These are the Terms of Business upon which we will agree to perform work for those you. Together with our proposals or engagement letters and any further attached schedules or appendixes it forms the agreement between us. This agreement replaces any earlier agreements, representations or discussions that we have had with you.

We agree to provide you with the services set out in our proposal with you or an attachment to your engagement letter. However, the following services are also subjected to the terms of this engagement or proposal and may be billed by us on an item spend basis or per hour basis and unless stated otherwise are outside any fixed fee quote provided for in our proposal or engagement letter:

  1. General Business Advice and Consulting Services as requested by you. Unless agreed otherwise in this engagement letter, this will be provided for and billed on a per hour basis;
  2. Taxation and other compliance matters, including the negotiation of payment arrangements with the Australian Taxation Office, as directed by you and also including the handling of any correspondence with the Australian Taxation Office or any other body;
  3. The preparation of Income Tax Returns and Financial Accounts, including estimates of your taxation position and advice about taxations and other matters generally.

Our hourly rate and direct disbursement guide can be provided to you on request.

We will provide the services contained in this agreement which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB).  The extent of our procedures will be limited exclusively for this purpose.  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 will inform you if any such matters come to our attention.

Our professional services are conducted and if applicable the Annual Financial Statements will be prepared for and 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.

Generally, our advice will cover Income Tax and the Goods and Services Tax. Unless requested by you, it will not cover implications arsing from any other taxes (indirect taxes) such as stamp duty, land tax or payroll tax. However, this agreement does not preclude us from raising any implications of indirect taxes to you.

The scope of our engagement will be limited to the performance of the services listed in our engagement letter or our proposal with you.

Either of us may request a change to the services, or anything else in this agreement. A change will not be effective unless we have agreed it in writing.

You are required by law to keep full and accurate records relating to your tax and accounting affairs.

It is your obligation to provide us with all information that would be reasonably expected to be necessary to allow us to perform work specified under this engagement within a timely manner or as requested. This includes providing accurate and complete responses to questions asked of you by us within 5 working days. Inaccurate, incomplete or late information could have a material effect on our services and/or our conclusions and may result in additional fees.

You are also required to advise us in a timely basis if there are any changes to your circumstances that is relevant to the performance of our services. Specifically, if any subsequent event results in the information you provided to us being inaccurate, incomplete or misleading, then you are obliged to advise us as soon as possible. We take no responsibility and assume no liability for work undertaken by us to the extent that our advice or work is inaccurate, incomplete or misleading because it is based on inaccurate, incomplete or misleading information being provided to us.

By accepting the terms in this Agreement, you will be taken to have agreed that the performance of our services is dependent on the performance of your obligations relating to accurate and timely disclosure and record keeping.

The Taxation Administration Act 1953 contains specific provisions that may provide you with “safe harbours” from administrative penalties for incorrect or late lodgement of returns if, amongst other things, you give us “all relevant taxation information” in a timely manner. Accordingly, it is to your advantage that all relevant information is disclosed to us as any failure by you to provide this information may affect your ability to rely on the “safe harbour” provisions and will be taken into account in determining the extent to which we have discharged our obligations to you.

You are also required to advise us if you become aware of any conflict of interest or potential conflict of interest. Generally, a conflict of interest is any event which may result in us becoming unable to remain objective in the performance of our services to you. Some examples of events which could give rise to a conflict of interest or potential conflict of interest during this engagement are changes to your business circumstances, events affecting your family (eg. death and/or marriage breakdown) or a legal action commencing against you.

In relating to your financial records, you will specifically be responsible for (where applicable):

  1. Transaction entries into your business records
  2. Coding all deposits and payments in accordance with the agreed Chart of Accounts
  3. Reconciling the Bank Accounts on at least a weekly basis
  4. Maintenance and reconciliation of your business wage records
  5. Maintenance and reconciliation of your Accounts and Accounts Payable listings
  6. Obtaining and retaining sufficient records to substantial claims made for accounting and income tax deductions
  7. Retaining copies of all financial records for a period of at least 5 years
  8. Providing to us all financial information requested within 5 working days of our request

You agree to:

  • Provide us promptly with all information, instructions and access to third parties we require to perform the services;
  • Provide reasonable facilities for us when we work at your premises;
  • Ensure we are permitted to use any third party information you require us to use to perform he services;
  • Ensure that the information that you provide to us is accurate, complete and not misleading (we will not verify the information you supply in any way, except to the extent that we have expressly agreed to do so in our services); and
  • Alert us to any changes to information provided to us.

Our performance depends on you also performing your obligations under this agreement. You agree that we are not liable for any default that arises because you did not fulfil your obligations.

You have certain rights under the taxation laws, including the right to seek a private ruling from the Australian Taxation Office (ATO) or to appeal or object against a decision made by the Australian Commissioner of Taxation.  As relevant, we will provide further information to you concerning your rights under the Australian Taxation Laws while we provide our service to you.  You also have certain obligations under the Australian taxation laws, such as the obligation to keep proper records and the obligation to lodge returns by the due date.

We have a duty to act in your best interest.  However, the duty to act in your best interests is subject to an overriding obligation to comply with the law even if that may require us to act in a manner that maybe contrary to your interests.  For example, we could not loge an income tax return for you that we knew to be false.

We also have an obligation to ensure that we manage conflicts of interest as they arise.  In this regard, we have arrangements in place to ensure that we manage potential or actual conflicts of interest.  The effective operation of these arrangements depends, in part, on you complying with your obligation to disclose any potential conflicts of interest to us.

Our advice and/or services will be based on Australian taxation law in force at the end of the date of the provision of the advice and/or services.  It is you responsibility to seek updated advice if you intend to rely on our advice at a later stage.  Unless special arrangements are made, our advice or works will not be updated to take account of subsequent changes to the law or rulings and determinations issued by any regulatory authority. It is your responsibility to take further advice if you intend on relying on our advice or works at later dates.

