Terms of Engagement

This notification is for clients of MWL Financial Group who are engaging the firm for ongoing services.

Engagement Notification

We draw the attention of our clients to our standard terms of Engagement which incorporate provisions for the Tax Agents Services Act 2009 (operational 1 March 2010). Under this legislation, we need to issue an engagement notification covering the accounting services we provide to our clients.

Scope of services

It is agreed that we provide various services as agreed to our clients. We may be responsible for all or some of the following:

  1. Preparation of the Annual Financial Accounts, including the Profit and Loss Statement and the Balance Sheet, commencing with the current financial year unless otherwise agreed.
  2. Preparation of Income Tax Returns.
  3. Preparation of the Company’s ASIC Annual Statement and Solvency Statement.
  4. Preparation of Company Minutes etc. to comply with statutory requirements.
  5. Review and assist in the preparation of your BAS/GST, PAYGW and PAYGI obligations to the ATO as necessary.
  6. Preparation of any WorkCover and Payroll Tax obligations.
  7. Preparation of your FBT Return and any FBT Declarations.
  8. Review of your financial accounts to ensure consistency with the FBT return.
  9. When requested, advising or instructing staff on the maintenance of the accounting and internal control systems.
  10. Advice as requested from time to time.

In providing these services, it is agreed that we will not be undertaking any independent audit of the financial statements or income tax returns prepared.  Our role will be limited to assistance in the compilation of the financial statements and preparation of the relevant taxation returns based on the information and records provided by you to us.  The financial statements prepared will contain an appropriate disclaimer that identifies the extent and limitation of our role.  We are entitled to rely on the records provided as being both accurate and complete.

While our engagement does not include the audit of your financial statements or income tax returns, we are required by the Tax Agents Services Act 2009 to satisfy ourselves as to the reasonableness of the information and claims being made in your income tax returns.  The legislation provides the basis for this and may require us to make further enquiries with you from time to time in relation to your taxation returns.  Where possible, we will endeavour to identify the information that will be required in advance. To ensure the efficient completion of your work, you agree to make available all information as is reasonably required in order for us to complete the various engagements agreed.

In this regard, you are responsible for the reliability accuracy and completeness of the accounting records supplied to us and have supplied us with all material and relevant information. Accordingly, any advice given to you is only an opinion based on our knowledge of your particular circumstances. By acknowledging and accepting this engagement notification you will automatically provide us with that assurance unless you contact us otherwise.

Some of your agreed work is subject to specific lodgement dates.  Our objective is to ensure that all of your work is completed in time to meet these lodgement dates.  This is reliant on receiving your work within a reasonable time period prior to those due dates (our recommendation is not less than 30 days) and having timely answers to any queries raised.   We will agree to a work program with you each year, including the dates for both the receipt of work from you and our completion date.

A separate engagement letter will be issued for any audit engagements, specific to that entity.

Your obligations & rights

The Tax Agents Services Act requires us to advise you of your rights and obligations where we are acting for you on taxation matters.  In relation to the taxation services provided:

  • You are subject to the self-assessment system in relation to any of your income tax returns. The Commissioner is entitled to rely on any statements made in your income tax returns.  Where those statements are later found to be incorrect, the Commissioner may amend your income tax assessments and, in addition to any tax assessed, you may also be liable for penalties and interest charges.
  • You have an obligation to keep proper records that will substantiate the taxation returns prepared and which will satisfy the substantiation requirements of the Income Tax Assessment Act. Failure to keep such records could result in claims being disallowed, additional tax being imposed, and the imposition of penalty or general interest charges.
  • You are responsible for the accuracy and completeness of the particulars and information required to comply with the various taxation laws. We will use this information supplied in the preparation of your returns.
  • Your rights as a taxpayer include:
    • The right to seek a private ruling;
    • The right to object to an assessment by the Commissioner;
    • The right to appeal against an adverse decision by the Commissioner.

Certain time limitations may exist for you to exercise these rights.  Should you wish to exercise these rights at any time you should contact us so that we can provide you with the relevant time frames and to discuss any additional requirements which may exist.


The protection of your personal information is a vital part of our relationship. Our full privacy policy can be found here

We will treat as confidential and maintain the confidentiality of all information and records that you provide to us. This information will only be disclosed to a third party where you provide specific authority for us to provide this information to them, or where we are subject to a legal duty to disclose the information.

From time to time during the completion of your work, we may engage various staff and or contract personnel who we consider appropriate for the completion of your work.  These personnel will have access to your accounting and taxation records only for the purpose of completing the accounting and taxation engagements agreed.  In all cases, these personnel will be subject to our supervision and control.


We may on occasion, send documents containing confidential information by email where an email address has been given. MWL Financial Group takes no responsibility if this email is intercepted or read by a person other than the intended recipient.

Lien on Documents

In relation to any subsequent termination of our services, you are advised that we shall be entitled to retain all documents belonging to you and any related parties we act for until payment is received in full for all outstanding fees.

Fees & terms

Fees for the work identified will be calculated based on the time involved in its completion.  Our charge rates are based on the time spent by the staff assigned to your work.

Where you require any additional work to be completed beyond that described in this engagement letter then this will represent a separate engagement.  Where we identify that additional work requested represents a separate engagement for which additional fees will be charged, we undertake to confirm these fees or the basis for their charge with you in advance of commencing the work.

Our accounts will be rendered to you on completion of each work segment.

Our payment terms are as follows:

  1. For Clients with only Individual Income Tax Returns payment must be provided at the time of invoice by (a) credit card (b) electronic funds transfer (c) cheque or (d) to be deducted from any Australian Taxation Office refunds received. Income Tax Returns will not be lodged until payment is confirmed as above.  If the client chooses to delay lodgement of the return, the invoice will still be issued with payment requested within 21 days of invoice issue date, at the time the work is done. If the client chooses to deduct the fee from the refund and there is a gap between the invoice amount and the refund, the client will be asked to ‘pay the gap’ up front before we proceed with lodgement.
  2. For Other Clients, our payment terms are within 21 days of the invoice date by (a) credit card, (b) electronic funds transfer (c) cheque or (d) to be deducted from any Australian Taxation Office refunds received. If the client chooses to deduct the fee from any refund and there is a gap between the invoice amount and the refund, the client will be asked to ‘pay the gap’ up front before we proceed with lodgement.
  3. Credit card payments are subject to a 1% surcharge.

MWL Financial Group reserves the right to charge interest for payments made outside our terms of trade at 12% p.a. of the outstanding balance.

Please note that in the event of non-payment of your account you will be responsible for the payment of all costs relating to the recovery of your outstanding debt.

Any fee disputes need to be lodged within the terms of our invoice and payment time frames. Any disputes outside the terms of the invoice will require payment in full until the dispute is resolved.

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 Councils’ website: www.professionalstandardscoucil.gov.au.


In the course of our engagement, we will prepare various working papers and notes consistent with our internal quality control system.  These working papers remain the property of our firm and will be retained by us to support any future queries on work completed.  Original source records provided by you to us to assist in the completion of your work will be returned to you at the completion of each engagement.  Where appropriate we may take copies to retain on your client file.

This letter will cover both the current and future years unless we advise you of any changes to our engagement terms and in this case, we will issue you with a new engagement letter.

We look forward to working with you and providing ongoing accounting, business, and taxation services.

MWL Financial Group

MWL Fairway Group
Level 5/574 St Kilda Road,
Melbourne VIC 3004
(03) 9866 5888

Level 2/1 Spring Street,
Chatswood NSW 2067
(02) 8404 6700