These Terms of Business should be read in conjunction with the Engagement Agreement of Services Letter (“Engagement Letter”).
These documents form the contract between our client (“you” and when relating to you, “your”) and the Quantum Advisory Group comprising of Quantum Accounting Group Pty Ltd ATF Quantum Accounting Group Unit Trust T/A Quantum Advisory (referred to as “Quantum Advisory” or “us” or “we” or “our”).
We will provide the services described in the client services plan forming part of the Engagement Letter, or any subsequent, supplementary emails, letters or facsimiles which may describe the services. The contract between Quantum Advisory and you (“this Engagement”) shall commence on the earlier of:
- the date of the Engagement Letter; or
- the date that you instruct Quantum Advisory to commence the services.
2. Fees and Payments
You agree to pay Quantum Advisory for the services that it provides to you and any relevant expenses that we incur in relation to such services. Fees for such services will be charged on the basis set out in the Engagement Letter or other correspondence. Where these documents do not state a basis, our fees will reflect the time spent and other factors such as the level of expertise and experience required, complexity, inherent risks, urgency, monetary values involved, outcomes achieved and the need for specialist input. Goods and Services Tax (GST) at the prevailing rate will be added to and forms part of our fees. Unless otherwise specified, invoices for our fees are payable within 14 days from the invoice date. We may arrange for our invoices to be paid by direct debit, but only if you have first signed an authority for us to do so.
Payment of invoices can be made by cheque, Electronic Funds Transfer (EFT), direct deposit or credit card, as indicated on each invoice. Payments by credit card attract a service fee equivalent to the merchant fee levied by the card issuer. These fees are currently 1.95% for Visa and MasterCard and 2.5% for American Express.
Quantum Advisory uses an online fixed fee proposal system that incorporates the scope of work and fixed fee arrangement for the duration of the agreement. Quantum Advisory’s methods of billing includes:
- Upon Acceptance of Services: These are one-time services that are billed at the commencement of the engagement. The Invoice will be issued upon acceptance of the engagement and payment will be collected 1 day after the invoice is issued where direct debit terms are agreed to.
- Recurring Services: Includes any services that will be delivered throughout the period of the engagement. An invoice for these services will be delivered on the 28th of each month (or alternative agreed date) and payment will be collected on the invoice due date as agreed where direct debit terms are agreed to.
- Upon Completion: These are one-time services that are billed upon completion of the work. We will notify you when the work is complete and upon receipt of the deliverables, an invoice will be issued, and payment will be collected 14 days after the invoice is issued where direct debit terms are agreed to.
If you entered your payment information when accepting your online proposal, all direct debit payments to Quantum Advisory will be collected 14 days after the invoice is issued.
With respect to direct debit payments, you authorise Quantum Advisory to re-process any unsuccessful payments 1 day after the initial attempt.
The collection of funds is sourced with a third-party provider, Practice Ignition Pty Limited. Please click the link for Terms & Conditions relating to payment terms.
Unless otherwise agreed, documents will only be lodged with the Australian Tax Office (“ATO”) on receipt of the signed lodgement documentation and the payment of the account, or an Authority to Deduct from Refund form signed.
You may authorise us to maintain a separate trust account for dealing with all money received from you or on your behalf, except for amounts received from you in payment of our fees. If there are ATO refunds expected, these may be used to cover our agreed fees where you have signed the appropriate authority document. Refunds received from any member of your group, whether partner, spouse, company or trust, can be used to offset the account with us held in any name.
3. Engagement Scope and Purpose
We will use reasonable skill and care in the provision of the services as outlined in the Engagement Letter. The extent of our procedures and services will be limited exclusively for the purpose set out in the Engagement Letter. As a result, no audit or review will be performed and, accordingly, no assurance will be expressed in accordance with applicable professional standards. 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.
Tax returns, financial statements and other documents required as part of the services will be prepared for distribution to statutory bodies, shareholders, directors and others as we may agree with you. There is no assumption of responsibility for any reliance on our report by any person or entity other than you and those parties indicated. The documents shall not be used for any purpose other than for which they are specifically prepared. Our documents may include a disclaimer to this effect.
4. Provision of Information
Please be aware that the completeness and accuracy of the information you provide to use for any assignment remain your responsibility. Our work will be based solely on the information provided by you, the circumstances made known to us and the assumption set out in our correspondence. We rely on you bringing to our attention as soon as possible any changes in the information provided or circumstances as it may impact our advice.
5. Information Relating to your Affairs
Our firm may, from time to time, use the services of third-party contract personnel both in Australia and outside Australia who we consider appropriate to perform some of the services we are engaged to perform for you. These persons will have access to your records only for the purpose of completing the engagement services. In all cases, these personnel will be subject to our supervision and control.
Each client in the Client Group hereby authorises us to disclose information relating to that client’s affairs to such third-party contractors as we may choose to engage to perform such work.
We may also need to disclose information relating to one client’s affairs to other clients in the Client Group to assist in performing our work, or to persons responsible for the governance of an entity to comply with accounting standards, or to a statutory authority, in relation to a quality review program undertaken by that body. Each client in the Client Group hereby authorizes us to do so when we consider it appropriate to further our performance of work for the Client Group.
Acceptance of our services indicates your consent to Quantum Advisory’s use of outsourced services as described above. Where the outsourced service requires the disclosure of personal information to an overseas recipient a consequence of your consent is that Quantum Advisory will be required to take reasonable physical, technical and administrative safeguards to ensure that the Australian Privacy Principles set out in the Privacy Act 1988 (Cth) (the “Privacy Act”) are complied with by the overseas recipients of the Personal Information.
At all times we will remain responsible for the work undertaken in the delivery of the agreed services to you.
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.
Our engagement will result in the production of paper or electronic documents or files, which will be supplied to you. Ownership of these documents will vest in you. All other documents produced by us in respect of this Engagement will remain our property.
We have a policy of exploring a legal right of lien over any client documents in our possession in the event of a dispute.
It is our practice to destroy documents belonging to us after they are more than seven years old. You consent to us destroying any documents that may strictly belong to you that are files in our documents.
In many instances, we scan documents received from you and store them electronically. In these instances, unless you have specifically instructed otherwise, you consent to the destruction of any such documents after they have been scanned and stored.
7. ASIC Matters
Where we maintain your company secretarial records and manage communications with ASIC and others, we will pay invoices from ASIC on your behalf to avoid late payment penalties being applied. These charges will be on-forwarded to you as a separate invoice with the addition of our corporate secretarial fee. These charges fall outside of the scope of our engagement as outlined in this proposal. Should you wish to attend to your own ASIC obligations, please advise as soon as possible.
8. Intellectual Property
Acceptance of our services by entering into the Engagement Letter indicates your consent to intellectual property rights in all documentation, systems, materials, methodologies and processes used or created in the engagement remaining and being vested in Quantum Advisory.
9. Privacy and Confidentiality
Disclosure by you of personal information to us in the course of our engagement is subject to the Privacy Act. We are providing services on the basis that you have complied with any requirements of this act when disclosing personal information about an individual to us. As we rely on you to fulfil these obligations you agree to indemnify Quantum Advisory, its Directors and staff against any claim, loss or expense resulting from your failure to make any disclosure or obtain any consent required under the act or otherwise comply with the act.
If the delivery of our services requires a third party to supply personal information to us at your request, it is your obligation to ensure that the third party complies with the Privacy Act and you agree to indemnify Quantum Advisory, its Directors and staff against any claim, loss or expense resulting from that party’s failure to do so.