Terms and Conditions

Confirmation of agreement for services between: Sofra Partners and you, our 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.

Engaging Us

This engagement letter sets out the scope of work we will do for you, the people primarily responsible for your entity, our estimate total professional fees and disbursements, trust monies required and any other information relevant to your engagement with us.

You, our client will be the person or entity named in the engagement letter (including all associated entities detailed), here forth known as the "the entity". If two or more persons are named, they are joint and severally liable.

The engagement letter and general terms of engagement set out in this document, constitutes our agreement with you.

Should you not return your signed copy of the engagement letter yet continue to provide us with instructions regarding your financial affairs, the terms and conditions provided in this letter will be binding.

This letter shall be effective for the future unless we advise you of any change to our arrangement. We will however, reserve the right to revise our annual Fixed Price Agreement on an annual basis.

Confirmation of agreement for services

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

Purpose, Scope and Output of the Engagement

We will provide professional services as per your request. The details of the services will be detailed in our service engagement agreement issued for your acceptance.

Period of Engagement

This engagement starts once our service engagement agreement is accepted and any pre-payment is provided, if applicable. We will not deal with earlier periods unless you specifically ask us to do so, and we agree.

Why do we offer a Fixed Price Agreement for ongoing services?

The standard method of billing in professional services has traditionally had an emphasis on providing services in exchange for an hourly rate. Sofra Partners have come to the realisation that this method is an archaic method of pricing. It is also a conflict of interest because what it means is (as an industry) we are directly rewarded for how inefficient we are. The longer we take to do the job the more we get. Hourly billing does not promote an emphasis on customer service or an incentive to complete jobs quickly.

The biggest issue with hourly billing you have no idea how much the job will be until the bill is received. We don't think that is fair on you. As a courtesy to you, we think you deserve to know in advance how much the job will cost and what it entails. As a modern & progressive firm we have aim to move as many as possible of our engagements to a Fixed Price Agreement model. What does this mean for you?

  • You will always know how much you will pay for services in advance and will always have the opportunity to discuss the agreement before we get started on any work. If new work is required outside of the scope of our existing agreement, we will issue a written proposal for you to accept (or discuss) before we commence new services.
  • It places the risk back on us, the practice. You don't have to worry about paying for more hours than you thought it would take. We have to focus on being more efficient to ensure our relationship is mutually profitable. This means we can leverage the best in breed technology to constantly improve the quality of the services we deliver to you.
  • It opens the lines of communication. You don't have to be afraid to contact us with questions and be worried about receiving a bill for your time. All of our fixed price agreements include support and regularly scheduled review sessions. In fact, we encourage constant communication between you, our client and Sofra Partners. Becoming your trusted advisor is our mission and open communication is the key.

Hourly Billing for Services with an Undefined Scope

While the Sofra Partners will try to always provide a fixed price agreement, particularly in the instance where services are ongoing. However, there are some services that we offer where an estimate based on an hourly rate is the only method of billing that applies. We'll 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, Sofra Partners will inform you, our client of the amount of time used before we issue the final bill and collect payment.

If possible, we will convert any hourly services into a fixed price agreement, if or when, the scope of the service becomes more apparent.

Unanticipated Services

While your Fixed Price Agreement entitles you, our client to reasonable limited communication, if your question or issue requires additional research and analysis beyond the services agreed in this agreement, any additional work will be estimated to you, our client before the commencement of said additional work. Once the scope of the additional work is agreed upon, Sofra Partners will issue a Change of Service Request via our online proposal system, and Sofra Partners ask you, our client to sign the new agreement before we commence the new work.

Furthermore, you, our client 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 digital signature.

Service and Price Guarantee

Sofra Partners will always stand behind the quality and professional nature of the services that we offer. If at any point you, our client are not completely satisfied with the services we have performed, Sofra Partners encourage you, our client to bring this to our attention immediately. Sofra Partners would be grateful for the opportunity to correctly address you, our client concerns and allow Sofra Partners a chance to win your trust back and prevent similar problems from happening in the future.

