commercial engagement letter.

Vallad Services Pty Ltd & Commercial Client

This is to confirm our understanding of the terms and objectives of our engagement and the nature and limitations of the services we will provide.

"Client" or "you" means the entity, acquiring goods or services from us in the Engagement Letter or a person the entity nominates to instruct on the entity's behalf.

"Engagement Letter" means this document including the Terms and Conditions, schedules and annexures set out herein.

"Services" means the scope of the services specified in the Proposal, Engagement Letter, or as varied in accordance with these Terms and Conditions.

Purpose, Scope and Output of the Engagement

1. Vallad Services Pty Ltdwill provide professional services at your request. We will provide the Services to you in accordance with the relevant professional and ethical standards. The details of the services provided in this agreement are detailed herein.
2. The director who signs this Engagement Letter hereby guarantees the payment of the Services provided by us.

Scope

1. Unless otherwise stated herein, the Services covered by this engagement do not include audit or review services, therefore, no assurance will be provided.
2. Unless agreed with you, the Services will not include specific identification of fraud or other illegal acts. If we do identify such acts or omissions, we will inform you.
3. Before doing so, we will notify you as soon as practicable that we have identified any instances of fraud or illegal acts / omissions.

1. Only the services which are listed in the attached schedules are included within the scope of our instructions.
2. If there is additional work that you wish us to carry out which is not listed in the schedule, any additional work will be quoted to you before the commencement of said additional work.
3. Once the scope of the additional work is agreed upon, we will issue an additional or updated letter of engagement via our online proposal system and will ask you to sign the new agreement before we commence the new work.
4. Moreover, if there is a change in the terms or scope of the engagement such as a change to your management, ownership or structure, a change in the size and nature of your business, or to the laws and regulations applicable to the scope of works, then we reserve the right to issue a new engagement letter.
5. If there is additional work that you wish for us to carry out which is not listed in the schedule, any additional work will be quoted to you before the commencement of said additional work.
6. Once the scope of the additional work is agreed upon, we will issue an updated proposal requiring your signature prior to commencing the new works.
7. Furthermore, You will agree that if an unanticipated need arises (such as an audit, an amended tax return or a personal financial statement required as part of a loan agreement), this additional work will be performed only after arriving at a mutually agreed-upon price and a Change of Service Request is accepted with a signature.

1. This engagement starts on Proposal commencement date and is valid for the minimum duration stated, or until it is superseded by a newer engagement.
2. We will not deal with earlier periods unless you specifically ask us to do so and we agree. 
3. A Notice of variation or termination must be given in writing to terminate the agreement.
4. Vallad Services Pty Ltdconducts quarterly fee reviews of all of its clients.
5. If our review identifies that we have provided services outside of the agreed engagement terms, we will communicate this with you and further seek to re-engage You and its related entities to include the additional services in the re-engagement.

Service and Price Guarantee

Payment terms

1. Tax invoices will be issued either progressively as work segments are completed under this arrangement or periodically as each invoicing date arrives (recurring packages).
2. Unless otherwise stated, invoices are due and payable in full within 7 calendar days of the invoice date.
3. We reserve the right to suspend work where our invoices remain unpaid.

Interest

1. We may charge interest on our unpaid fees if:
   1. our invoice is unpaid 8 days or more after our tax invoice has been issued to you; or
   2. our direct debit attempt was unsuccessful for a further day after our initial attempt.
   3. The interest rate to be charged is two percentage points more than the Cash Rate Target specified by the Reserve Bank of Australia on the day the invoice was issued.

Source material

1. Our fees assume that the source material (information provided by you or an agent of your organisation) provided to us is reliable and useful to complete the engagement.
2. Where there is uncertainty regarding source material, or the previous taxation and accounting treatments used, then we will raise these issues with you.
3. Rectification of these issues is not included in our fee estimates and will be invoiced in addition to our fee estimates.

