QLD Land Tax
- Thread starter Paul@PFI
- Start date
Legal advice
I understanding discussing the tax implications of any legal structure is tax advice. Ditto I wouldnt expect a conveyancer to be discussing tax concerns about a property owned as either tenants in common or jointly. I would like to think my client understands why a Hybrid Discretionary Trust fails for a SMSF investment. Thats me giving tax advice... It fails !
I dont draft it, settle it or establish it either. I use a qualified specialist for that...But in some trusts (ie Individual is a trustee) I do have to understand and warn about 'merger' and direct the client to the right specialist. Imagine the negligence if a client said "nodody told me". I cant say "but explaining merger is a legal issue" & I told them to buy their unit trust from Cleardonks. Fail.
Its not unlike the issue of property ownership....Sure its a legal concept but when I'm giving tax advice I and my client needs to know how property ownership affects tax matters.
I understanding discussing the tax implications of any legal structure is tax advice. Ditto I wouldnt expect a conveyancer to be discussing tax concerns about a property owned as either tenants in common or jointly. I would like to think my client understands why a Hybrid Discretionary Trust fails for a SMSF investment. Thats me giving tax advice... It fails !
I dont draft it, settle it or establish it either. I use a qualified specialist for that...But in some trusts (ie Individual is a trustee) I do have to understand and warn about 'merger' and direct the client to the right specialist. Imagine the negligence if a client said "nodody told me". I cant say "but explaining merger is a legal issue" & I told them to buy their unit trust from Cleardonks. Fail.
Its not unlike the issue of property ownership....Sure its a legal concept but when I'm giving tax advice I and my client needs to know how property ownership affects tax matters.