If you, our client are still not satisfied with the outcome of our services, Sofra Partners will work towards a mutual agreement regarding the payment for services completed. As an example, Sofra Partners may agree to either forgive the related payment or accept a portion of the originally agreed price that reflects your level of satisfaction.

Ownership of Documents

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

All files, journals, notes, correspondence and any other records made by the Sofra Partners on you, our client behalf belong to the Sofra Partners. Any information and data processed on software paid by the Sofra Partners of you, our client behalf, belong to the Sofra Partners until such time as those fees outstanding are paid in full.

Client Responsibilities

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 written consent.

You, our 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. you, our client 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 you, our client. Any advice given to the you, our client is only an opinion based on our knowledge of the you, our client particular circumstances.

Sofra Partners will endeavour to schedule reminders for meetings as per your selected package however ultimately the responsibility to contact our office and arrange a meeting remains with you, our client.

Despite Sofra Partners providing reminders of important deadlines and lodgement dates, it is always the responsibility of you, our client to ensure that you provide relevant information in an accurate and timely manner, to allow you, our client to undertake our respective duties, in a reasonable time before the due dates.

Monies Outstanding

Should there be any monies owing on any account (or for any associate or associated entity account), with the aforementioned, which exceeds our trading terms of net 14 days, it is understood that Sofra Partners are authorised to deduct from any Australian Taxation Office Refund or any other credit, those monies owing to the Sofra Partners along with any other disbursement resulting from debt collection incurred or any other source.

Should the refund exceed the account balance owing to the Sofra Partners, the fees will be deducted, and the balance forwarded to you, our client. Alternatively, should the refund be insufficient to clear the account, the funds will be retained in lieu by Sofra Partners, and credited to you, our client account and any shortfall will remain outstanding by you for payment and continue to incur interest (as detailed below).

Any monies retained will be officially receipted and an explanatory letter detailing the transactions will be forwarded to your mailing address.

Trust Monies

Sofra Partners policy is to require our clients to occasionally maintain funds in our trust account for tax refund purposes. In the event we receive monies into our trust account on you, our client behalf, and you, our client have outstanding account (which may be beyond normal trading terms), you, our client authorise Sofra Partners to draw on the money to pay any amount due from you to us in accordance with the provisions of this agreement. A trust statement will be forwarded to you within a reasonable period following the completion of the transaction.

Interest Charge

Should your account with the Sofra Partners be beyond normal trading terms (namely net 14 days), interest of 1.5% per month (18% per annum) will be applicable to any balance outstanding, which exceeds 1 month. Interest rate subject to change at the discretion of the Sofra Partners.

Debt Collection Fees

Should Sofra Partners deem it necessary to use a Debt Collection Service to recover any outstanding fees (which remain unpaid for a period of 90 days, or in excess of), the undersigned will be directly responsible for any costs incurred by Sofra Partners to the Debt Collection Agency.

At the discretion of the Sofra Partners, from time to time, Sofra Partners may offer a fee funding arrangement to allow you, our client additional time to pay any arrears beyond our normal trading terms.

Term of Engagement

To aid in your success our team invests additional time at the beginning of the engagement in ensuring the administration of your file is optimal. In this early period, it may be necessary for a great deal of additional time and effort to be dedicated to both in reviews of your file and direct assistance provided (the transition period). Given that there is a fair amount of "heavy lifting" in this early transition period, if for whatever reason you choose to conclude the engagement within the first three years of engagement, Sofra Partners always reserves the right to recoup any additional time invested, by issuing a final recoupment invoice (detailing the work that remained unrecouped at the conclusion of the engagement).

Terms of Fixed Price Agreement

Fixed Price Agreements are quoted on a financial year basis (that is the expected time which is estimated to complete the works for the entity from 1st July to the 30th of June in the respective financial year).

To aid in you, our client success our team may invest additional time at the beginning of each engagement in ensuring the optimal administration and management of you, our client file (both in the form of review and providing you, our client with direct assistance).

The undersigned acknowledges that to effectively deliver on strategy and improvements Sofra Partners will undertaking a great deal of "heavy lifting" within these earlier months, that typically will be recouped over a 12-month Fixed Price Agreement term.

