I rang a legal firm in Perth yesterday because someone had given me their deed to read, asking whether it was a HDT. It certainly seemed so to me so I rang hoping that they would have some advice on what these people should do. The solicitor I spoke to clearly agreed that it was a HDT in fact it was in line with the deed discussed in PBR 65710 where the ATO said none of the interest was tax deductible because the trust was discretionary. I was alarmed that they were still selling the deed and that they had no advice for people using the deed. Their position was that they didn't really have any expertise in tax law only trust law so the taxpayer would be relying on their accountant for advice on whether it stood up to the ATO, not their responsability.
Now I have listened to solicitors who promote HDTs to accountants and they certainly don't say that, they take the line of, trust them they have the best product on the market will slip through everything.
Now I have listened to solicitors who promote HDTs to accountants and they certainly don't say that, they take the line of, trust them they have the best product on the market will slip through everything.
