Accounting and Business Services Engagement Letter

This letter is to confirm the terms of your engagement of Atlas Tax And Accounting Pty Ltd and the nature and limitations of the services that we provide.

Purpose, Scope and Output of the Engagement

This firm will provide public accounting 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. As a result, 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.

The Scope of our engagement will include all or some of the following:

Preparation of financial statements

Preparation and lodgement of income tax return(s)

Preparation and lodgement of Business Activity Statements

Review of accounts as appropriate

Advice in relation to accounts prepared and other matters as deemed appropriate

Our service will cover Income Tax and Goods & Services Tax.

The scope of engagement will exclude land tax, payroll tax and stamp duty unless specifically engaged.

The scope of our engagement will be limited to performance of the services listed above. If the scope does not meet your requirements or you would like to discuss with us further, please let us know.

There is no assumption of responsibility for any reliance on our report by any person or entity other than yourselves and those parties indicated in the tax returns. The report 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.

Period of Engagement

This engagement will cover periods which you have provided, or will provide, us with specific information. We will not deal with earlier periods unless you specifically ask us to do so, and we agree.

Responsibilities

In conducting this engagement, information acquired by us in the course of 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 standard. As a result, our files may be subject to review as part of the quality control review program of CPA 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. Should this occur, we will advise you.

The Client is responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided and disclosure of all material and relevant information. Clients are required to arrange for reasonable access by us to relevant individuals and documents and shall be responsible for both the completeness and accuracy of the information supplied to us. Any advice given to the Client is only an opinion based on our knowledge of the Client’s particular circumstances. The Client or Client’s staff are responsible for maintaining and regularly balancing all books of accounts, and the maintenance of an adequate accounting and internal control system. The Client has obligations under self assessment to keep full and proper records to facilitate the preparation of accurate returns. It is the Client’s responsibility to keep those records for five (5) years.

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 four (4) years after tax becomes due and payable under the assessment. Furthermore, where there is fraud or evasion there is no time limit on amending the assessment. Accordingly, you should check the return before it is signed to ensure that the information in the return is accurate.

If you rely on a private ruling you have received, the Commissioner must 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.

Fees

The fee arrangement is based on the complexity of your taxation affairs. We anticipate issuing a fee invoice upon completion of providing the agreed services.

The current standard professional fees are:

For work undertaken for a period of less than an hour, the rate shall be charged in 6 minute blocks.

We have a number of services which have a minimum fixed fee because of the additional administration time involved on top of the accountant’s time. These services include personal tax returns and preparation and lodging of ASIC documents.

All fees are GST exclusive.

Our professional fees are reviewed annually.

ASIC Agent Appointment

The Company appoints and authorises Atlas Tax and Accounting Pty Ltd to act as its ASIC Agent to prepare and lodge documents, update ASIC records, and receive ASIC correspondence on its behalf.

This authority will commence from the date the Client signs the Acknowledgement Letter and will continue until revoked by written notice from the Company. A fixed annual fee of $165 per year will apply for ASIC agent services. The Company remains responsible for compliance with all ASIC statutory obligations.

Limitation of Liability

Our liability is limited by a scheme approved under Professional Standards Legislation. Further information on the scheme is available from: http://www.professionalstandardscouncil.gov.au

Losses from unauthorised cyber-activity

We will take all reasonable precautions to ensure that electronic data containing your private information is securely stored and that email transmissions are appropriately protected. However, we cannot guarantee the security of electronic communications and will not be liable for any loss or damage you may suffer as a result of unauthorised access, interception, copying or cyber-activity by third parties affecting any data stored or transmitted by us.

To the extent permitted by law, you agree to release and indemnify our firm from any claims, losses or liabilities arising from such unauthorised cyber-activity, provided we have taken reasonable steps to safeguard your information.

Use of Third Party Service Providers

In providing our services, we may engage qualified third-party service providers to perform specific tasks, functions, or support activities on our behalf. These services may include, but are not limited to:

• Accounting file preparation and bookkeeping
• Audit and assurance services, including SMSF audits
• Financial planning support and liaising with financial institutions
• Mortgage, home, personal, and business loan services
• IT support, document processing, and administrative assistance

These providers may be located in Australia or overseas. Where your personal or confidential information is disclosed to such providers, we will take reasonable steps to ensure they maintain confidentiality and comply with the Australian Privacy Principles.

You acknowledge and agree that while we take reasonable precautions, we cannot be held responsible for acts, omissions, or failures of these third-party service providers beyond our control. Acceptance of our services constitutes your consent to the engagement of such providers as part of this engagement.

We utilise the following outsourcing provider to assist us with the accounting file preparation:

Boss Outsourced Accounting-CA Australia, who are based in NSW

Peter Lee Accounting Pty Ltd- SMSF auditor who is based Mansfield QLD

Loan clinic Pty Ltd – Mortgage Broker based in NSW

Use of Cloud Computing Systems

As part of providing our services, we may use cloud-based software and systems, including accounting platforms (e.g., Xero), document management systems (e.g., CCH CGT Reporter), and communication tools (e.g., Office 365). These systems store data on secure remote servers operated by third-party providers, which may be located in Australia or overseas, including the United States and Singapore.

Clients may choose to act as the Subscriber for cloud-based accounting subscriptions and grant us access as an “invited user.” Where we act as the Subscriber, you will always have full access to your data and can transfer access to a new accountant if required. Access rights and dispute resolution are governed by the relevant cloud provider’s terms and the Xero Partner Code of Conduct, where applicable.

By engaging our services, you authorise us to process and disclose information relating to your affairs using these cloud systems. While we take all reasonable precautions to safeguard your data, we cannot guarantee against unauthorised access, interception, or cyber incidents beyond our control.

Ownership of Documents

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

Our engagement will result in the production of electronic documents or files, which will be supplied to the client, such as income tax returns. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain the property of the firm.

The firm 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.

Lastly

The engagement terms and conditions will be effective for future years unless we advise you of any change. Anytime you are unhappy with our services please contact our practice manager for a confidential discussion.