Financial Disclaimers

Version 1.3 — Last updated: 16 April 2026 | Jurisdiction: Victoria, Australia

1. Not Financial Advice

Nothing in the Summed platform — including reports, dashboards, forecasts, calculations, or any other output — constitutes financial advice within the meaning of the Corporations Act 2001 (Cth) or any other applicable legislation.

Summed does not hold an Australian Financial Services Licence (AFSL) and is not authorised to provide personal or general financial advice. Any numerical outputs, projections, or summaries generated by the Service are for informational and record-keeping purposes only.

2. Not Tax Advice — BAS Agent Disclaimer

Summed is not a registered tax agent or BAS agent under the Tax Agent Services Act 2009 (Cth) ("TASA"). The Service does not provide tax agent services or BAS services as defined in s 90-5 and s 90-10 of the TASA. Providing tax agent services or BAS services without registration is an offence under the TASA. Summed does not provide tax advice, tax return preparation, activity statement preparation, or BAS lodgement services.

While the Service includes features such as GST tracking, BAS-ready reports, and superannuation calculations, these are computational tools based on general rules and user-entered data. They are provided as a convenience to help you organise your records for discussion with your registered tax agent or BAS agent. These features:

• Do not account for your individual tax circumstances
• Do not consider all applicable tax rules, exemptions, or concessions
• Do not constitute a BAS, IAS, or any tax lodgement document
• Should not be submitted to the Australian Taxation Office (ATO) without review by a registered tax agent or BAS agent

3. Data Accuracy

All reports and calculations generated by Summed are based entirely on data entered or imported by you, the user — including data imported via bank CSV upload. Summed does not independently verify, audit, validate, or reconcile user-entered or imported data against any external source.

You are solely responsible for:

• The accuracy and completeness of all data you enter
• Ensuring transactions are recorded in the correct categories
• Verifying that GST treatment is correctly applied to each transaction
• Reviewing all reports before relying on them for any business decision

4. GST Calculations

Summed calculates GST using the standard 1/11th method for GST-inclusive amounts, as specified by the ATO for businesses operating under the Australian GST system. However:

• The Service assumes all amounts marked as "GST applicable" are GST-inclusive at the standard 10% rate
• The Service does not handle special GST treatments (input-taxed supplies, GST-free supplies beyond user-flagged items, luxury car tax, wine equalisation tax, etc.)
• The Service does not determine whether your business is required to be registered for GST
• Rounding may produce minor discrepancies compared to amounts calculated by the ATO or your accountant

5. Superannuation Calculations

Superannuation calculations in Summed are based on the prevailing Superannuation Guarantee rate (currently 12% as of FY2025-26). These calculations:

• Are estimates only and may not reflect your actual superannuation obligations
• Do not account for the maximum contribution base, salary sacrifice arrangements, or other individual circumstances
• Do not constitute compliance with the Superannuation Guarantee (Administration) Act 1992 (Cth)
• Should be verified by your accountant or payroll provider

6. Profit Forecasting

The profit forecasting feature (available on Business plans) uses weighted moving averages of historical data to project future performance. These forecasts:

• Are statistical projections, not predictions or guarantees
• Are based on past performance, which is not a reliable indicator of future results
• Do not account for market changes, seasonal variations beyond the historical data, or external economic factors
• Should not be relied upon as the sole basis for business decisions, investment, or financial planning

7. Third-Party Integrations and Bank CSV Import

When you connect third-party services (e.g., Square POS), data imported from those services is subject to the accuracy and completeness of the third-party system. Summed does not verify imported data and is not responsible for errors or discrepancies originating from third-party systems.

Bank CSV Import: When you upload CSV files exported from your banking institution, the imported transaction data is subject to the accuracy and completeness of the exported file. Summed does not access your bank account, does not use Open Banking or the Consumer Data Right (CDR), and does not verify imported data against your banking institution. You are responsible for reviewing all imported transactions — including amounts, descriptions, and category assignments — before relying on them for any reporting, BAS preparation, or business decision. Automatic categorisation of imported transactions is based on pattern matching and may not be correct for your circumstances.

7A. AI-Powered Receipt and Invoice Scanning

The Service includes an AI-powered receipt and invoice scanning feature that uses OpenAI's GPT-4o API to extract data (such as amounts, dates, vendor names, and line items) from uploaded images or PDF files. This feature is provided as a convenience to assist with data entry.

