Liability scheme.

SECTION 1

Professional Standards Legislation is a set of state and territory laws that allow approved schemes to cap the civil liability of professionals — typically lawyers, accountants, engineers and tax agents — provided members meet ongoing professional standards (continuing education, professional indemnity insurance, complaints handling). In return for the cap, members are required to maintain higher professional standards than the law would otherwise demand. The trade-off is intended to keep professional services available and affordable while protecting the public.

SECTION 2

Tax Tracker Pty Ltd is a participant in a scheme approved under Professional Standards Legislation through the Institute of Public Accountants (IPA). The scheme limits the total civil liability that may be awarded against the firm in any single claim or any aggregate of claims to the cap specified in the scheme. The cap does not apply to claims excluded from the scheme by law (for example, claims under the Australian Consumer Law that cannot lawfully be excluded), or to liability for fraud, dishonesty or wilful misconduct.

SECTION 3

Under the IPA Accountants Scheme, member firms are placed in a band based on firm size, services and risk profile. Tax Tracker, as a sole-practitioner firm offering tax-agent services and SMSF administration (without performing audits), sits in the entry band. The current cap for that band is $2 million per claim and in aggregate. This figure is the cap published in the version of the IPA scheme document current at the time this page was last reviewed (see 'last updated' at the top). Scheme caps are reset by the IPA from time to time when the scheme is renewed (typically every five years). For the live scheme document — including the precise cap, the exact band placement and the carve-outs — email info@taxtracker.com.au and we will send the version current as at your engagement, normally within one business day.

SECTION 4

The full scheme document — including all bands, exclusions, and the standards member firms must meet — is published by the Institute of Public Accountants. We will send you the current version on request (info@taxtracker.com.au) and we will email you the new version any time the scheme is amended in a way that materially affects the cap or coverage applicable to your engagement. The Australian Professional Standards Councils (professionalstandardscouncils.gov.au) publishes information about all approved schemes operating in Australia.

SECTION 5

Tax Tracker Pty Ltd · Liability limited by a scheme approved under Professional Standards Legislation. This statement appears in the footer of every page on this site, on every invoice we issue, and on every formal piece of correspondence we send.

SECTION 6

info@taxtracker.com.au · (03) 8732 2126 · 26 Basildon Crescent, Strathtulloh VIC 3338