These are the Terms of Business upon which Infinity Financial will agree to perform work for those entities listed in or attached to our engagement letter. Together with our attached engagement letter and any further attached schedule or appendix it forms the entire agreement between us. This agreement replaces any earlier agreements, representations or discussions that we have had with you.
Infinity Financial agrees to provide you with the services described in Appendix B. However, any advice and/or consulting services requested by you, unless agreed otherwise in this engagement letter, will be billed by us on a time spent basis and unless stated otherwise are outside any fixed fee quote provided for in this engagement letter.
The scope of our engagement will be limited to the performance of the services listed in this engagement letter. Infinity Financial 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.
Nothing in the agreed scope constitutes an assurance engagement. As a result, no audit will be performed and, accordingly, no assurance opinion 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.
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 any deliverable is prepared. Where appropriate, our deliverables will contain a disclaimer to this effect.
Our advice given from time to time may be necessarily general, depending on the scope or query you ask of us. Unless specifically requested by you, it will not cover all implications arising. However, this agreement does not preclude us from raising any implications or complications with you.
You may request we act as your Tax Agent. If you do, and we agree, you acknowledge that you have agreed that you appoint us to act in that capacity, and that we may add you to our lodgement program and make enquiries with the ATO on your behalf. We may require specific authorities from you before we can act in this capacity.
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. These may include cloud service providers and outsourced service providers.
If applicable, we will seek your consent if third party involvement is likely to exceed a fixed price engagement or a fee range given in a quote.
We have outsourcing and offshore arrangements in place. The nature and extent of the services that we utilize include the provision of backend administration, bookkeeping, data entry and account and tax return preparation. Our outsourced and offshore providers store or process information in the countries set out in the Privacy and Personal Information section below, and we remain responsible to you for the services we deliver to you.
Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced or offshore services as described above.
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. 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 on a timely basis if there are any changes to your circumstances that are 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.
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 (e.g. death and/or marriage breakdown) or a legal action commencing against you.
You further 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 the 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).
- 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 ATO.
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 may be contrary to your interests.
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 or accounting pronouncements and standards in force at the end of the date of the provision of the advice and/or services. It is your 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 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, Infinity Financial does 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 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.
Further details of how we handle personal information, and the consents you give us, are set out in the Privacy and Personal Information section below.
As members of professional bodies, 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 a quality review. If you pay monies into our trust account, that account is required to be audited. You consent to us disclosing your details for a trust account audit or professional membership quality review of our trust account.
In providing our services we will collect, hold, use and disclose personal information about you and individuals associated with you (including, where relevant, tax file numbers) in accordance with the Privacy Act 1988 (Cth), the Australian Privacy Principles and the Privacy (Tax File Number) Rule 2015. Our Privacy Policy contains further details about how we handle personal information, how you may access and correct it, and how to make a privacy complaint. It is available at www.infinityfinancial.com.au or on request.
You consent to us collecting personal information that is reasonably necessary to provide our services and disclosing it: to the entities listed in Appendix A; to our related practices, Infinity Wealth Pty Limited and Infinity Lending Pty Limited (unless you instruct us otherwise); to third-party providers we use to deliver our services, including cloud software, data storage, outsourced administration and processing providers; to regulators, professional bodies and reviewers as described in this agreement; and as otherwise required or authorised by law.
Some of the providers we use store or process information outside Australia. By accepting this engagement, you consent to your personal information being disclosed to recipients outside Australia. Where you give us personal information about another individual (for example your employees or family members), you confirm that you are authorised to do so and that you will refer them to our Privacy Policy.
We maintain safeguards designed to protect the information we hold. If a data breach occurs involving personal information, we hold about you that is likely to result in serious harm, we will notify you and the Office of the Australian Information Commissioner in accordance with the notifiable data breaches scheme.
We use technology, including software that incorporates artificial intelligence (AI), to help us deliver our services efficiently and accurately. This may include tools that assist with data extraction and processing, transaction coding, research, document preparation and review, meeting notes and workflow management.
Where we use AI-enabled tools: (a) output is reviewed by our professional staff, and responsibility for the services, advice and deliverables we provide to you remains with us at all times; (b) we only use tools we have assessed as appropriate for professional use, under arrangements that impose confidentiality and data-security obligations on the provider, and we do not enter your confidential information into publicly available AI tools that lack those protections; and (c) client information processed by these tools may be stored or processed in the locations described in the Privacy and Personal Information section, and its use remains subject to the confidentiality and privacy terms of this agreement.
If you would like more information about the tools we use, or do not wish us to use particular categories of tools in relation to your information, please tell us and we will discuss the available options with you (which may affect the timing or cost of our services).
The Tax Practitioners Board (TPB) maintains a public register of registered tax agents and BAS agents, which you can search at tpb.gov.au/public-register. As a registered tax agent, we are subject to the Tax Agent Services Act 2009, including the Code of Professional Conduct. Information about your obligations to us, our obligations to you and the Code is set out in the TPB’s factsheet for clients, available at tpb.gov.au or from us on request.
If you have a concern about our services, please raise it us in the first instance and we will seek to resolve it promptly under our complaints process.
