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CLIENTS

Terms of Engagement

At MAD Wealth, we believe that tax is not merely a legal obligation but a reflection of our commitment to ethical business practices, social responsibility, and long-term sustainability. Our approach to tax is guided by the following principles:

DISCLOSURES

i. We will handle your personal information in accordance with our privacy policy, available at https://madwealth.plus/privacy-policy/;

ii. you allow us to direct debit the Price until this Agreement is terminated by you (see clause 4);

iii. our Liability for the provision of these services may be limited by the CPA Australia Ltd Professional Standards Scheme (Scheme), which facilitates the improvement of professional standards to protect consumers;

iv. minimum term applies to this agreement, during which, you will not be able to terminate this agreement for convenience;

v. in the provision of the services, we may receive a financial incentive from another supplier for our referral or commission arrangement with this supplier; and

vi. if your personal information is collected by us under this Agreement, your personal information may be disclosed to third parties in accordance with our privacy policy and solely for the purpose of us providing the services.

1. Agreement

These Terms are between Mad Crew Wealth Pty Ltd (ABN 81 646 468 948) (us, our or we) and the individual or entity set out in the attached letter of engagement (you or your), each a Party and together the Parties.

We will provide the services to you, during the term set out in the letter of engagement, in accordance with:

a) the letter of engagement and these terms of engagement (together, the Terms); and

b) all applicable laws.

2. Acceptance

You will be deemed to have accepted these Terms by:

a) paying any part of our fees for the relevant services;

b) signing these Terms, or accepting these Terms expressly or impliedly (including by email or online), and/or

c) instructing (or continuing to instruct) us to proceed with the provision of the relevant services.

Upon acceptance of these Terms, you will be deemed to have read, understood and agree to be bound by these Terms.

3. Your obligations

Taxation services:

If the services include taxation services:

a) you have obligations under self-assessment to keep full and proper records in order to facilitate the preparation of accurate tax returns;

b) you must retain paperwork for a period of five years after the assessment, as you may be subject to an Australian Taxation Office review; and

c) you are responsible for checking the assessment before submission to ensure accuracy.

General:

You are responsible for:

a) full disclosure to us of all information relevant to the services;

b) your own record keeping relating to your affairs and retaining paperwork for as long as required by law;

c) providing us with the sufficiently reliable, accurate and true information to enable us to complete a proof of identity check as required by us; and

d) the reliability, accuracy and completeness of the particulars and information that you provide to us, and if the services include financial reporting, the accounting records and disclosures of all material and relevant information provided to us. Accordingly, any advice given by us to you is an opinion only based on our knowledge or your particular circumstances.

4. Our obligations

Since 1 March 2010, tax practitioners have been regulated in accordance with the requirements of the Tax Agent Services Act 2009 (TASA) and the accompanying regulations. The TASA regime has implications for registered tax agents and also for their clients.

An important feature of TASA is the provision of a “safe harbour” protection from penalties in certain circumstances for taxpayers who engage registered tax agents.

To obtain the benefits of safe harbour protection, the legislation requires the taxpayer to provide the registered tax agent with “all relevant taxation information” to enable accurate statements to be provided to the Australian Taxation Office (ATO).

We may become ethically required to disclose non-compliance with laws or regulations to a regulatory authority if the non-compliance has a material effect on the work that we perform under this Engagement.

In fulfillment of our obligations as a Registered Tax Agent and as an Active and Registered Member in Practice, we will operate in accordance with:

  • the Tax Agent Services Instrument 2016 under the Tax Agent Services Act 2009. For greater detail, please refer to the Tax Specific BAS Services update;
  • the Tax Practitioners Board Code of Professional Conduct;
  • the Institute of Certified Bookkeepers Professional and Ethical Standards;
  • the Certified Practicing Accountants Professional and Ethical Standards; and
  • Australian Government Standard Business Reporting.

We will advise you of your rights and obligations under the taxation laws in relation to the Services we provide to you.

Conflicts of interest:

Prior to entering into, and during, the engagement with you, we will use our best endeavours to ensure there is no conflict of interest.

You must immediately advise us if, at any time during the engagement, you become aware of a conflict of interest or a potential conflict of interest.

If a conflict of interest or a potential conflict of interest arises, we will notify you and we will take appropriate steps to resolve the conflict, as permitted by law.

General:

We have a duty to act in your best interests, except where this duty is inconsistent with our other duty to act in the public interest.

We will use our best endeavours to understand your requirements, and provide the services confidentially and in a proper and professional manner.

We are required to:

a) comply with the fundamental principles set out in the Code, with respect to integrity, objectivity, professional competence and due care, confidentiality, professional behaviour, and identifying, avoiding and dealing with conflicts of interests (Fundamental Principles); and

b) consider whether our clients (including you) create any threats or risks to our compliance with the Fundamental Principles. If there is a threat or risk arising from our engagement with you, and we cannot reduce the threat or risk to an acceptable level, we are required to decline or cease to continue the engagement. Accordingly, we may terminate the engagement where this occurs.

