Terms and Conditions of Service

Purpose, Scope and Output of the Engagement

Real Plus Accounting Pty Ltd will provide accounting and/or taxation and/or business advisory services for the above listed entities.

This 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 will be limited exclusively for this purpose. 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, any material weaknesses in the accounting or internal control systems which come to our notice will be drawn to your attention;

• our professional services are conducted and any reports including income tax return/s and/or financial statements will be prepared for distribution to the relevant specific organisation or party for the purpose specified in the report or as agreed. We disclaim any assumption of responsibility for any reliance on our professional services to any party other than as specified or agreed, and for the purpose which it was prepared. Where appropriate, our report will contain a disclaimer to this effect;

• Any advice given to you is only an opinion based on our knowledge of your particular circumstances.

Responsibilities

You acknowledge that it's your responsibility for the reliability; accuracy and completeness of the accounting records and that you have disclosed to us all material and relevant information. 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 advise that our firm's system of quality control 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 The Institute of Chartered Accountants in Australia or 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. If you are aware of any conflicts of interest which exist in respect of the assignment, or which may arise during the course of the assignment, you must advise us immediately upon becoming aware of the conflict of interest.

Taxation Services

It is necessary that you provide all information which may be relevant to the completion of the engagement. We will advise you of the date by when we need to receive the information in order to ensure completion on a timely basis. In the event that all necessary information is not provided when requested, we cannot guarantee that the assignment will be completed by the lodgement date and/or to the standard required and therefore you may be subject to penalties imposed by the Commissioner of Taxation.

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 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 tax return before it is signed to ensure that the information in the return is accurate.

Where the application of a taxation law to your particular circumstances is uncertain you also have the right to request a private ruling which will set out the Commissioner's opinion about the way a taxation law applies, or would apply, to you in those circumstances. You must provide a description of all of the facts, together with supporting documentation, that are relevant to your scheme or circumstances in your private ruling application. If there is any material difference between the facts set out in the ruling and what you actually do, the private ruling is ineffective.

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.

Period of Engagement

This engagement will start upon acceptance of the terms of engagement by you in line with this document. We will not deal with earlier periods unless you specifically ask us to do so and we agree.

Fees

Unless otherwise agreed, the fee arrangement is based on the amount of time and the level of skill of staff required to complete the tax, accounting and/or business advisory services, plus any incurred out of pocket expenses. This fee arrangement may be subject to change if circumstances come to our attention which may affect the scope of work. Should this situation arise we will inform you before commencing the revised work.

Our accounts for services provided will be forwarded to you as work progresses. Payment of any account is required to be made within our trading terms of 14 days, unless special alternative arrangements are made with us to the due date. Any additional fee for an additional service not covered in the scope of this engagement will be the subject of a separate engagement letter and fee arrangement.

In the event of non-payment of our accounts, we reserve the right to cease any work currently being undertaken on behalf of the client until full payment has been received or satisfactory arrangements for repayment have been made. Any out of pocket expenses incurred by us in recovering any outstanding monies owed by you including debt collection or solicitors costs shall be paid by you. It is our requirement that the owners/directors of the business personally guarantee the payment of all accounts for professional fees, including out of pocket expenses rendered by us from time to time.

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: http://www.professionalstandardscouncil.gov.au.

Third Parties

In the interests of enhancing our ability to meet your professional service needs while maintaining service quality and timeliness, we may use a third party provider to assist us in the preparation of your financial statements and tax returns. This provider has established procedures and controls designed to protect client confidentiality and maintain data security.

As the paid preparer of your financial statements and tax returns, our firm remains responsible for exercising reasonable care in preparing your financial statements and tax returns, and all work undertaken by a third party service provider will be subject to our firm's normal quality control procedures.

Involvement of Others

Where, as part of our engagement, the services of an external consultant or expert are required, an estimated cost and timeframe and involvement will be provided to you for your written approval.

Ownership of Documents

The final Financial Statements and/or Income Tax Returns and any other documents which we are specifically engaged to prepare, together with any original documents given to us by you, shall be your property. Any other documents brought into existence by us including general journals, working papers, the general ledger, draft financial statements and copies of tax returns, will remain the property of Real Plus Accounting Pty Ltd at all times.

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 relating to our engagement.

Disclosure of other fees and commissions

We disclose to our clients any commissions or other fees received as a result of work done for that client and will fully comply with any statutory requirements in relation to the disclosure of such information. General Insurance referrals can incur commissions.

Trust Account

We maintain a separate audited trust account for dealing with all money and property received from you or on your behalf (for example, tax refunds paid by electronic transfer), except for amounts received from you in payment from our fees. We may request your written authorisation to apply funds in that trust account in payment of our fees.

Confirmation of Terms

Acceptance of our services in conjunction with this document indicates that you understand and accept the arrangements under which we conduct our services. This information will be effective for future engagements unless we advise you of any change