General Terms & Conditions
Last updated 8 July 2022
Between Bonerath & Co. Pty Ltd ACN 622 875 012 (us, we, or our) and the person(s) specified as client(s) in our engagement proposal (you or your) for the Term specified.
1.1 This document confirms our understanding of the engagement and the nature and limitations of services provided. This document is aligned with the standards of APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (APES 110) and APES 305 Terms of Engagement as published by the Accounting Professional and Ethical Standards Board.
1.2 We are bound by the APES 110, and pursuant to the Responding to Non-Compliance with Laws and Regulations (NOCLAR) requirements, we are required to report any non-compliance with laws and regulations or acts of omission or commission, intentional or unintentional by a client or by those charged with governance, by management or by other individuals working for or under the direction of a client which are contrary to the prevailing laws or regulations.
2.1 This engagement starts on the proposal commencement date and is valid until the proposal end date. We will not deal with earlier periods unless you specifically ask us to do so and we agree. Our engagement may be terminated by either party in accordance with clause 14.
3. Scope of Work
3.1 We are only engaged to provide the services specifically included in our engagement proposal and accepted by you, or as agreed in writing between you and us from time-to-time.
3.2 We are not engaged to do any of the following work:
- Audit or assurance work.
- Investigations in relation to errors, irregularities, fraud or other unlawful acts.
3.3 We will endeavour to carry out our obligations in accordance with the timescales set out in our engagement proposal, where stated. However, unless we agree otherwise in writing, any dates contained in our engagement proposal are indicative dates intended for planning and estimating purposes only and are not contractually binding. Any estimates of time for completion of the services are given on the assumption that we receives co-operation, diligence and commitment from you or your designated representatives (including employees, contractors and consultants) who are required to provide us with accurate and complete information in a timely manner as requested by us from time to time in relation to the provision of the services. We will not be liable for any failure or delay in performing the services if that failure or delay arises from anything beyond our reasonable control – including the untimely provision of information or the provision of incomplete or incorrect information by you or your designated representatives.
4.1 Our fixed-fee quote or fee estimate is set out in our engagement proposal.
4.2 Our hourly rates, which are set out below, will apply to any work that is not included in the scope of work in our engagement proposal.
Position & Hourly rate:
- Principal $320 plus GST
- Accountant $180 plus GST
- Bookkeeper $110 plus GST
- Administration $70.00 plus GST
4.3 Where out of scope work is required, we will discuss this with you before proceeding.
4.4 Our fixes-fee quote or fee estimate assumes that you will carry out all your responsibilities as set out in this document and you providing all information reasonably requested by us in a complete and timely manner. Should that not occur, it may lead to an increase in fees depending upon the extent to which we have to perform more work or reschedule commitments to deliver the services. Alterations to our scope of works or delays beyond our control may necessitate a renegotiation of fees with you.
4.5 Our fees are payable by direct debit unless we agree otherwise. If we agree to another payment method, then our fees are payable within 14 days of us providing you with our tax invoice.
4.6 Delays. For engagements which are billable on completion and the assignment is delayed by the client for a period longer than 4 weeks, the balance will be invoiced prior to job completion.
5. Our Promise
5.1 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.
5.2 We will seek to understand your requirements and provide you services confidentially and professionally.
5.3 We will document sufficient and appropriate records of the procedures performed for our engagement, which may be subject to quality review by the Institute of Public Accountants under APES 320 Quality Control for Firms.
6. Our Obligations
6.1 We are obliged to consider whether our clients create any threats to compliance with our Fundamental Principles and where we cannot reduce the risk to an acceptable level we are obliged to cease the our engagement under the Code (section 320) to decline or cease the client engagement.
6.2 We have a duty to act in your best interests, unless this duty is inconsistent with our duty to act in the public interest.
6.3 If our engagement involves taxation services, we will inform you:
(a) of your (or your employer’s) 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;
(b) of any possible penalties and other legal tax consequences to enable you to make an informed decision.
6.4 If our engagement includes financial reporting, we have a duty to identify non-compliance that may materially impact your business’s financial integrity. We will first discuss our concerns with you, your internal auditor, management or governance office holders. We may also decide, based on the imminence of a breach likely to cause substantial harm to third parties including the public, to notify a regulatory authority without raising our concerns with you first.
6.5 We are responsible for maintaining records for a period of five years unless otherwise required by legislation.
7. Your Obligations
7.1 You will provide us with all requested information in a timely manner.
7.2 You are responsible for full disclosure of all relevant information.
7.3 You are responsible for your own record keeping relating to your affairs.
7.4 You provided us with requested records relating to your affairs.
7.5 You are responsible for the reliability, accuracy and completeness of the particulars and information provided to us, and, if our engagement includes financial reporting, the accounting records and disclosures of all material and relevant information provided to us. Accordingly, any advice given to you is only an opinion based on our knowledge or your particular circumstances.
7.6 You are responsible for retaining paperwork for as long as legally required.
7.7 If our engagement includes taxation services:
(a) you have obligations under self-assessment to keep full and proper records in order to facilitate the preparation of accurate returns;
(b) you must retain documents for a period of five years after the assessment as you may be subject to an Australian Taxation Office review.
7.8 You will remain subscribed to all electronic communications channels (eg. emails) to ensure we can notify you as and when needed.
8. Third Party Involvement
8.1 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 you.