Disputes

1. Vallad Services Pty Ltdwill always stand behind the quality and professional nature of the services that we offer.
2. If at any point you are not completely satisfied with the services we have performed, we encourage you to bring this to our attention immediately.
3. We would love the opportunity to correctly address your concerns and allow us a chance to win your trust back and prevent similar problems from happening in the future.
4. If you are still not satisfied with the outcome of our services, we will work towards a mutual agreement regarding the payment for services completed.
5. As an example, we may agree to either forgive the related payment or accept a portion of the originally agreed price that reflects the costs incurred by us up until that point.
6. In the event that you may have any complaints or disputes in relation to this engagement and/or any invoice issued by us, we ask that you please contact admin@vallad.com.au in the first instance.
7. We will endeavour to resolve any issues you have respectfully and as soon as possible. If a resolution cannot be achieved, the parties agree to appoint an independent mediator within 5 business days of either party serving a notice of dispute in writing.
8. Our advice and information are for your sole use, and we accept no responsibility to any third party, unless we have expressly agreed in the engagement letter that a specified third party may rely on our work.

Additional work

1. Where you require additional work to be completed beyond this engagement then this will represent a separate engagement or Change of service request giving rise to a new engagement.
2. We will agree to the nature and fee for this work with you prior to commencement.
3. If the fees for this engagement and any other additional work requested remain unpaid, we reserve the right to explore a lien over any documents that we have prepared.
4. General assistance with that you may face from time to time outside of this engagement will be billed at an hourly rate as outlined below.

Charge Out Rates

1. These hourly rates above do not include GST.
2. We reserve the right to change or modify these rates at any time. Change or modifications to these charge out rates will give rise to a re-engagement letter and written notice via our online platform, Ignition.

Disbursements

1. A disbursement is money paid by us to any person for costs arising in connection with the Services.
2. They can include charges and costs, company and title searches, or similar.
3. In the event where we need to incur disbursements on your behalf, these will be disclosed to you in writing to obtain your consent prior to them being incurred.

Trust Money

1. If we request that you deposit funds into our Trust Account to commence work on the Services as outlined in the Proposal, this will be applied to the fees for the Services provided.
2. If we receive money into our Trust Account to be paid to a third party, we will forward that money to that third party unless you instruct us to do otherwise.

1. All original documents obtained from the client arising from the engagement shall remain the property of the client.
2. However, we reserve the right to make a reasonable number of copies of the original documents for our records.
3. During our engagement we will prepare various working papers and notes consistent with our internal quality control systems.
4. These working papers will remain the property of our firm and will be retained by us to support any future queries on work completed.
5. Original source documents and records will be provided by you to assist us in the completion of your work.
6. These will be returned to you at the completion of the engagement or as reasonably requested.
7. You authorise us to destroy any documents held by us seven years after the date of our final invoice. However, we are not obliged to do so.

