Terms of Engagement

1.          Purpose

This Terms of Engagement for Taxation Services (TE) confirms understanding of the engagement and the nature and limitations of services provided.

2.          Term

• This TE will commence at the time you indicate acceptance and will continue until revoked by us or

3.          Objectives and Scope of work

• We will provide you with taxation services in compliance with APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code), APES 220 Taxation Services and the Code of Professional Conduct pursuant to Tax Agent Services Act 2009, which include, but are not limited to:

• Preparation and lodgement of your individual tax return/s

• Preparing any depreciation schedules on the deductibility of capital expenditure

• Dealing with the Commissioner in relation to the tax returns prepared and lodged on your behalf

• Based on the scope of work you have given us, you authorise the use of the tax agent portal and other tax portal-related activities for the purpose of managing and meeting your taxation lodgement

• We will provide you with the output to evidence submission and lodgement of your

• We will provide the scope of work output within the specified timeframe or within a reasonable period considering the context of the services.

• Unless otherwise specified in this TE or letter of engagement, audit and assurance or review are not included in this engagement.

4.          Our Promise

• We will perform procedures (guided by the APES suite of standards) required that are directly related to the engagement consistent with our fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, professional behaviour, and identifying, avoiding and dealing with conflicts of interests.

• We will seek to understand your requirements and provide services to you confidentially and

• We will document sufficient and appropriate records of the procedures performed for the TE, which may be subject to Best Practice Program assessment by CPA Australia under APES 320 Quality Control for Firms.

5.          Our obligations

• We are obliged to consider whether our clients create any threats to compliance with our fundamental Where we cannot reduce the risk to an acceptable level, we are obliged to cease the TE under the Code (section 320) to decline or cease the client engagement.

• We have a duty to act in your best interests, unless this duty is inconsistent with our duty to act in the public interest.

• We will inform you:

• of your rights and obligations available under taxation law, including any rights that might be available to seek a private ruling and the lodging of objections and appeals against adverse positions adopted by revenue authorities.
• of any possible penalties and other legal tax consequences to enable you to make an informed decision.

• We are responsible for maintaining records for a period of five years unless otherwise required by

• During the course of our engagement, if we identify or suspect that Non-Compliance with Laws or Regulations (NOCLAR) has occurred or may occur, which may have a direct effect on material amounts or disclosures in the financial statements or compliance and may be fundamental to your ability to continue business or to avoid material penalty, we may:
  • discuss the matter with the appropriate level of management, those charged with governance, or the internal auditor, as appropriate;
  • disclose the matter to an appropriate authority even when there is no legal or regulatory requirement to do so; and/or
  • withdraw from the engagement and the professional relationship where permitted by law or

• Where appropriate, we will inform you of our intention to disclose the matter to an appropriate authority before doing 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 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.

6.          Your obligations

• You are responsible for full disclosure of all relevant

• You are responsible for your own record keeping relating to your

• You are to provide us with all relevant details, information, paperwork and records relating to your

• You are responsible for the reliability, accuracy and completeness of the particulars and information provided to us, and, if the TE includes financial reporting, the accounting records and disclosures of all material and relevant information provided to Accordingly, any advice given to you is only an opinion based on our knowledge or your particular circumstances.

• You are responsible for retaining paperwork for as long as legally

• You have obligations under self-assessment to keep full and proper records in order to facilitate the preparation of accurate returns.

• You must retain paperwork for a period of five years after the assessment as you may be subject to an Australian Taxation Office review.

• You are responsible for checking the assessment before submission to ensure

7.          Third Party Involvement

• We may from time to time engage third-party specialist professionals and other public practitioners where warranted, to obtain the advice you need or to assist us to provide our service to These may include outsourced service providers.

• We will seek your consent if third-party involvement is likely to exceed the fixed price (if applicable).

• Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services as described above.

8.          Fees and Billing

• Our professional fees will be calculated on a fixed-fee basis for most activities, with time-cost also being applicable for certain These will be specified in the letter of engagement. If no method is specified, our fees will be calculated from the fixed fee schedule.

• Unless other payment terms are agreed, each invoice is payable upon Your return(s) will be lodged with the ATO once payment has been received.

9.          Ownership of materials

• You own all original materials given to

• We own all materials produced by us that result from our skill and attention, to the extent that the materials produced by us incorporate any original materials you give to us.