It should be noted that the Australian tax and accounting regulatory system is in a continuing state of reform which is likely to escalate rather than diminish.  Any reform creates a degree of uncertainty, whether it be uncertainty as to the full extent of announced reforms, or uncertainty as to the meaning of new law that is enacted pending interpretation through the judicial process.  Whilst we will endeavour to bring areas of reform and uncertainty relevant to this engagement to your attention, it is not possible for us to guarantee that all potential reforms or uncertainties of possible relevance will be identified and communicated to you.

We will not disclose any information relating to your affairs to any unrelated third party without your consent, unless we are required to by law.  You may provide us with permission to disclose your confidential information in certain circumstances, or place conditions on the disclosure of certain confidential information.

However, we  provide our clients with a holistic and tailored service. As such, we will occasionally share your information with our associated practices namely being Infinity Wealth Pty Limited (a corporate Authorised Representative Australian Unity Personal Financial Services  ABN 26 098 725 145, AFS: 234459) and Infinity Lending Pty Limited. Unless you instruct otherwise, by accepting the terms of this engagement you also accept that any of your information may be shared with our related practices.

As Members of the Institute of Chartered Accountants Australia (“ICAA”) we are subject to periodic quality assurance reviews. Unless otherwise advised by yourself, by engaging us, you are consenting to your files possibly being part of such quality review.

All original documents obtained from you arising from this 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 Financial Statements and Income Tax Returns, including electronic documents or files which will be supplied to you.  Ownership of these documents will vest in you.  All other documents produced by us in respect of this engagement will remain our property.

We have 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 procedures.

Our liability is limited by a scheme approved under Professional Standards Legislation.  Further information on the scheme is available from the Professional Standards Council – www.professionalstandardscouncil.gov.au

Where our liability is not limited by a scheme, you agree that our liability for all claims connected directly or indirectly with the services (including claims of negligence) is limited to an amount equal to three times the fees payable for the services.

Where more than one client is named in our engagement letter, the limits on our liability must be allocated between them. We do not need to know how a limit is allocated ad, if is not, you agree not to dispute a limit on our liability on the basis that you have not agreed how it is to be allocated.

To the extent permitted by law, we exclude all liability for:

  • loss or corruption of data;
  • loss of profit, goodwill, business opportunity or anticipated savings or benefits;
  • indirect or consequential loss or damage.

You agree not to bring any claim (including negligence) against any employee or director personally in conjunction with the services.

You agree to pay our fees for our services on the basis set out in our engagement letter, plus any GST at the prevailing rate.

You agree to pay any reasonable expenses we incur in connection with the services, plus GST at the prevailing rate.

Our payment terms are: Payment due in full no later than 7 days from issue of Invoice. If the amount payable on the Invoice is not paid within 14 days of the date of that Invoice, then interest shall be payable by you on the total unpaid amount calculated 14 days from the date of the Invoice until the actual date of payment at the rate of 2% per month calculated daily.

You agree to pay our invoices within 7 days of the invoice date.

We periodically revise our fee scale. As such, we may increase our fee for any of our wok performed.

If we are required to provide information regarding you or the services to comply with a statutory obligation, court order or other compulsory process, you agree to pay the reasonable costs and expenses we incur in doing so. This includes time spent by professional staff and our reasonable legal costs.

If any provision of this Agreement is found to be unenforceable, the remainder of this Agreement shall be enforced to the extent permitted by law.

Either of us may request a change to the services, or anything else in this agreement. A change will not be effective unless we have both agreed to it in writing.

You may only rely on our final written deliverables. If you wish to rely on something we have told you, please let us know so that we can prepare a written deliverable on which you may rely.

Our services are provided solely for your use for the purpose set out in our engagement letter or the relevant deliverable. Except as stated in our engagement letter or the relevant deliverable, as required by law or with our prior written consent, you may not:

  • show or provide a deliverable to any third party or include or refer to a deliverable or our name or logo in a public document;
  • make any public statement about us or the services

We accept no liability or responsibility to any third party in connection with our services. You agree to indemnify us against any liability (including legal costs) that we incur in connection with any claim by a third party arising from your breach of this agreement

Provided we do not disclose your confidential information, you agree that we may perform services for your competitors or other parties who’s interest may conflict with yours.

Either of us may terminate this agreement by giving the other at least 30 days written notice. This agreement terminates on expiry of that notice.

You agree to pay for all services we perform before termination, within 7 days after receipt of our invoices.

We are your independent contractor. You agree that we are not in a partnership, joint venture, fiduciary, employment, agency or other relationship with you. Neither of us has the power to bind the other.

It is our practice to destroy our documents after seven years, unless the law requires us to retain them. If you leave documents or materials with us, they will be filed and destroyed with our documents.

Neither of us is liable to the other for delay or failure to fulfill obligations (other than an obligation to pay) to the extent that the delay or failure arises due to an unforeseen event beyond their reasonable control which is not otherwise dealt with in this agreement. Each of us agrees to use reasonable endeavours to remove or overcome the effects of the relevant event without delay.

Unless our engagement letter states otherwise the law applying to this agreement is the law of New South Wales. Both of us submit to the exclusive jurisdiction of the courts of that state and waive any right either of us may have to claim that those courts do not have jurisdiction or are an inconvenient forum.

In this agreement the following words and expressions have the meanings given to them below:

this agreement – these terms of business and the engagement letter or proposal and other supplementary materials to which they are attached.

you – client named in our engagement letter or proposal and any persons or entity you provide us with instructions on.

we –  A.C.N 119 098 083 Pty Limited trading as Infinity Financial or Infinity Direct.