Munro Spaul – Terms and Conditions

Confirmation of agreement for services between: Munro Spaul and you the Client.

This is to confirm our understanding of the terms and objectives of our engagement and the nature and limitations of the services we will provide. Please read the following terms and conditions.

Purpose, Scope and Output of the Engagement

Munro Spaul will provide Accounting and Taxation 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 and services will be limited exclusively for this purpose only. Thus, 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.

There is no assumption of responsibility for any reliance on our accounts/tax returns by any person or entity other than yourself and those parties indicated in the accounts or tax returns. The accounts/tax returns shall not be inferred or used for any purpose other than for which it was specifically prepared. Accordingly, our report may include a disclaimer to this effect.

This engagement letter is limited to Accounting and Taxation services only and relates solely to the service that you have engaged Munro Spaul to complete, or we have completed it on your behalf.

Period of Engagement

This engagement starts on the proposal commencement date and is valid until such time that either party notifies the other and terminates in writing. Please note that the initial agreement is based on the financial year outlined. Your agreement will be automatically rolled over at the start of the new financial year unless either the client or Munro Spaul notify the other in writing to cease the agreement. You will receive a notification of any cost increase via documentation from Ignition before the beginning of each financial year. Please note that while we maintain a competitive approach to our pricing, we reserve the right to increase our service pricing at our discretion. Other third-party costs, such as accounting software and ASIC fees, are subject to price increases that are beyond our control, and as such, we reserve the right to increase the prices accordingly without notification.

Generally, we will not deal with earlier periods unless you specifically ask us to do so, and we agree. These services will be charged on a time-cost basis unless otherwise agreed to. Without your prior notification, we may undertake additional work to perform our obligations under this agreement. These services will be charged on a time-cost basis unless otherwise agreed to. Please refer to our standard fees and charges schedule and request a quotation if required.

 

Reoccurring Progress Payments and the Annual Wrap-Up Fee

Your monthly/weekly instalment amount is a progress payment, not a fixed fee.

Your monthly payments are progress payments toward the overall cost of accounting services provided during the year. Once we complete your annual accounts & tax compliance, we will invoice you for all services and costs incurred during the year, including any out-of-scope work. The monthly payments made will then be applied against this, and the balance will be payable. This is your wrap-up amount.

Our aim is to collect monthly/weekly progress instalments for the services and costs we’re expecting to undertake on a month-by-month basis throughout the year. This will keep your wrap-up invoice manageable, avoiding any “bill shock.” Higher or lower monthly payments will result in a lower or higher wrap-up amount respectively. Overall the cost will be the same.

The fee arrangement is based on the expected amount of time to complete the service as agreed, however, it may change. All professional fees are subject to GST. Our terms of payment are on completion of the works performed, or strictly 14 days from the date of each invoice, unless other terms have been agreed to in writing.

Standard Fees & Charge Rates 

Our standard fee arrangements are based on the expected amount of time to complete the service as agreed. If it is anticipated that the fee significantly exceeds the estimate provided, we endeavour to advise you. All professional fees are subject to GST. We anticipate issuing an invoice upon completion of providing the agreed service. We reserve the right to issue interim invoices or a progress payment plan for large ongoing assignments. Our terms of payment are on completion of the works performed, or strictly 14 days from the date of each invoice, unless other terms have been agreed to in writing.

Our hourly charge rates are as follows:

Position Hourly Charge Rate
Junior/Administration/Bookkeepers $150 – $250
Accountants $250 – $350
Senior Associates / Directors $350 – $550

 

 

Hourly Billing for Services with an Undefined Scope or Unanticipated Services

Unless the work is requested by the client, Munro Spaul will endeavour to notify you in advance if we undertake any services that are unanticipated or out-of-scope. These works will be billed on a time-cost basis, unless otherwise agreed. If the work we have undertaken is not listed in the schedule of your progress payment agreement, please discuss it with your accountant and request a quote for the work if you do not wish to be billed on a time-cost basis.

In the case where you have been quoted, Munro Spaul will endeavour to inform the client if there is any significant deviation from this amount.