As at the date of this letter there are no matters (‘prescribed events’) that we are required to disclose to you under section 45 of the Tax Agent Services (Code of Professional Conduct) Determination 2024, and there are no conditions on our registration.
Where our services include services designated under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), we are required to carry out customer due diligence, including verifying the identity of clients, their beneficial owners and persons acting on their behalf, before providing (and periodically during) those services. You agree to provide the information and documents we reasonably request for this purpose, and you consent to us verifying identity using electronic verification and screening services. We may be unable to commence or continue services until due diligence is complete.
We may be required by law to make reports to AUSTRAC or other agencies, in some cases without notifying you, and to suspend or decline services. To the extent permitted by law, we are not liable for any loss arising from a delay, suspension, report or refusal to act in compliance (or intended compliance) with our obligations under AML/CTF law.
You consent to us communicating with you, and delivering documents and invoices, by email and other electronic means. Electronic communication carries risks (including interception, alteration and impersonation) that no system fully removes. We will not change our bank account details by email; if you receive an email appearing to come from us those changes payment details, do not act on it — call us on a number you know to be ours to verify before paying. Each of us agrees to maintain reasonable security measures over our own systems, and neither of us is liable for loss arising from a fraudulent communication that a reasonable verification step by the recipient would have detected.
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. All documents produced by us in respect of this engagement will remain property of Infinity Financial.
Infinity Financial has a policy of exercising a legal right of lien over any client documents in our possession in the event of a dispute.
Our liability is limited by a scheme approved under Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Council.
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 paid for the service. If that fee is a fixed monthly retainer, it is three times any single month’s fees.
Where more than one entity 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 and, if it 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.
Nothing in this agreement excludes, restricts or modifies any right, guarantee or remedy that cannot lawfully be excluded (including under the Australian Consumer Law), or limits our liability below any minimum amount that applies under the professional standards scheme. The limitations and exclusions in this agreement apply only to the extent permitted by law, and do not apply to liability arising from our fraud or wilful misconduct.
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 that payment is due in full within 7 days of the date of our invoice. If any amount remains unpaid after its due date, we may charge interest on the unpaid amount at the rate of 10% per annum, accruing daily from the due date until the date of payment.
We review our charge rates annually. We will give you at least 30 days’ written notice of any change to our rates or to any fixed fee. If you do not accept a change, you may terminate this agreement by written notice taking effect before the change applies, and the existing rates will apply until termination.
As security for the payment of our fees and any other amounts payable to us under this agreement, you charge in our favour all of your right, title and interest in any real property and personal property in which you have an interest, but only to the extent of amounts that remain unpaid 14 days after we have given you written notice of the default.
You agree that we may register a caveat over real property, or a security interest on the Personal Property Securities Register, to protect the charge described above, and that we will promptly withdraw any such registration once the secured amounts have been paid. We may exercise the enforcement powers granted to us by law in relation to the charge, subject to any notice requirements under the relevant law.
If you fail to pay any invoice issued by us, and we commence recovery action (whether or not we commence or file for court proceedings in that regard), you must pay to us, on demand, and on an indemnity basis, any costs and expenses that we incur, whether or not we have actually paid such amounts, in relation to such recovery action, including, but not limited to:
- any costs or expenses payable to a third party (such as debt collection agency fees, external legal fees, court filing fees, etc), and;
- any internal expenses we incur, or work performed, calculated on an hourly basis, in accordance with the hourly fee schedule in Appendix C
We may be required to provide information regarding you or the services to comply with a statutory obligation, court order or other compulsory process. This includes but is not limited to liquidators’ examinations, ATO investigations, legal processes and the like.
You agree to pay the costs and expenses we incur in doing so. This includes time spent by professional staff and our legal costs or any other third-party costs.
If this engagement is terminated or we no longer hold your instructions and we are required to comply with the above you agree to continue to be liable to pay our costs and as described above for compliance with a statutory obligation, court order or other compulsory process.
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 whose interest may conflict with yours.
Either of us may terminate this agreement by giving the other at least 30 days’ written notice. We may terminate immediately by written notice if any of our invoices remains unpaid after its due date, if we identify a conflict of interest or independence issue that cannot appropriately be managed, or if we are required to cease acting by law or by our professional obligations. You agree to pay for all services we perform up to the date of termination, within 14 days after receipt of our invoice.
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. Before destroying documents, we will take reasonable steps to notify you, and we will return any original documents belonging to you on request. Documents will be retained for longer where the law requires (including tax and AML/CTF record-keeping requirements).
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.
Where more than one person or entity is covered by this agreement, each of them is jointly and severally liable to us for our fees and for the performance of the client obligations in this agreement.
This agreement may be signed electronically and in any number of counterparts, which together form one agreement. This engagement commences on the date you accept this agreement and continues until terminated in accordance with its terms. We review our engagement terms periodically and may re-issue them to you, for example annually together with our fee schedule.
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 and other supplementary materials to which they are attached.
you – the entity this engagement is addressed to and each entity in Appendix A.
we – A.C.N. 119 098 083 Pty Limited trading as Infinity Financial.