• We may exercise a lien of your documents in our possession in the event of a dispute, which will be handled in accordance with our firm’s dispute resolution process.

• Subject to the payment of all outstanding professional fees and disbursements owing to us, we will provide you with materials produced by us for you in the event you engage the services of another practitioner and the materials are required by your new practitioner.

10.          Privacy

Outcome Tax is required to comply with the Privacy Act 1988. The Privacy Act 1988 protects the privacy of individuals and sets out the Australian Privacy Principles (APPs) applicable to the collection, use and storage of personal information by Australian government agencies.

• Our collection, use and disclosure of your personal information (PI) may be subject to the Privacy Act 1988 (Cth) and, accordingly, we will only collect PI about you that relates to the TE. We may disclose PI about you with your implied consent for the primary purpose of this TE, or to third parties by express consent or as required by law. This PI is stored locally and backed up. If you would like to access any PI we might hold about you, contact us on 0456 956 895.

• If your PI is disclosed to CPA Australia for the purpose of conducting a CPA Australia Best Practice Program assessment on the services provided, your personal information will be handled as outlined in the CPA Australia Privacy Policy and the member’s collection notice.

• For further information in relation to the client confidentiality requirements in the Code, refer to TPB Information Sheets TPB(I) 21/2014 Code of Professional Conduct – Confidentiality of client information and TPB(I) 32/2017: Code of Professional Conduct – Confidentiality of client information for tax (financial) advisers.

11.          Confidentiality

• We have an ethical duty of confidentiality, which means that we must not share or disclose your details of this TE to anyone, except as otherwise specified in this TE, without your consent unless required to by law.

• We may disclose details and records of the services provided to you to CPA Australia Ltd, (if requested) for the purposes of conducting CPA Australia Best Practice Program assessment aimed at maintaining high industry professional standards. Any such disclosure of personal information does not change any of our commitments to safeguard your information, and the information remains subject to any existing confidentiality obligations.

12.          Professional Indemnity Insurance (PII)

We hold professional indemnity insurance of at least the minimum amount prescribed in the CPA Australia Ltd By- Laws and the TPB By-Laws, or as required by law. Our PII cover at the time of this TE is $1,000,000.

13.          Obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and/or the Tax Agent Services Act 2009 (Cth)

 You, the client, acknowledges that where we are

• a reporting entity within the meaning of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act); and/or
• a registered tax agent under the Tax Agent Services Act 2009 (Cth) (TASA) and are subject to the Code of Professional Conduct established under section 30-10 of TASA (as updated by the Tax Agent Services Regulations 2022 and the Tax Agent Services (Code of Professional Conduct) Determination 2024);

                        we are subject to special obligations under that Act or Acts (as applicable) as amended from time to time.

13.2      In accordance with those obligations, we may:

13.2.1   disclose to the relevant authority any matter we are required or permitted to disclose;

13.2.2   withdraw from the engagement and the professional relationship; and/or

13.2.3   act otherwise in accordance with the law and our ethical obligations.

13.3      Clause 13 survives termination of this engagement.

14.          AML/CTF Customer Due Diligence clause

14.1      We have a duty to comply with our obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and associated rules, before providing designated services. This duty continues while we provide you with those designated services.

14.2      This may include requiring you to provide us with information and documents reasonably necessary to enable us to:

14.2.1   verify your identity, including the identity of any person on whose behalf you are receiving the services, or of any person acting on behalf of you and their authority to act;

14.2.2   where you are not an individual, verify the identity of your beneficial owners;

14.2.3   identify whether <insert client’s name>, any beneficial owner of <insert client’s name>,  any person on whose behalf <insert client’s name>is receiving the services, or any person acting on behalf of <insert client’s name> is:

(i)         a politically exposed person; or

(ii)        a person designated for targeted financial sanctions;

14.2.4   identify the source of funds;

14.2.5   identify the nature and purpose of the business relationship or occasional transaction, and/or

14.2.6   verify any other matter relating to <insert client’s name> that is specified in the Anti Money Laundering and Counter Terrorism Financing Act 2006 (Cth) and/or associated rules, as in force, amended, replaced, or remade from time to time, before providing you with any designated services.

14.3      We will maintain all records required by law including as required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and associated rules.

14.4      All information collected under this clause shall be handled in accordance with the Privacy Act 1988 (Cth).

15.          Other

This letter will be effective for future years unless we advise you of its amendment or replacement, or the engagement is terminated.