Disbursements and Third-Party Costs 

Please be advised that Munro Spaul has no control over price increases of our third-party vendors, including but not limited to, the Australian Investments and Securities Commission (ASIC), Xero, MYOB, NowInfinity, Class Super, Evolv Super Audits, Pinch. Munro Spaul reserves the right to pass on these costs immediately via your monthly progress payments.

Payment of Invoices

Your progress payment will be direct debited from your nominated bank account on a weekly or monthly basis as per your agreement, or as otherwise agreed. The yearly wrap-up invoice and any invoice pertaining to out-of-scope work is due on completion of the works performed, or strictly 14 days from the date of each invoice, unless other terms have been agreed to in writing. Munro Spaul reserves the right to direct debit the full amount due for any wrap-up or out-of-scope invoice on the due date unless:

  • Client has acknowledged the amount due, and both parties have made an agreement in writing to alternative payment arrangements.
  • A dispute, or request for review, has been lodged in writing within 14 days of receiving the invoice.

Please note that Munro Spaul reserves the right to initiate formal debt recovery action on any unpaid amounts over 30 days overdue. This may include legal action and may affect your credit rating. If formal recovery action is deemed necessary, the client will be liable for all associated costs and prejudgment interest charges as specified by rule 36.7 of the Uniform Civil Procedure Rules 2005.

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.

We wish to draw your attention to our firm’s system of quality control, which has been established and maintained in accordance with the relevant APESB standards. Thus, our files may be subject to review as part of the quality control review program of the Institute of Chartered Accountants Australia, 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.

You are responsible for the reliability, accuracy and completeness of the accounting records, particulars and other information provided and disclosure of all material and relevant information. You are required to arrange for reasonable access by us to relevant individuals and documents, and shall be responsible for the completeness and accuracy of the information supplied to us. Any advice given to you is only an opinion based on our knowledge of your circumstances.

Taxation Services

A taxpayer is responsible under self-assessment to keep full and proper records in order to facilitate the preparation of a correct return. Whilst the Commissioner of Taxation will accept claims made by a taxpayer in an income tax return and issue a notice of assessment, usually without adjustment, the return may be subject to later review. Under the taxation law such a review may take place within a period of up to five (5) years after tax becomes due and payable under the assessment. Furthermore, there is no time limit on amending the assessment where there is fraud or evasion. Accordingly, you should check the return before it is signed to ensure that the information in the return is accurate.

Where the application of a taxation law to your particular circumstances is uncertain, you also have the right to request a private ruling which will set out the Commissioner’s opinion about the way a taxation law applies, or would apply, to you in those circumstances. You must provide a description of all the facts (with supporting documentation) that are relevant to your scheme or circumstances in your private ruling application. If there is any material difference between the facts set out in the ruling and what you actually do, the private ruling is ineffective.

If you rely on a private ruling you have received, the Commissioner will administer the law in the way set out in the ruling, unless it is found to be incorrect and applying the law correctly would lead to a better outcome for you. Where you disagree with the decision in the private ruling, or the Commissioner fails to issue such a ruling, you can lodge an objection against the ruling if it relates to income tax, fuel tax credit or fringe benefits tax. Your time limits in lodging an objection will depend on whether you are issued an assessment for the matter (or period) covered by the private ruling.

Ownership of Documents

All original documents obtained from you arising from the engagement shall remain your property. However, we reserve the right to make a reasonable number of copies of the original documents for our records.

Ownership of original documents produced during our engagement will vest in you. All other copies produced by us in respect of this engagement will remain the property of the firm, subject to any statutory obligations.
Munro Spaul 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.

Third-Party Responsibility

We may utilise outsourced service providers and cloud computing service providers that operate and/or host services and staff that may be outside of Australia, including but not limited to:

Microsoft, Xero, MYOB, FYI Docs, NowInfinity, Class Super, Evolv Super Audits and IPracticeHUB, Ignition and Pinch software services; TOA Global accounting and bookkeeping services;

and other third parties from time to time as required.

To perform the services, we may provide these third parties with access to your data to the extent this is required to perform the services. Where possible, your data will be stored in accordance with the security practices of the third-party service provider and our Privacy Policy.

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 Council’s website: www.professionalstandardscouncil.gov.au

Confirmation of Terms

Please click the box on the attached page to indicate that it is in accordance with your understanding of the arrangements. These terms will be effective for future years unless we advise you of any change.