Terms of Service & Engagement

Dual-Disciplinary Scope of Engagement

These Terms of Service and Engagement (“Terms”) govern all professional accounting, taxation advisory, Single Touch Payroll compliance, bookkeeping, and credit advisory services provided by Taxnet Pty Ltd (ABN 40 610 387 881) (“Taxnet”) to you (“the Client”).

Our practice operates across two distinctly regulated professional capacities:

• Public Practice Accounting & Taxation: Bound by statutory ethical standards as a registered CPA Australia Public Practice and a registered Tax Agent under the Tax Agent Services Act 2009 (Cth) (Registration overseen by the Tax Practitioners Board).
• Mortgage Broking & Credit Assistance: Provided in accordance with the National Consumer Credit Protection Act 2009 (Cth) and overseen by the Mortgage & Finance Association of Australia (MFAA).

Each individual engagement is confirmed via a tailored Letter of Engagement detailing specific entities, lodgement deliverables, and fee arrangements. In the event of any inconsistency, the specific Letter of Engagement shall prevail over these general terms.

Client Obligations & Tax Substantiation

Australian taxation legislation places the primary legal responsibility for the accuracy and completeness of tax returns, BAS statements, and declarations squarely upon the taxpayer. To enable Taxnet to deliver accurate advice, the Client agrees to:

• Full & Frank Disclosure: Provide complete, truthful, and accurate disclosures of all worldwide income, revenue, business assets, and allowable deductions;
• Documentary Substantiation: Maintain and retain all primary accounting source records, invoices, logbooks, receipts, and bank statements required by the ATO for a minimum of five (5) to seven (7) years;
• Timely Information Provision: Furnish requested ledger files, payroll queries, and bank reconciliation verifications within agreed preparation timelines; and
• Formal Verification: Review all draft Income Tax Returns, activity statements, and loan applications thoroughly prior to executing final electronic authorizations.

Statutory Deadlines & Lodgement Extensions

As a registered Tax Agent, Taxnet clients are entitled to beneficial lodgement program extensions under the ATO Tax Agent Lodgement Program (typically extending annual return deadlines from 31 October up to 15 May or 5 June of the following calendar year, subject to compliance history).

To maintain access to these concessional extensions, the Client must ensure that all outstanding prior-year lodgements are up to date and that all required financial documentation for the current financial year is delivered to our offices no later than thirty (30) days priorto the relevant statutory deadline. Taxnet accepts no liability for statutory late lodgement penalties resulting from late document provision by the Client.

Fee Structures, Retainers & Invoicing

Taxnet rejects opaque hourly billing. We provide clear, agreed billing models:

• Agreed Fixed Retainers: Ongoing business clients operate on an agreed monthly retainer covering all scheduled BAS, quarterly reviews, payroll oversight, and annual corporate returns;
• Upfront Project Proposals: One-off tax structuring, SMSF setups, or prior-year backlog rectifications are quoted with guaranteed fixed upfront pricing; and
• Credit Advisory Services: Standard residential mortgage broking services are provided at zero direct advisory cost to the consumer (commission is paid by the lending institution, fully disclosed under our Credit Proposal Disclosure).

Invoices are payable within fourteen (14) days of issue via direct debit, electronic funds transfer (EFT), or credit card. Taxnet reserves the statutory right to suspend preparation or withhold ATO lodgement where undisputed fees remain overdue beyond thirty (30) days.

Limitation of Professional Liability

Liability limited by a scheme approved under Professional Standards Legislation.

Taxnet Advisory Pty Ltd participates in the CPA Australia Professional Standards Scheme approved under the Professional Standards Act 2003 (VIC). The scheme limits the civil liability of our firm, partners, and employees to the monetary caps established under the statutory scheme, except where liability cannot be excluded by law (such as fraud or gross negligence).

Fiduciary Independence & Commissions

Our dual-disciplinary practice guarantees complete transparency regarding financial incentives:

• Accounting & Tax Strategy: We accept zero referral kickbacks or proprietary product commissions from wealth management or financial products. Our advice is 100% fiduciary and objective; and
• Mortgage Broking: When acting as your licensed finance broker, we receive upfront and ongoing trail commissions directly from the credit provider. Every commission dollar, percentage, and potential volume incentive is formally disclosed to you in writing via our Credit Guide and Credit Proposal Document before any loan agreement is executed.

Electronic Signatures & Document Authority

Pursuant to the Electronic Transactions Act 1999 (Cth), the Client consents to receiving statutory notices, engagement letters, invoices, and draft tax returns electronically via email or encrypted client portals.

Electronic signatures (executed via verified cloud platforms such as Adobe Sign, DocuSign, or portal click-to-sign) shall be deemed legally binding and equivalent to physical wet signatures for all ATO declarations, ASIC resolutions, and lender credit applications.

Confidentiality & Cloud Ledger Integrity

Taxnet holds all Client files, financial balances, and communications in strict professional confidence under APES 110 Code of Ethics for Professional Accountants and section 30-10(6) of the Tax Agent Services Act 2009.

We will not disclose any information to third parties (including your bank, financial planner, or solicitor) without your express prior authorization, except where mandated by statutory legal warrant, court order, or regulatory notice issued by the ATO or ASIC.

Termination & Ethical Clearance Handover

Either party may terminate the professional engagement by providing fourteen (14) days written notice.

Upon termination, the Client remains responsible for fees incurred up to the termination date. In accordance with CPA Australia professional regulations, upon receiving an ethical clearance request from your nominated incoming accountant, Taxnet will promptly transfer all primary client records, prior-year depreciation schedules, and trial balances with zero operational obstruction.

Governing Law & Jurisdiction

These Terms are governed by and construed in accordance with the laws in force in the State of Victoria, Australia. The Client and Taxnet submit to the exclusive jurisdiction of the Courts of Victoria and the Commonwealth of Australia in respect of any proceedings arising out of or in connection with these Terms.