We are responsible for maintaining records of the services for a period of 5 years, unless otherwise required by law.

As part of our professional obligations as members of the Tax Practitioners Board (TPB), we may request information from you to conduct a “Proof of Identity” check. You agree to comply with this process and warrant that you will supply all necessary information and that information will true, complete and correct.

5. Fees & Payments

Our fees are calculated on a fixed fee basis, or on the basis of our rates, as set out in the letter of engagement, or as otherwise agreed between the Parties in writing.

Our fees will be deducted from your nominated account on the first day of each month for the Term of our engagement.

Payment services are provided to MAD Wealth by Ignition via the Stripe platform. Please contact us at accounts@madwealth.plus for any queries.

By providing your bank account details and confirming this payment, you agree to this Direct Debit Request and the Direct Debit Request service agreement, and authorise Stripe Payments Australia Pty Ltd (ACN 160 180 343) Direct Debit User ID number 507156 (Stripe) to debit your account through the Bulk Electronic Clearing System (BECS) on behalf of Practice Ignition Limited (the “Merchant”) for any amounts separately communicated to you by the Merchant. You certify that you are either an account holder or an authorised signatory on the account listed in the Payment Authority.

Our invoices may also include disbursements paid by us. We agree to use our best endeavours to obtain your prior consent before incurring any disbursements.

We may issue invoices to you, from time to time, for payment of amounts payable by you in accordance with these Terms.

Unilateral fee or scope change

We may need to change the fees or the scope of services from time to time after the initial Term. If we change the fees, we will provide you with at least 60 days’ notice of the change. After 60 days, we will apply the updated fee to our invoice and the automatic deduction applicable to your account.

If the updated fee is not acceptable to you, you may cancel your membership in accordance with the “Termination” clause.

Annual CPI Adjustment

We may increase the fees automatically on the 1 July of each year by an amount equal to the annual percentage increase in the CPI over the 12 months to the 31 March immediately preceding the relevant 1 July (as published by the Australian Bureau of Statistics) (CPI Adjustment). We may exercise this right by providing written notice to you at any stage prior to 1 July of the relevant year.

Where you enter into an Agreement with us between 1 May and 30 June, the CPI Adjustment will occur, at our election, on and from 1 January of the subsequent year. We may exercise this right by providing written notice to you at any stage prior to 1 January of the relevant year.

The CPI Adjustment does not give you any termination rights in addition to your existing termination rights under these Terms.

6. GST

Where applicable, GST is payable on our fees and disbursements and will be clearly shown on our invoices. By accepting these Terms, you agree to pay us an amount equivalent to the GST imposed on these charges.

7. Payments Processing

This clause only applies where you are engaged for our managed payments processing including but not limited to bills, transfers & payroll.

a) Pricing

All prices in AUD, inclusive of GST. Prices subject to change by our Payment Platform Provider.

b) Delegated Payments Responsibility

Clients are responsible for accurate details: Transaction amount, Payment Date, Currency, Payee Account.

Errors in provided details are your responsibility. We are not liable for losses due to any errors. You indemnify us against losses arising from any errors.

c) Liability Limitation

You acknowledge that potential delays/errors in payment transmission may occur.

External factors (Payment Platform Provider, intermediaries) may cause issues beyond our control.

While we strive to ensure timely transmission of funds, we cannot guarantee transfers will always be made on time.

We cannot accept liability for any loss suffered by you due to delays in fund transmission.

d) Misdirected Funds

Your Error: No obligation on our part to recover funds sent to wrong account due to your mistake. A new Payment is required.

Our Error: We will urgently act to recover funds, provided you assist if the mistaken beneficiary is related to or associated with you.

8. Software Licences

We manage your accounting software and obtain the appropriate licence to this software as part of our services to you. You may be required to accept additional third party terms and conditions in order to enjoy the benefits of those software licences.

If you terminate and end our engagement, we will novate that licence to you and you will be responsible for the management of the subscription and any associated payments.

If you fail to pay our fees within the appropriate period and we are responsible for the software licenses, we will cancel your subscription and carry out the novation process outlined above.

You appoint us as your limited attorney solely for the purpose of giving effect to the novation processes contemplated in this clause.

We may also receive a benefit (which may include a referral fee, discount or a commission) should we engage certain third party service providers in providing the services to you. We will make it clear by notice to you which (if any) products or services we receive a benefit from.

9. Minimum Term

Your engagement with us is subject to a minimum term of 12 months (Initial Term).

Subject to clause 15 and without limiting your rights under the Australian Consumer Law, the Initial Term will be automatically extended for a further 12 month term unless you provide us with at least 60 days’ written notice before the end of the Initial Term (in each case, an Extended Term).