The Fixed Price Agreement will be quoted for a minimum of a 12 month period and if for whatever reason you, our client decide to terminate or conclude your engagement/ membership prior to the 12 month period, Sofra Partners reserves the right to recoup the additional time invested as part of this Fixed Price Agreement program and you, our client may remain liable for the membership fees for the remainder of the minimum term.

Prior years Accounting / Taxation work

If you provide Sofra Partners with instructions to undertake any other function (other than the Fixed Price Agreement for Accounting/Taxation services), these works may be considered "out of scope" works and it is Sofra Partners discretion to issue a separate quotation which will need to be agreed upon separately.

Sofra Partners always reserves the right to charge professional fees (on a charge basis for work undertaken) for all and any work undertaken on your behalf and on your instructions or necessary to properly undertake our duties, which may be considered "out of scope" and are not covered by the Fixed Price Agreement.

Additional Services

This quotation does not include any;

  • Secretarial compliance work with regards to Companies, Trusts and/or Superannuation Funds.
  • Business mentoring or virtual CFO work unless it is specifically stated.
  • Specialised complex taxation matter, for example, Capital Gain Tax on sale, GST FBT, Wine Equalisation Tax, Estate Tax, Self-Managed Superannuation.

Any additional services required (to those listed above), must be specifically requested and the respective fee is to be mutually agreed on before the commencement of work.

Personal Guarantee of Payment

It is our requirement that the relevant individual(s) undersigning on behalf of any entity (as a Partners, Directors' Owners' or Trustees') personally guarantee the payment of all accounts for professional fees, including out-of-pocket expenses rendered by Sofra Partners from time to time to the entity.

If you, our client is in agreement with the engagement and the guarantee as set out herein, please arrange for all relevant parties to sign and return the attached duplicate letter to our office.

Personal Property Security Register

You, our client acknowledges and agrees that this agreement constitutes a security agreement for the purposes of the Personal Property Securities Act 2009 (Cth) ("PPSA"), and creates a security interest in all Goods supplied, both in accordance with this Contract and in future Contracts.

A security interest created by this agreement includes any proceeds of the Goods and all registration and/or enforcement costs incurred by Sofra Partners.

You, our client consents to Sofra Partners effecting a registration on the personal properties’ securities register ("PPSR") of any security interest arising under or in connection with the Contract.

You, our client undertakes to:

  • Promptly sign any further documents and/or provide any further information (such information to be complete, accurate and up to date in all respects) which firm reasonably requires to:
    • a.) register a financing statement or financing change statement in relation to a security interest on the PPSR;
    • b.) register any other document required to be registered by the PPSA; or
    • c.) correct a defect in a statement referred to above.
    • d.) indemnify and upon demand reimburse Sofra Partners for all expenses incurred in registering a financing statement or financing change statement on the PPSR or releasing any Goods thereby charged.
    • e.) not register a financing charge statement in respect of a security interest without Sofra Partners prior written consent; and
    • f.) not register, or permit to be registered, a financing statement or a financing change statement in relation to the Goods in favour of a third party without Sofra Partners prior written consent.
  • You, our client agrees that sections 96, 115 and 125 of the PPSA do not apply to the security agreement between firm and the Client.
  • You, our client waives its rights to receive notices under sections 95, 118, 121(4), 130, 132(3)(d) and 132(4) of the PPSA.
  • You, our client waives its rights as a Guarantor and/or a debtor under sections 142 and 132 of the PPSA.
  • Unless otherwise agreed to in writing by firm, you, our client waives its rights to receive a verification statement in accordance with section 157 of the PPSA.
  • You, our client must unconditionally ratify any actions taken by firm in accordance with this clause. Subject to any express provisions to the contrary, nothing in this Clause is intended to have the effect of contracting out of any of the provisions of the PPSA.

Confirmation of Terms

Upon acceptance of our engagement letter or verbal or electronic acceptance, you indicate that it is in accordance with your understanding of the arrangements. This agreement will be effective for future years unless we advise you of any change.