1. In conducting this engagement, information acquired by us during the engagement is subject to strict confidentiality requirements.
2. That information will not be disclosed by us to other parties except as required to provide the Services; as allowed for by law; or with your express written consent.
3. The Tax Agent Services Act 2009 requires us to advise you of your rights and obligations where we are acting for you on taxation matters.
4. In relation to the taxation services provided:
   1. You are responsible for making all relevant information available to us in a complete and timely manner.
   2. Australia's income tax and indirect tax system is based on self-assessment. The Commissioner is entitled to rely on any statements made. Where those statements are later found to be incorrect, the Commissioner may amend your assessments and, in addition to any taxation assessed, you may also be liable for penalties and interest charges. The period of review is up to four years. Where the Commissioner forms an opinion of fraud or evasion, there is no limit for amending assessments.
   3. 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.
   4. You have an obligation to keep proper records that will substantiate the taxation returns prepared and satisfy the substantiation requirements of the various taxation laws for at least 5 years. Failure to keep such records could result in claims being disallowed, additional taxation being imposed, and the imposition of penalty or general interest charges.
   5. Your rights as a taxpayer include:
      1. The right to seek a private ruling.
      2. The right to object to an assessment by the commissioner.
      3. The right to appeal against an adverse decision by the commissioner.
   6. Vallad Services Pty Ltdis bound by the Tax Agent Services Act 2009 Code of Professional Conduct which includes a duty to act lawfully and in the best interests of our clients, ensure services we provide are provided competently, maintain our knowledge and skills, take reasonable care in ascertaining the state of your affairs where is it relevant to the work we are completing, and take reasonable care to ensure the taxation laws are applied correctly.
   7. 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 also responsible for providing us with such materials and relevant information in a timely manner so that we may provide our Services to you in a timely manner. 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 which is based on our knowledge of the Client's particular circumstances and is informed by the information, materials, account records and particulars provided to us by the Client.
   8. You agree that we are entitled to rely on the accuracy and completeness of any information you provide us under this agreement and in order to provide our services to you.Vallad Services Pty Ltd accepts no liability or responsibility for any loss, damage, claim or expense that you may suffer because of you providing us with inaccurate, incomplete, incorrect out of date or untimely accounting records, particulars or information, and you waive and release us from any and all such liability.
   9. You agree to payVallad Services Pty Ltd the Fees in accordance with the Billing Schedule set out in this agreement.
   10. You warrant that you have not relied on any representations or warranties made byVallad Services Pty Ltd in respect of the Services which have not been expressly set out in this agreement.
   11. By signing this engagement letter electronically or digitally, you hereby authoriseVallad Services Pty Ltd to act as your ASIC agent, and to take all necessary actions on your behalf in relation to ASIC filings, submissions, and communications. This includes the authority to sign and submit any documents to ASIC, including Form 362 (Appointment of ASIC Agent), or any other documents that would normally require a wet ink signature, solely for the purposes of this engagement. You expressly consent that your electronic or digital signature on this engagement letter will serve as sufficient authorisation for Vallad Services Pty Ltd to execute and submit such documents to ASIC on your behalf, in accordance with the relevant legislation and ASIC requirements, without the need for you to provide a wet ink signature. If at any point a wet ink signature is required by ASIC or another regulatory authority for compliance purposes, we will inform you of this requirement and provide the relevant documents for your physical signature. However, by signing this engagement letter, you agree that the electronic authorisation granted herein is sufficient for the execution of all documents relating to this engagement, unless specifically required otherwise by law.
   12. You agree, in the event of being unable to contact You prior or on lodgement date for a signature for lodgements to the Australian Taxation Office, acceptance of this engagement also means that we have your Enduring Authority to Lodge on your behalf on the due date of lodgement to ensure that your lodgement history is not adversely affected.

1. We may involve third party contractors or outsourced service providers in providing various aspects of your accounting work.
2. These services may include:
3. Accounting file preparation and/ or Data entry into our accounting systems;
4. Auditing of accounts (including Self-Managed Super Funds); and
5. Hosting data on cloud-based servers.
6. Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services as described above. Where the outsourced service requires the disclosure of personal information to an overseas recipient, a consequence of your consent is thatVallad Services Pty Ltd will be required to take reasonable steps to ensure that Australian Privacy Principles are complied with by the overseas recipients of the Personal Information.
7. Vallad Services Pty Ltdhas taken all available measures to ensure the security and privacy of your data is protected and follows the notifiable data breaches scheme as outlined in the Privacy Act 1988 (Cth).

1. You hereby charge in favour of us any and all real property registered in the name of the entity that has engaged us in this Letter of Engagement or in the name of the authorised officers of the entity to the extent of any costs and other amounts incurred by us on your behalf plus GST (Outstanding Costs) while these Outstanding Costs remain unpaid.
2. You authorise us to lodge and maintain a caveat on title of any and all real property, registered in the name of the entity or the name of any authorised officer of the entity, while the Outstanding Costs remain unpaid.

