What consitutes legal advice?

got me thinking due to a recent discussion,

you know how brokers, advisors etc. arent allowed to give specific legal/investment advice,

so what exactly constitues legal advice,

to me everything is legal advice,

something like "Oh go and buy CBA shares, they will do well" is obviously a no no

but what about in reply to "are CBA shares good"

what about "oh if you want to buy more properties you should go for a higher LVR"

what about "if you want high CG, go for regionals"

what about "you should have an offset instead of redraw for your loan setup"

where do you draw the line? or does it depend on the manner of delivery? eg in stead of someone saying "CBA shares are good, go and buy" is a customer asking "do you think CBA is good" or "I want to buy CBA shares, how do i"
 
None of the above would be legal advice.

Buying shares is financial advice and would need an AFSL or authorised rep status.

The loan stuff is credit advice and would need a credit licence.
 
The biggest ones we see are where accountants give advice in relation to Asset Protection on structures. Have seen insurer refuse to cover the accountant because they provided legal advice.
 
The biggest ones we see are where accountants give advice in relation to Asset Protection on structures. Have seen insurer refuse to cover the accountant because they provided legal advice.
And the advice is usually incorrect too:D

Or not useful or complete "buy that in a trust for protection"
 
The biggest ones we see are where accountants give advice in relation to Asset Protection on structures. Have seen insurer refuse to cover the accountant because they provided legal advice.
I have checked with the institute of chartered accountants (CA), and structure advice and certain advice in relation to property is covered under their membership. But I tend to stick to analysis, feasibility, what-if type advice, not specific preferences of x share eg
 
I have checked with the institute of chartered accountants (CA), and structure advice and certain advice in relation to property is covered under their membership.
Taxation aspects perhaps. But questions such as 'who should be appointor', 'whose name should I buy this property in' are dangerous for the accountant as their answers could be legal advice.
 
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