Limitation of liability scheme

As members of the Institute of Chartered Accountants in Australia ("Institute"), the partners of this firm are participants in a scheme which limits the liability of its members in accordance with the Professional Standards Act (Vic) 2003. The scheme limits liability in relation to any claim under the Trade Practices Act.

Under the scheme, any liability for damages arising out of a cause of action for occupational liability which may be awarded against a person to whom the scheme applies is limited to the maximum of:

(a)    Where the fee payable for the service to which the cause of action relates, being a reasonable charge for the service provided or which was failed to be provided, is less than or equal to the minimum fee cap below, the liability cap is shown below:

Period                             Minimum Fee Cap                        Liability Cap

To 30 June 2008                                 $50,000                                    $500,000

1 July 2008 to 30 June 2009             $75,000                                    $750,000

From 1 July 2009                                 $100,000                                 $1,000,000

(b)    Where the fee exceeds the relevant minimum fee cap above, the liability cap shall be a multiple of ten times the fee, but must not exceed a monetary ceiling of $75 million in relation to audit and related services and $20 million in relation to non-audit or insolvency services.

 

 

Bell Partners Pty Ltd, Level 7, 468 St Kilda Road, Melbourne VIC 3004 Tel: +61 3 9832 8444 Fax: +61 3 9820 9171
ABN: 57 090 464 056

Liability limited by a scheme approved under Professional Standards Legislation. Click here for more information.