1. For unincorporated entities (individuals) 47B of theFair Trading Act 1987 (NSW) requires us to disclose to you our relationships with financial intermediaries.
2. Practice adminworks with a range of ancillary and complementary service providers, where necessary we will have formal agreements in place with some of these providers in some instances these arrangements will be formal in nature. 
3. Introductions or referrals to any member of our partner network will be at your request or, if we assess based on consultation with you, that an introduction or referral is appropriate to address your requirements.
4. Where an introduction or referral partner requires a document signed confirming your awareness of the arrangement,Vallad Services Pty Ltd will provide you with this documentation to sign prior to the introduction. 
5. In some cases,Vallad Services Pty Ltd will be entitled to receive payment for our introduction or referral to our provider network; in these instances, you accept that this arrangement has been disclosed to you and our recommendations have been made in consideration of your circumstances. 

1. 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:https://www.psc.gov.au/.
2. We will not undertake an independent audit of the financial statements of income tax returns prepared. Our role will be limited to assistance in the compilation of the financial statements and preparation of the relevant tax returns based on the information and records provided by you. 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 by you as being both accurate and complete.
3. While our engagement does not include the audit of your financial statements or income tax returns, we are required by the Tax Agent Services Act 2009 (Cth) to satisfy ourselves as to the reasonableness of the information and claims being made. The legislation provides for the basis for this and may require us to make further enquiries of you from time to time. Where possible, we will endeavour to identify the information required in advance.
4. Our work cannot be relied upon to disclose irregularities, including fraud, other illegal acts and errors that may occur.
5. For any audit engagements, a separate engagement will be issued specific to that entity and scope of works.

1. Where we suspect that there may be non-compliance with laws or regulations, we are required under APES 110 issued by the Accounting Professional & Ethical Standards Board to consider this matter. This may involve making further enquiries, considering the position, and taking what we consider to be appropriate actions, with the objective being to rectify, remediate or mitigate the consequences of the non-compliance. This extends to a public interest duty as defined by APES 110.

1. Subject to any statutory provisions that apply to the Services, and unless otherwise outlined in this Terms document, either party may terminate this engagement at any time by giving 28 days written notice to the other. Either party may terminate this engagement immediately if the other commits any material or persistent breach of its obligations under this agreement, in particular the Terms and Conditions set out in the Engagement Letter (which, in the case of a breach capable of remedy, has not been remedied within 7 days of discovery by the party in breach), or if the other becomes insolvent.
2. If you terminate this engagement for any reason other than serious misconduct, negligence or a breach of duty by us, a break fee of 20% of the balance of the fee may be charged at our discretion.
3. In addition, we may terminate this engagement on reasonable notice if any of the following circumstances occur:
   1. You fail to pay our accounts on time;
   2. You fail to provide us with requested information;
   3. You fail to provide us with adequate instructions;
   4. your instructions involve acting contrary to the interests of another client;
   5. a conflict of interest has arisen or it is not appropriate for us to continue to act on your behalf;
   6. we are no longer be able to provide all or part of the Services to you because of applicable auditor independence rules or legislation without ceasing to be independent in relation to an audit client; or
   7. for any other reasonable and just cause.
4. In addition to our other rights, upon termination you will be required to pay our charges for work done, and for any expenses incurred up to the date of termination together with our reasonable costs and expenses incurred in connection with the early termination of this engagement.
5. Termination of this engagement is without prejudice to any rights that may have accrued before termination. The Terms and Conditions of this agreement which expressly or by implication, are intended to survive its termination or expiry will survive and continue to bind the parties.

1. Neither party will be liable to the other for any delay or failure to fulfil their obligations under this agreement if that delay and/or failure arises from causes beyond their control, including but not limited to fire, floods, acts of God, acts or regulations of any government or supranational authority, war, riot, terrorist activities, strikes, lockouts and industrial disputes.