8.2 We will seek your consent if third party involvement is likely to exceed the fixed price (if applicable).
9. Ownership of Documents
9.1 You own all original materials given to us.
9.2 We own all materials produced by us that resulted from our skill and attention to the extent that the materials produced by us incorporate any original materials you give to us.
9.3 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.
9.4 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.
10.1 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 our engagement. We may disclose PI about you with your implied consent for the primary purpose of providing the services or to third parties by express consent or as required by law. If you would like to access any PI we might hold about you contact us on 1300 266 372.
11.1 We have an ethical duty of confidentiality, which means we must not share or disclose your details to anyone without your consent unless required to by law.
12. Professional Indemnity Insurance (PII)
12.1 We hold professional indemnity insurance of at least the minimum amount prescribed in the Institute of Public Accountants By-Laws or as required by law.
13. Professional Standards Scheme and Limitation of Liability
13.1 We will not be responsible for any errors brought about by your failure to provide information or documentation later found to be material to your tax affairs.
13.2 We will not be liable for any loss or damage (including direct, indirect or consequential loss) arising from any inaccuracy or other defect in any information or documents supplied by you.
13.3 We will not be responsible for any late lodgment or other fees and fines brought about by your failure to provide required documents and information in a timely manner.
13.4 We will not be liable for any late lodgment penalties incurred unless we are solely responsible for the late lodgment of the documentation.
13.5 No act or omission by us will be considered gross negligence, willful default, willful misconduct, fraud, dishonesty or breach of duty to the extent to which the act or omission was caused or contributed to by any failure by any other person (who is not within our reasonable control) to fulfil any obligations relating to our engagement or by any other act or omission of any other person (who is not within our reasonable control).
13.6 Any tax refund estimate provided is only an estimate and we are not responsible and will not accept liability if the ATO determines an outcome which is different than the estimate provided at the time of lodgment.
13.7 We are practising members of the Institute of Public Accountants (IPA) and we covered under the IPA Professional Standards Scheme (Scheme). Under the Scheme, our liability for damages arising out the provision of the Services will be limited to $2,000,000.
13.8 A copy of the IPA Scheme is available on the website of the IPA at https://www.publicaccountants.org.au/membership/ppc/professional-standards-scheme.
13.9 Our advice is given exclusively to you and we will not responsible to anyone else for any loss or damage they suffer if they rely on our advice.
14.1 Either party may terminate this document by giving at least one calendar month’s notice.
14.2 In addition to clause 14.1, we may terminate this document immediately if:
- you do not follow our advice;
- you have acted unlawfully;
- you ask us to act unlawfully or unethically;
- a conflict of interest arises; or
- you do not pay our invoices within 30 days from the date we send it to you.
14.3 If this document is terminated, you will pay our fees up to the date of termination.
14.4 We may retain possession of your documents until our fees have been paid.
14.5 On termination, you will accept transfer of any software subscriptions maintained by us for your benefit. We will not pay software subscription fees after the termination of our engagement.
15. Dispute Resolution
15.1 If there is a dispute relating to the services or our fees, then the parties agree to resolve the dispute in good faith. If the dispute is not resolved by the parties within 30 days, the parties will enter into mediation before commencing legal proceedings.
15.2 Written notice of the dispute must be given to the other party for it to be submitted to mediation before a mediator chosen by the parties or, where the parties cannot agree on a mediator, then as selected by the Resolution Institute. The mediation will be conducted in accordance with the Mediation Rules of the Resolution Institute.
15.3 If the dispute is not resolved within 60 days after notice of the dispute is first given or such further period as agreed between the parties, then the mediation will terminate.
16. Notice to produce Documents
16.1 If we receive any legally enforceable notice or demand issued by a third party, including the Australian Securities and Investments Commission, Australian Taxation Office, Australian Stock Exchange, any government statutory body or instrumentality, or any court or tribunal in relation to or in connection with the Services you agree to pay our reasonable professional costs and expenses (including solicitor–client expenses) in complying with or challenging any such notice or demand to the extent that our costs and expenses are not recovered or recoverable from the party issuing the notice or demand.
17.1 This document is governed by the law in force in Queensland, Australia (Jurisdiction).
17.2 Each party submits to the non-exclusive jurisdiction of the courts of the Jurisdiction and the courts competent to determine appeals from those courts, in relation to any proceedings that may be brought at any time relating to this document.
17.3 Each party irrevocably waives any objection it may have now or in the future to the venue of any proceedings where that venue falls within the Jurisdiction.
18.1 This document may be executed in any number of counterparts, each signed by one or more parties. Each counterpart when so executed is deemed to be an original and all such counterparts taken together constitute one document. A party that has executed a counterpart of this document may exchange that counterpart with another party by faxing or emailing it to the other party or the other party’s legal representative.
19.1 Any provision of this document that is illegal, void or unenforceable is to be severed without prejudice to the balance of the provisions of this document which will remain in force.
20. Cloud Computing
20.1 In providing our services, Bonerath & Co. Pty Ltd may use cloud computing resources. Cloud computing are computing resources that are usually provided by a third party over the internet, including on-demand access to networks, services, data storage, databases, software & applications. In agreeing to the terms of the proposal, you agree to our use of cloud computing resources for the provision of our services. If you require any further information on our use of cloud computing resources, please contact us.