During each Extended Term, you may terminate the Agreement by providing at least 60 days’ written notice to us.

10. Professional Standards & Limitation of Liability

We will provide the services in accordance with all applicable professional and ethical standards issued by the Accounting Professional and Ethical Standards Board (APESB), including the APES Standard 110 Code of Ethics (Code).

We participate in the CPA Australia Ltd Professional Standards Scheme (Scheme), which facilitates the improvement of professional standards to protect consumers and which may limit our liability to you in a cause of action.

The Scheme applies to professional accounting services including accounting, bookkeeping, taxation, auditing and assurance, insolvency and corporate reconstruction, management accounting, management consulting, forensic accounting and valuation services.

For more information, refer to the links: https://www.cpaaustralia.com.au/about-us/consumer-information  or https://www.psc.gov.au/consumer-information.

11. Professional Indemnity Insurance

We have effected and maintain professional indemnity insurance of at least the minimum amount prescribed by law.

Our professional indemnity insurance level of cover at the date of the letter of engagement is $2,000,000 on any one claim.

12. Agent Details and Declaration

Trading Name: MAD Wealth

Agent No. 2608 0288

Phone Number: 1300 463 460

Business Address: Level 4, 29 Kiora Road, Miranda, NSW 2228

I declare I am authorised under the TASA 2009 to act as or for a Registered Tax Agent and am able and permitted to provide the above services.

13. Confidentiality

We have an ethical duty of confidentiality, which means we must not share or disclose your confidential information, except as otherwise specified in this clause, without your consent. This obligation does not apply if such disclosure is required by law (or where such information is no longer confidential, or is in the public domain other than due to our breach of our confidentiality obligations).

We may, on a confidential basis, provide your information:

a) and records of the services, to CPA Australia Ltd (if requested), for the purposes of conducting a quality review assessment aimed at maintaining high industry professional standards;

b) to third parties where we consider it is appropriate for the proper conduct of your matter or to complete our personal identity check. This may include to our employees, contractors and related entities, and to other specialist providers in our network for the purposes of providing the services and advice to you; and

c) if you are entering into these Terms as trustee of a Self-Managed Super Fund (SMSF), to an SMSF auditor for the purpose of compliance with our professional and legal obligations

You agree to keep confidential these Terms (including the letter of engagement and our rates and fees).

14. Privacy

Our collection use and disclosure of your personal information may be subject to the Privacy Act 1988 (Cth). If applicable, we will comply with the Privacy Act 1988 (Cth), and collect your personal information in accordance with our privacy policy available at: https://madwealth.plus/privacy-policy/ .

15. Storing and Providing Material Electronically

We use international cloud computing services to safely store e-mails, documents and information that we send to and receive from you. We are able to send electronic mail to you and receive electronic mail from you. However, as such mail is not secure it may be copied, recorded, read or interfered with by third parties while in transit. If you ask us to provide or transmit any document or information electronically, by email or other online or electronic system for sharing or storing documents, you waive and release us from any claim you may have as a result of any unauthorised copying, recording, reading or interference with that document or information after transmission, for any delay or non-delivery of any document or information and for any damage caused to your system or any files by a transfer.

16. Use of Information & Reliance

Our advice and services are based on the information you provide to us. You are responsible for ensuring that all information provided is complete, accurate and up to date.

You acknowledge that our services may involve the use of technology-assisted processes (including artificial intelligence), and that all advice should be considered in the context of your full circumstances.

You agree that our advice is provided solely for the purposes outlined in the engagement and should not be relied upon for any other purpose without our prior written consent.

17. Use of Technology and Artificial Intelligence (AI)

We utilise a range of technology tools, including artificial intelligence (AI) and machine learning systems, to support the efficient delivery of our services.

All work produced using such tools is subject to appropriate review and oversight by our team and forms part of our broader professional judgement. The use of AI does not replace the application of our expertise or professional standards.

While we take reasonable care in preparing all advice and deliverables, you acknowledge that AI-assisted tools may produce incomplete or inaccurate outputs. To the extent permitted by law, we are not liable for any loss arising solely from inherent limitations of such tools where reasonable care and skill has been exercised.

We take reasonable steps to ensure that any technology used, including AI-enabled systems, meets appropriate privacy, confidentiality and data security standards. By engaging our services, you acknowledge and consent to the use of such technologies as part of our service delivery.

18. Offshoring

We may engage personnel to assist in providing the services from offshore. We may also store data offshore.

We will ensure that these personnel comply with all of the Terms and, in particular, the professional obligations as outlined above.

We will manage all data in accordance with our privacy policy available at: https://madwealth.plus/privacy-policy/ .

19. Ownership of documents

You own:

a) any original documents you provide to us; and

b) the final financial statements, income tax returns and any other documents which we are specifically engaged to prepare and which we provide to you.