Privacy & Confidentiality

Our obligation to you:

1. 1. Vallad Services Pty Ltdis compliant with the Privacy Act 1988 (Cth). Our privacy policy can be found at https://vallad.com.au/privacy-policy
   2. From time to time, we may be asked to provide copies of the financial statements, income tax returns or other information produced in the course of this engagement. We will treat it as confidential and maintain the confidentiality of all information and records that you provide or disclose to us, and those produced in the course of completing the engagement. This information will only be disclosed to a third party where specific authority has been granted for us to provide this information, or where we are subject to legal duty or professional obligations under APES 110 to disclose the information.
   3. From time to time our files are subject to review by Institute of Public Accountants (IPA), which monitors quality control and compliance. By agreeing to the terms of this engagement you agree that files relating to this engagement may be made available under this program if required.
   4. If we are requested to provide information (including a third party such as a financial institution) any one person subject to this engagement can provide authorisation. For example, if one person subject to this engagement requests information regarding the company or individuals involved then we have the authority to provide this information to them without seeking further authorisation.

OR

1. If we are requested to provide this information you authorise us to provide this information to the individuals or entities identified through a formal or informal authority to disclose.

1. Any notice to be provided under this letter of engagement must be in writing and sent to the address that was last notified to the sender.
2. The notice will be taken to be delivered when sent personally, by post or electronically.
3. A posted letter is taken to be delivered on the seventh business day after posting.
4. Any notice that is received outside the hours of 9:00AM to 5:00PM each business day or on a weekend or public holiday is treated to be received at 9:00AM on the next business day.

You agree that we will communicate with each other by electronic means such as e-mail, SMS etc. We and you each recognise that e-mail and the internet are inherently insecure, and that emails and data can become corrupted, are not always delivered promptly (or at all) and that other methods of communication may be appropriate. In addition, the internet is prone to viruses. We and you each recognise these hazards and so each of us will be responsible for protecting our own systems and interests and neither of you nor will we be responsible to the other on any basis for any loss or damage in any way arising from the use of electronic communication.

Services may be billed on a fixed rate or hourly billing rate, as indicated herein. Where we cannot provide a fixed rate quote, we will quote an hourly rate in cases of project work where it is difficult to define the scope of the service required. In the case where you have been quoted an estimate based on an hourly rate, Vallad Services Pty Ltd will inform You of the amount of time used before we issue the final bill and collect payment. Our professional fees will be based on our regular billing rates, plus direct out-of-pocket expenses and applicable GST, and are due when rendered. Fees for additional services will be established separately.

18. We will submit our bill(s) as indicated herein. If an extension of our services is requested, we will discuss our fee arrangements at that time. Plan implementation as well as plan monitoring and updating, if needed, are separate engagements. If you choose one of these additional services, a separate engagement letter will be provided. These services will be billed separately.
19. We reserve the right to suspend our services or to withdraw from this engagement in the event that any of our invoices are deemed delinquent. In the event that any collection action is required to collect unpaid balances due to us, you agree to reimburse us for our costs of collection, including lawyers' fees.

We may collect Personal Information about your representatives, your clients and others when we provide services to you. If we do, you agree to work with us to ensure that we both meet the obligations that we each may have under the Privacy Act 1988 (Cth) (as amended) (Privacy Act). The obligations may include notifying the relevant person to whom the personal information relates who we are and how we propose to use their personal information. Where you have collected personal information, you confirm that you have collected the personal information in accordance with the Privacy Act, that you are entitled to provide this personal information to us and that we may use and disclose the personal information for the purpose/s we provide our services to you. We will handle personal information in accordance with the Privacy Act.

Please review and digitally sign this engagement below to indicate that it is in accordance with your understanding of the arrangements. If you sign and return this letter, this indicates your acceptance of the arrangements outlined. This engagement will be effective for future years unless we advise you of any change in writing or via a new service proposal.

If you, or an authorised person of Client who has engaged us:

1. signs and returns this letter; or
2. instructs us that you accept it (whether it be by post, telephone, fax, email or other form of communication); or
3. gives us further instructions

we will take that as acceptance of our Letter of Engagement.

Yours sincerely,
Vallad Services Pty Ltd

Acknowledgment of Terms of Engagement
By continuing services, I confirm I have the authority to contract on behalf of Client. I hereby agree to the terms of engagement dated 1 March 2026 of Vallad Services Pty Ltd as set out above in this letter of engagement.