Important limitations:

• AI-extracted data is not guaranteed to be accurate. The AI may misread, misinterpret, or omit information from receipts and invoices.
• You are solely responsible for reviewing and verifying all AI-extracted data before relying on it for record-keeping, reporting, BAS preparation, or any other purpose.
• The AI scanning feature does not constitute data validation or verification. Summed does not independently confirm the accuracy of AI-extracted amounts, GST components, or other transaction details.
• Uploaded images are sent to OpenAI for AI-powered extraction. See our Privacy Policy for the full cross-border disclosure (APP 8) and details on how this data is handled.
• The AI feature may not correctly handle handwritten receipts, damaged documents, non-standard formats, or receipts in languages other than English.

Summed is not liable for any errors, omissions, or consequences arising from reliance on AI-extracted data that has not been verified by the user.

8. CSV Exports and Accountant Reports

Data exports (CSV exports, accountant packages) are generated from user-entered data and carry the same limitations described above. Each export includes a disclaimer header. These exports:

• Are intended as a starting point for professional review, not a finished product
• Should be reviewed and verified by a qualified accountant or tax agent before use
• Do not constitute a financial statement, tax return, or BAS

9. No Liability for Business Decisions

Subject to the consumer guarantees that cannot be excluded under the Australian Consumer Law (Schedule 2 of the Competition and Consumer Act 2010 (Cth)), Summed accepts no liability for business decisions made based on data, reports, or projections generated by the Service. You acknowledge that all business, financial, and tax decisions are made at your own risk and should be informed by qualified professional advice.

Nothing in these disclaimers excludes, restricts, or modifies any consumer guarantee, right, or remedy conferred by the Australian Consumer Law or any other applicable law that cannot be excluded, restricted, or modified by agreement.

10. Regulatory Compliance

Summed is designed to assist with record-keeping, not to ensure regulatory compliance. It is your responsibility to ensure that your business complies with all applicable laws and regulations, including but not limited to:

• GST and income tax obligations under the A New Tax System (Goods and Services Tax) Act 1999 (Cth) and the Income Tax Assessment Act 1997 (Cth)
• Fair Work Act 2009 (Cth) requirements for wages and employment conditions
• Superannuation Guarantee obligations
• State and territory payroll tax obligations
• Record-keeping obligations under the Taxation Administration Act 1953 (Cth)

11. Recommendation

We strongly recommend that all Summed users:

• Engage a registered tax agent or BAS agent for tax-related matters
• Have a qualified accountant review all financial reports before relying on them
• Seek independent financial advice before making significant business decisions
• Maintain independent records as required by the ATO (Summed can be part of, but not the entirety of, your record-keeping system)

11A. Invoice Generation

The Service may allow you to generate invoices based on information you provide (such as your business name, ABN, item descriptions, and amounts). Invoices generated by Summed are produced from user-entered data and are provided as a convenience tool only.

You are solely responsible for ensuring that any invoice generated using the Service meets all applicable ATO tax invoice requirements, including but not limited to the requirements set out in s 29-70 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth), such as:

• Correct ABN of the supplier
• Accurate description of items supplied
• Correct GST amounts and whether each item is taxable, GST-free, or input-taxed
• The date of issue and any other information required by the ATO

Summed does not verify that the information you enter is correct or that the resulting invoice meets ATO compliance requirements. You should consult a registered tax agent or BAS agent if you are unsure whether your invoices comply with the law.

12. ASIC and Regulatory Information

Summed does not hold an Australian Financial Services Licence (AFSL) and is not authorised to provide financial product advice (whether general or personal) as defined in the Corporations Act 2001 (Cth). The Service does not constitute a "financial service" for the purposes of Chapter 7 of the Corporations Act.

If you require financial advice, you should consult a financial adviser who holds a current AFSL or is an authorised representative of an AFSL holder. You can verify the registration status of financial advisers at moneysmart.gov.au (ASIC) or check for registered tax and BAS agents at www.tpb.gov.au (Tax Practitioners Board).

13. Contact

If you have questions about these disclaimers, please contact us:

Anum Pty Ltd (ABN 80 697 129 525, ACN 697 129 525)
Email: support@summed.com.au
Jurisdiction: Victoria, Australia