We own:

c) any of our original documents; and

d) any documents (other than those in clauses 11(a) or 11(b) brought into existence by us, including general journals, working papers, the general ledger, draft financial statements and copies of tax returns.

20. Lien of documents

To the maximum extent permitted by law, we may exercise a lien over your documents in our possession, in the event of a dispute. Subject to the payment of all outstanding professional fees and disbursements owing to us, we will provide you with materials produced by us for you in the event you revoke or terminate this engagement and/or you engage the services of another practitioner and the materials are required by your new practitioner.

21. Termination

21.1 Termination by Either Party

Following completion of any applicable Minimum Term, either party may terminate this Agreement by providing written notice.

The effective date of termination will be:

  • a mutually agreed date aligned to the completion of any in-scope services; or
  • if no agreement is reached, the date determined under clause 16.3.

21.2 Transition & Completion

Where reasonably practicable, the Parties will seek to agree a termination date that aligns with the completion of services already commenced or scheduled, including but not limited to:

  • compliance obligations (e.g. BAS, income tax returns); and
  • advisory or reporting services.

Where termination occurs in this manner and all fees up to the agreed date have been paid:

  • no additional termination or exit fee will apply.

21.3 Immediate Termination & Early Exit Fee

If:

  • the Client elects to terminate the Agreement immediately; or
  • the Parties cannot agree on a reasonable Transition Period; or
  • the Client fails to reasonably engage in the completion of services or transition process,
  • then an Early Exit Fee will apply.

The Early Exit Fee will be:

  • an amount equal to one (1) month of the Client’s current monthly fees.

We reserve the right, acting reasonably, to increase the Early Exit Fee up to a maximum of two (2) months of the Client’s current monthly fees where the nature, complexity, or disruption associated with the termination reasonably justifies this.

21.4 Payment Obligations on Termination

Upon termination of this Agreement:

  • all outstanding fees, disbursements, and any applicable Early Exit Fee become immediately due and payable; and
  • the Client agrees to settle all such amounts without delay.

Our fees are structured to reflect a combination of:

  • ongoing services;
  • reserved capacity; and
  • annual compliance obligations,
  • and are not contingent on the timing or completeness of information provided by the Client.

Delays or failure by the Client to provide required information do not reduce or defer the fees payable under this Agreement.

21.5 Direct Debit & Payment Authority

The Client agrees to maintain valid payment authority for the duration of this Agreement, including upon termination.

If:

  • payment authority is withdrawn; or
  • any payment is dishonoured or fails,

then all outstanding amounts owing (including any Early Exit Fee) become immediately due and payable.

21.6 Finalisation & Handover

Following termination:

  • we will take reasonable steps to finalise services in progress and support an orderly transition of the Client’s records, systems, and authorities.

We may:

  • suspend or delay the finalisation of services; and/or
  • delay the transfer of records, authorities, or system access,
  • until all outstanding amounts have been paid in full.

21.7 Removal of Authorities & Access

Upon termination, we may remove or cease any authorities granted to us, including access to:

  • ATO Online Services; and
  • any third-party platforms or software subscriptions managed by us.

Where applicable, we will take reasonable steps to transfer control of such systems or subscriptions to the Client, subject to clause 21.6.

22. Severance

If any provision (or part of it) of these Terms is held to be unenforceable or invalid in any jurisdiction, then it will be interpreted as narrowly as necessary to allow it to be enforceable or valid. If a provision (or part of it) of these Terms cannot be interpreted as narrowly as necessary to allow it to be enforceable or valid, then the provision (or part of it) must be severed from these Terms and the remaining provisions (and remaining part of the provision) of these Terms are valid and enforceable.

23. Jurisdiction & Governing Law

These Terms are governed and construed in accordance with the laws of New South Wales. Each Party irrevocably and unconditionally submits to the exclusive jurisdiction of the courts of New South Wales.

24. Trust Provisions

This clause only applies where you enter into these Terms as the trustee of a trust (including as the trustee of an SMSF).

You represent, warrant and agree that:

a) you are the only trustee of the trust as indicated in these Terms (Trust) and, as at the date of these Terms, there has been no resolution or direction to remove you as trustee and no action has been taken or is proposed to terminate the Trust;

b) the applicable trust deed for the Trust is not void, voidable or otherwise unenforceable and you have complied with all obligations as trustee of the Trust and, to the best of your knowledge, no allegation has been made that you have breached any of your obligations as trustee;

c) you have been validly appointed as trustee of the Trust;

d) you have the legal right and full power and capacity (including under the terms of the applicable trust deed) to enter into and perform your obligations under these Terms; and

e) you have the right to be fully indemnified out of the assets of the Trust in respect of the obligations incurred by you under or in relation to these Terms.