best interests, subject to our obligation to comply with the law and to act with professional integrity.

Disputes

We will aim to resolve any disputes in good faith. In the event of court proceedings, this engagement falls under the jurisdiction of the Courts of New South Wales.

Acceptance of terms

By signing on the first page of the Letter, you confirm your understanding and acceptance of all the General Terms of Engagement as well as the Specific terms on the front pages.