Engagement Information Sheet

This information sheet is to confirm your understanding of the terms of your engagement and the nature and limitations of the services BFS Partners will provide.

Purpose, Scope and Output of the Engagement

BFS Partners will provide accounting, taxation and management consultancy services 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 of any such matters that come to our attention.

Our professional services are conducted, and the requested reports 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.

Responsibilities

In conducting this engagement, information acquired by us during the engagement 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 with your express consent.

It is your responsibility to provide all the information required for the services we are requested to provide. Your assistance with providing accurate and timely information will help in keeping our fee to a minimum. You should retain all the documents, cancelled cheques and other data that form the basis of income and deductions and so on. These may be necessary to prove the accuracy and completeness of the returns/reports to respective authority. You have the final responsibility for the income tax returns, activity statements, other associated reports and, therefore, you should review them carefully before you sign them.

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 the Institute of Chartered Accountants 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.

Clients are required to arrange for reasonable access by us to relevant individuals and documents, and to be responsible for both the completeness and accuracy of the information supplied to us.

Fees

Our fees are based on the expected amount of time and the level of staff required to complete any services as agreed. You may request a fee agreement or estimate prior to commencement of the services. A specified or estimated fee will exclude any miscellaneous expenses which are incurred to complete the engagement.

Our fee structure is based on the following hourly rates (for taxation, accounting work & business services):

We may be able to provide you with an estimated quote for your work. Where it appears the amount of research and time spent on preparing your financial or taxation work & any services as agreed is significantly more than expected, we will inform you prior to proceeding with any further work.

Disbursements are payments we make to third parties to carry your matter forward. Some examples of disbursements are charges for Company Registration fee, ASIC review fee, Business name registration fee, legal fee etc. You’ll be responsible for paying our disbursements on any services as agreed.

You’ll also be responsible for paying any GST on the disbursements. We may issue progress invoice while the job in progress. In such case the final invoice will contain the details/breakup of total invoice amount.

We appreciate payment upon completion/delivery of service. We have a variety of payment options. Our payment terms are strictly 7 days from date of invoice.

Late payment fee of $25 per invoice will be charged for any account not paid by due date. A late payment will also attract compound interest charge as per current ATO statutory rate.

We may hold to provide our service until fees are paid in full or arrangements to pay have been made, and that BFS Partners has the right of lien over the records until full payment is made. If you wish to cease this engagement, you are liable to pay us based on time cost. By signing this engagement letter, you agree to pay BFS Partners’ fee for the service that we provide.

Director’s Guarantee

If you have association with another company as a director or shareholder we may collect payment from it to pay debts owed to the other company you are a director or shareholder of.

If BFS Partners prepares work for a company/trust for which you are a director or trustee of director of trustee company, your agreement to enter into an engagement with BFS Partners indicates that you will be personally responsible for the payment of all fees associated with the company.

In the above event you agree that in consideration of BFS Partners agreeing to supply services or continuing to supply services to the company/trust you agree to guarantee the due payment by the company/trust of all monies now or from time to time owing on any account or in any manner whatsoever to BFS Partners including any fees, charges, disbursements or commissions charged by any mercantile agency or debt collecting firm in enforcing or attempting to enforce payment by the company/trust of any such money.

In General Practice

50% of quoted amount is required at the commencement of the job and rest of the payment is required on completion and before releasing the job.

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: https://www.psc.gov.au/

Ownership of Documents

All original documents obtained from you arising from the engagement shall remain the property of the client. 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, which may include income tax returns, financial statements, activity statements, reports, electronic documents and electronic files. 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.

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

Acceptance of our services in conjunction with this information sheet indicates that you understand and accept the arrangements. This information will be effective for future engagements unless we advise you of any change.