Terms and Conditions

Terms and Conditions

These Terms and Conditions of Service, together with our Scope of Engagement, Privacy policy and other published documents, constitute the entire terms of the agreement, express or implied (the “Agreement”) which is governed by the laws of Queensland.

Performance of the Services:

Life Partners Pty Ltd T/As FABsolutions, Finance, Accounting, Business (hereinafter referred to as FABsolutions) will provide the Services set out in the Scope of Engagement and will use all reasonable commercial efforts to provide the services in an efficient and timely manner, using the necessary skill and expertise to an appropriate professional standard.

We have not audited or independently verified the accounting records or information that you have provided to us. While we do rely on all materials you have provided, we will not verify the accuracy and completeness of such documentation or information.

To perform the Services successfully, we require your timely cooperation, including:

a) Providing FABsolutions promptly with all accurate information and documents (including bank records) that we reasonably require to enable us to provide the Services.
b) Arranging access to third parties where applicable; and
c) Ensuring that appropriate back up, security and virus checking procedures are in place for any computer facilities and files you provide;

We rely on you bringing to our attention any changes in the information as originally presented, as it may affect our advice to you.

Purpose, Scope and Output of the agreement:

We will provide professional services outlined in the Scope of Engagement (“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, unless specifically detailed in the terms of service provided. However, we will inform you of any such matters that come to our attention.

Compliance Services

Financial Reports & Income Taxation Returns may be prepared for distribution to Directors for the agreed purpose. There is no assumption of responsibility for any reliance on our report by any person or entity other than yourself and those parties indicated in the report or if you expressly request in writing we provide the financial information to a specific party. 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.

Other Services

Other services may be performed in accordance with the scope of services set out in the Scope of Engagement, as detailed under the Performance of Services clause above.

Our advice will cover income tax and Goods and Services Tax. It will not cover any other taxes such as stamp duty, land tax, or payroll tax. The scope of our engagement will be limited to the performance of the services listed above.

Use of Contractors and Other Outsourced Third Party Services:

We may involve third party contractors or outsourced service providers in providing various aspects of your accounting work. These services may include:
• Accounting file preparation and/ or Data entry into our accounting systems
• Auditing of accounts (including Self-Managed Super Funds)
• Actuarial (pension) analysis
• Financial Planning & Dealing with Financial Institutions
• Home Loan , Business Loan & Personal Loan Services
• Investment and Insurance Services


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 IPA 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.

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.

Unanticipated Services:

Our service is built around upfront pricing, as opposed to hourly rates, and offers you access to the accumulated intellectual capital of the firm at an agreed price prior to work being performed on your behalf.

While the upfront price entitles you to unlimited consultation with us with regards to the engagement scope, if your question or issue requires additional research and analysis beyond the consultation, that work will be subject to an additional price, payment terms, and scope to be agreed upon before the service is performed and a Special Engagement will be issued to document this understanding.

Furthermore, the parties agree that if an unanticipated need arises (such as, but not limited to, an audit by the ATO or State Revenue Office, or any other service not anticipated by this agreement by the parties) that FABsolutions hereby agrees to perform this additional work at a mutually agreed-upon price. This service will be priced separately using a Scope of Engagement Contract.

All income tax returns are subject to examination by the Australian Taxation Office (“ATO”). You may be requested to provide further materials to the ATO or other legal body in the event of an audit. In the event of an examination you will be charged as a separate fee. We shall provide a quote for such service.

Out of Pocket Costs:

You agree all necessary and proper out-of-pocket expenses (known as disbursements) incurred by us on your behalf shall be paid immediately on request, plus any GST. Disbursements may include but are not limited to any filing fees, subscription fees (i.e. Xero fees), search fees, specialty accounting charges, Counsel fees, costs of experts and witnesses, freight and postage, and corporate, secretarial, or valuation costs, whether foreseen or unforeseen.

We reserve the right to have any or all disbursements incurred through the engagement of third party consultants either billed direct to you, or included as a disbursement in our invoices.

Payment of Fees:

FABsolutions account terms are strictly 7 days from date of invoice and by agreeing to the terms and conditions and our Fee Engagement you agree to adhere to payment terms.

FABsolutions may charge a monthly fee via Direct Debit or Credit Card that will require payment on or before the 8th of each month. You will be provided with a tax invoice each month. If there are insufficient funds at the time of payment you are required to pay the amount within seven (7) days.

FABsolutions reserves the right to suspend all services and products until all payments are bought up to date.

Cancellation of Services (Direct Debits):

Cancellation of services where a Direct Debit facility is in place must be notified in writing thirty (30) days in advance of the next pay period. Any remaining or outstanding amount must be paid via credit card or direct debit within fourteen (7) days of cancellation.


To ensure that our arrangement remains responsive to your needs, as well as fair to both parties, we will meet throughout the financial year and, if necessary, revise or adjust the scope of Services to be provided and the prices to be charged in light of mutual experience.

Furthermore, it is understood that either party may terminate this Agreement at any time, for any reason, with 30 days written notice being provided to the other party. It is understood that any unpaid Services that are outstanding at the date of termination are to be paid in full within 7 days from the date of termination.

