Terms of Engagement
MYOB is a tax and accounting software company that has been helping New Zealand and Australian businesses succeed for more than 25 years. Their range of products cater to both small and big businesses and include cloud-based and on-premises solutions.
1. Authority to Instruct Us
You confirm that you, along with any individual you nominate in writing (subject to our acknowledgment of such nomination), are authorized to provide instructions and information on behalf of all parties we represent. You are also authorized to receive our advice and documentation on their behalf.
If we are acting for a business and receive conflicting instructions, information, or advice from different individuals, we may refer the matter to the Board of Directors, partners, or proprietors (as applicable) and will act only as directed by them.
2. You and Your Spouse or Partner
When applicable, we will advise you and your spouse or partner as a unified family unit with shared interests. We may interact with either of you and discuss each other's affairs as necessary. Should you wish to change these arrangements, please notify us promptly.
3. Know Your Customer
Since 1 October 2018, all New Zealand accounting firms have been subject to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. We are required to conduct customer due diligence and cannot act for you unless this process is completed.
As part of compliance, we may need to verify your identity and will request the necessary information or conduct database searches as required.
4. Your Responsibilities
You must provide all relevant information needed to manage your affairs, including any information we reasonably request, in time for us to meet applicable deadlines. We rely on the accuracy, completeness, and truthfulness of the information provided and do not conduct audits on it.
You authorize us to contact third parties, as appropriate, to obtain information needed to manage your affairs. You are also responsible for informing us promptly of any changes to your circumstances that may impact our services.
5. Scope of Our Services
Our services are provided in accordance with applicable legal requirements, and nothing in this engagement letter or these terms limits our obligations under the law.
Please do not act on advice previously given without confirming with us that it remains valid.
Our services are strictly limited to those specified in the engagement letter. Unless otherwise stated, we are not responsible for detecting irregularities such as fraud or illegal acts, as no audit or review will be conducted.
For recurring engagements, we may amend the terms of our engagement letter when necessary. If you do not accept the changes, please notify us promptly. In such cases, you may terminate the engagement in accordance with section 17.
6. Reliance on Advice
We aim to document all important advice in writing. Verbal advice is not intended to be relied upon unless confirmed in writing. If you receive verbal advice (e.g., in meetings or by phone) and wish to rely on it, please request written confirmation.
7. Investment and Financial Advice
We are prohibited from providing investment or financial advice regulated by the Financial Markets Conduct Act 2013, as amended by the Financial Services Legislation Amendment Act 2019.
8. Professional Obligations and Confidentiality
We comply with all relevant by-laws, regulations, professional standards, and ethical obligations under Chartered Accountants Australia and New Zealand (CA ANZ) and the New Zealand Institute of Chartered Accountants (NZICA), including the NZICA Code of Ethics.
We will not disclose information obtained during our engagement without your express consent, except as required by law or professional obligations, such as the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 or the NZICA Code of Ethics.
Our engagement may also be subject to practice reviews, trust account audits, or investigations by NZICA. By accepting this engagement, you acknowledge that our files related to this engagement may be made available to NZICA or its disciplinary bodies. All NZICA personnel are bound by confidentiality.
9. Conflicts of Interest
If a conflict of interest arises in our relationship with you or between you and another client, we will inform you promptly. If we cannot manage the conflict in a manner that protects your interests or if you do not agree to our proposed resolution, we may be unable to continue providing services to some or all parties.
We may represent other clients with interests that differ from or are adverse to yours, subject to our confidentiality and conflict-of-interest obligations.
10. Fees and Payment
Our fees are based on the terms set out in the engagement letter and reflect the level of skill, responsibility, and risk involved. Our current hourly rate is $200 + GST, subject to change without notice.
Any estimates provided are indicative only, and actual fees may vary. For fixed-fee services, unforeseen circumstances may result in a revised fee, subject to your approval.
If we subscribe to accounting software on your behalf, the retail cost will be charged to you, and any commissions or discounts received may be retained by us.
Invoices are issued monthly and are payable within seven days. Overdue invoices may incur interest at a rate of 19% per annum above the Reserve Bank of New Zealand’s cash rate. You agree to cover any costs related to debt collection, including court costs, legal fees, and our time, billed at our usual hourly rate.
We reserve the right to suspend or terminate services for overdue payments, providing written notice where fair and reasonable.
### 11. **Lien**
Where permitted by law and professional standards, we may exercise a lien over any materials or records in our possession relating to your engagements until all outstanding fees and disbursements are fully paid.
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### 12. **Disclosure Permissions**
By accepting this engagement, you consent to us disclosing your information to:
- Service providers, subcontractors, employees, or regulatory bodies as necessary for performing our services.
- Professional advisors or insurers for the purpose of protecting our interests.
- External peer reviewers to the extent needed for reviewing this engagement.
We will take reasonable steps to ensure that any recipient (other than regulatory bodies) maintains the confidentiality of your information, consistent with clause 8.
We may retain your information during and after the engagement for legal compliance, IT backup, or professional purposes, maintaining confidentiality throughout.
We may mention you as a client for promotional purposes unless you instruct us otherwise.
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### 13. **Privacy**
We collect, store, use, and disclose your personal information as necessary to provide the services outlined in the engagement letter and to comply with our obligations under section 9 and clause 8. We adhere to the Privacy Act 2020, and further details are available in our Privacy Policy.
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### 14. **Ownership of Materials**
We retain all intellectual property rights, including copyright, in the materials we create during the engagement. You may use these materials only for the purpose for which they were provided unless otherwise agreed.
