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GWM Lawyers and Conveyancers, Australia
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Expert Legal Advice CALL NOW: (+61) 2 6583 5266 1300 659 390 (NSW & ACT) GWM Lawyers and Conveyancers, Australia |
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GWM Lawyers and ConveyancersWelcome to the March edition of this Law Update Newsletter, informing friends and clients of GWM Lawyers and Conveyancers of changes in the law that might impact on their personal or business lives. In this newsletter:
Accountants - Are you providing Legal Advice?
Section 48E of the Legal Profession Act 1987 (New South Wales) provides that "a person must not directly or indirectly do any general legal work, or any probate work, for a fee unless the person is a barrister or solicitor or unless the person has an incorporated legal practice and the work is done on its behalf by a barrister or solicitor. General legal work means work involved in drawing, filing up or preparing an instrument or other document that (a) is a will or other testamentary instrument or (b) creates, regulates or effects rights between parties (or purports to do so), or (c) affects real property, or (d) relates to a legal proceeding". The codes of conduct for both CPAs and Chartered Accountants stipulate that they are precluded from carrying out work which is required by law to be performed by a legal practitioner. Section 251L of the Income Tax Assessment Act, 1936 provides that particular documents may be prepared by tax agents and accountants which are in regards to tax payer liabilities. It may be surmised that the preparation of documents such as Division 7A Loan Agreements, share transfers, business succession agreements, trust deeds and the like by tax agents/accountants might expose such practitioners to penalties that may be imposed by both legislation and their professional association. Further, the preparation of such documents may render invalid the applicability of any policy of professional indemnity insurance that may be in place. Australian Business Bench MarksThe Australian Taxation Office (ATO) has indicated that it is currently gearing up for a number of business audits. As part of the audit the ATO will compare each audited business's financial ratios with established industry benchmarks and further their investigations of those firms where there are significant discrepancies. Every business should analyse its financial statements having regards to the industry benchmarks to firstly ascertain whether the business is performing satisfactorily and secondly, whether an audit by the ATO is likely to result in the imposition of additional taxes and penalties. Disclaimer
The contents of this email newsletter are designed to provide basic information on changes in the law only. The information provided is an overview of the changes mentioned and, as such, is intended as an alert rather than as advice to take any specific action. Nothing contained in this email, therefore, should be taken as legal advice and no specific action is advised in relation to any particular circumstance. Detailed questions are welcome either by email (info@gwmlaw.com.au), by letter (PO Box 753 Port Macquarie 2444) or personal appointment (phone 6583 5266). For further information regarding any of the changes to the law mentioned in this email contact GWM Lawyers and Conveyancers at info@gwmlaw.com.au by email, write to us at PO Box 753 Port Macquarie 2444 or phone for a personal appointment on 0011 61(0) 2 6583 5266. You may also go to our website www.gwmlaw.com.au, click on "Areas of Law" and follow the email links to one of our expert staff.  To Top of Page Home | About GWM | Key Legal Staff | Australian Law | Testimonials | Contact Legal Articles | Press Releases | Newsletters | GWM Commercial | Links Privacy Statement | Website Feedback | Sitemap ©2001-2005 GWM Lawyers and Conveyancers, Port Macquarie New South Wales Australia Australian Legal Business website |
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