FABsolutions may terminate an agreement at any time with immediate effect, by giving written notice to you if you:
a) Fail to have funds available for payment via direct debit/credit card on three (3) consecutive occasions;
b) Breach our agreement or terms and conditions, and fail to remedy that breach within fourteen (14) days after receiving written notice requiring you to do so; or
c) Go into liquidation or an external controller, administrator, receiver, or receiver and manager is appointed or, if you are an individual, become insolvent or bankrupt or enter into a scheme of arrangement with creditors

Where a monthly service agreement exists over a 12 month period which is terminated prior to the anniversary date, FABsolutions reserves the right to charge a final invoice for services performed which have not yet been invoiced under the monthly service agreement. FABsolutions will provide a detailed invoice if requested detailing such services performed but not yet invoiced.

FABsolutions may also deduct any fees from any funds it receives from monies held in Trust on your behalf.


Debt Collection:

If FABsolutions is required to refer any unpaid debt to a third party debt collection agency we reserve the right to on-charge to you, any fees that may be payable to the debt collection agency for collection of your outstanding fees.

Limitation of Liability:

Our liability is limited by a scheme approved under the Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Councils’ website www.professionalstandardscouncil.gov.au.

The preparation of your income tax return does not constitute a prudential tax audit and cannot be relied upon as such.

The onus is on you, as a self assessor. You should carefully review the income tax return to ensure that items shown are true and correct.

Some of the matters on which we may be asked to advise you may have tax implications for other entities, directors, employees or any other parties. Unless advising on such tax implications is expressly included in the Services, we will not bear any liability to you or any other relevant entities, directors, employees or any other parties in respect of those tax implications, and you indemnify us against any claim by any such entities, directors, employees or other parties in this respect.


Ownership of Documents:


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

Our engagement will result in the production of Financial Reports and 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. We have 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.

Your Disclosure and Record Keeping Obligations:

The Taxation Administration Act 1953 contains specific provisions that may provide you with "safe harbours" from administrative penalties for incorrect or late lodgement of returns if, amongst other things, you give us "all relevant taxation information" in a timely manner. Accordingly, it is to your advantage that all relevant information is disclosed to us as any failure by you to provide this information may affect your ability to rely on the "safe harbour" provisions and will be taken into account in determining the extent to which we have discharged our obligations to you.

In relation to your financial records, you will specifically be responsible for:
1. Transaction entries into your business computer records
2. Coding all deposits and payments in accordance with the agreed Chart of Accounts
3. Reconciling the Bank Accounts on a monthly basis
4. Maintenance and reconciliation of your business wage records
5. Maintenance and reconciliation of your Accounts Receivable and Accounts Payable listings
6. Obtaining and retaining sufficient records to substantiate claims made for income tax deductions
7. Retaining copies of all financial records for a period of 5 years
8. Providing to us all financial information requested within 10 working days of our request

Notice of Disclosure:

From time to time we may receive a commission/referral fee from third parties in relation to work referred to them by our office. If a third party has referred you to us, we may pay that person or organisation a referral fee.


We will not disclose any information relating to your affairs to any third party without your consent, unless required by law or unless disclosed in these Terms (see Use of Contractors Section). You may provide us with permission to disclose your confidential information in certain circumstances, or place conditions on the disclosure of certain confidential information.

Confirmation of Terms:

By signing a Scope of Engagement you hereby agree to the Terms and Conditions contained herein and the scope of services as detailed in the Scope of Engagement.

Electronic Communications:

We will communicate with you electronically, including sending you Commercial Electronic Messages (as that term is defined in the SPAM Act 2003). You consent to us sending Electronic Communications to you.

Electronically transmitted information cannot be guaranteed to be secure or virus or error free and consequently such information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete or otherwise be adversely affected or unsafe to use. We will not be liable to you in respect of any error, omission or loss of confidentiality arising from or in connection with the electronic communication of information to you.

Previous Accountant (if applicable):

As a matter of professional courtesy, and in line with the requirements of the IPA Australia, we may need to inform your previous accountant that we have been engaged by you as your new accountant and to receive from them any outstanding matters and files. You may refuse to provide this information but in doing it may cause problems in the efficient transfer of your files.


Where the Client is a corporate entity, then each director thereof who executes this Agreement shall also be known as the guarantor (the “Guarantor”) and if more than one, shall both jointly and severally guarantee the performance by the Client of its obligations under this Agreement to FABsolutions.

Each Guarantor gives a guarantee and indemnity in favor of FABsolutions in consideration of the Client agreeing to enter into this Agreement.

Each and all of the Guarantors acknowledge the receipt of valuable consideration from FABsolutions for the Guarantors incurring obligations and giving rights under this guarantee and indemnity.

Each Guarantor unconditionally and irrevocably guarantees to FABsolutions the due and punctual performance and observance by the Client of its obligations (including the obligations to pay money) pursuant the terms and conditions of this Agreement. As a separate undertaking, the Guarantors unconditionally and irrevocably indemnifies the Client against all liability or loss arising from, and any costs, charges or expenses incurred (including any loss as a result of a breach of the obligations to pay money) in connection with the Clients breach of this Agreement.

Ongoing Application of these Terms Of Service:

You acknowledge and agree that these Terms of Service apply to all work to be performed by us on your behalf unless mutually agreed in writing.

Should you not sign these Terms yet nonetheless continue to instruct us to act on your behalf, you shall be deemed to have accepted these Terms as applying to that work.