All working papers, whether physical or electronic, remain our property and will be retained according to our record-keeping practices and legal obligations.
We may use your logos or trademarks solely to provide services under this engagement unless you instruct otherwise.
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### 15. **Limitation of Liability**
To the extent permitted by law, our total liability to you under this engagement is limited to the lesser of $20,000 or the total fees paid for the matter in question. Our directors, employees, and agents bear no personal liability, and you agree not to bring claims against them personally.
We are not liable for:
- Indirect, special, or consequential losses, including lost profits or savings.
- Losses arising from third-party actions, circumstances beyond our control, or your breach of these terms.
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### 16. **Limitation of Third-Party Rights**
Our advice is provided for your exclusive use. Unless explicitly stated otherwise in the engagement letter, we accept no responsibility to third parties.
You agree to indemnify us, including our directors, employees, and agents, against any third-party claims arising from our services or this engagement, including associated costs and legal expenses.
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### 17. **Termination**
Either party may terminate this engagement with at least seven days' written notice. We may terminate immediately if there is a conflict of interest, lack of cooperation, or if you provide misleading or inaccurate information. Termination does not affect accrued rights.
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### 18. **Communication**
You must promptly notify us of changes to your contact details. We may send communications to your last provided contact details. Unless otherwise instructed, we may communicate with you and third parties via email or other electronic means.
We are not responsible for issues beyond our control, such as delayed or intercepted communications. You may opt out of receiving updates, newsletters, or other communications by notifying us.
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### 19. **Applicable Law**
This engagement is governed by New Zealand law, and any disputes are subject to the non-exclusive jurisdiction of New Zealand courts.
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### 20. **Interpretation**
If any provision of this engagement letter or these terms is deemed void, the remainder will continue to apply. In case of conflict, these terms take precedence over the engagement letter.
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### 21. **Disputes and Complaints**
If you have concerns about our costs or services, please contact the person responsible for this engagement, as identified in the engagement letter. We have policies and procedures in place to handle complaints, and we will make every effort to resolve disputes to the satisfaction of all parties. You may be asked to provide your complaint in writing to facilitate a thorough investigation.
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### 22. **Service Providers**
We may engage software providers, subcontractors, and other third parties to assist in delivering the services outlined in this engagement. These parties may be granted access to your data as necessary, and in some cases, this data may be stored or processed overseas, in compliance with our Privacy Policy.
Notable service providers include:
- **Xero** and **MYOB** (accounting software)
- **Microsoft** (data storage and software)
All data is securely stored in the cloud by these providers.
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### 23. **Compilation of Financial Statements and Preparation of Tax Returns**
#### General Terms
We will compile financial statements based on the information and instructions you provide, following Service Engagement Standard No. 2 (SES-2) issued by the New Zealand Institute of Chartered Accountants. These special-purpose financial statements are intended for management and tax purposes only and may not be suitable for other uses. They will be prepared under the Tax Administration (Financial Statements) Order 2014.
No audit or review engagement will be performed, and the statements will be marked as unaudited.
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### 24. **Extent of Services**
We are not responsible for the accuracy or completeness of the accounting records and information you provide. You are solely responsible for maintaining adequate records, an internal control structure, and appropriate accounting policies.
You must review and approve the final tax returns and financial reports, acknowledging the importance of signing them as true and correct statutory records.
Our engagement does not include detecting internal control weaknesses, errors, fraud, or legal non-compliance. However, we will inform you if such issues come to our attention.
If we cannot complete the compilation or find the information misleading, we may refer to these matters in our report or decline to issue a report.
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### 25. **Independence**
Independence is not a requirement for a compilation engagement. If we are aware of a lack of independence, it will be disclosed in our report, but we will not conduct a comprehensive review to determine our independence.
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### 26. **Use and Distribution of Financial Information**
The financial information we compile is intended solely for your use in preparing tax returns. If its use changes materially, you must notify us immediately. We do not accept responsibility to any third party for the contents of the financial statements.
You agree that all distributed financial statements will include a disclaimer of liability, which must remain attached. If you distribute financial statements without the disclaimer, you will indemnify us against any third-party claims, damages, or costs arising from the distribution.
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### 27. **Tax Returns**
We will prepare tax returns based on the information you provide for the specified tax types and periods. You are responsible for ensuring the accuracy and completeness of this information.
Tax positions and legislative interpretations are subject to challenge, and our advice should not be viewed as definitive. You are responsible for the content of all returns and must review and approve them before submission.
We will notify you of any taxes payable or refunds due, but you are responsible for making payments or receiving refunds directly from Inland Revenue.
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### 28. **Authority to Communicate**
You authorize us to communicate with and share information with third parties, such as Inland Revenue, ACC, banks, lawyers, financial advisors, and WINZ, as necessary to provide the services outlined in this engagement.
You authorize us to act as your tax agent, including signing tax returns and other forms on your behalf and obtaining information from Inland Revenue for all tax types except child support.
Tax Link & MYOB Essentials
Tax Link are MYOB experts. We’ve been using the product for years, and we know it inside and out. Now with MYOB Essentials in the cloud it has never been easier to collaborate with your Tax Link accountant, simply share access with us and we can both work from the same set of data, on the same system, at the same time.
Here’s how it works:
We can assist you in setting up a MYOB Essentials account or moving from another accounting software program to MYOB Essentials.
You process your bank accounts through MYOB Essentials and complete your GST returns if required (or we can do this for you).
We are there to provide support along the way if you need it.
At the end of the year, we prepare your financial statements and tax returns.
If this sounds like a service you are interested in contact us today.
