By -


  • Succession law and planning is complex.
  • State and Federal revenue laws frequently clash.
  • Lawyers and accountants need to be friends not foes.

You share a number of clients with a local accountant, Alec, whom you resent because you feel he does legal-related things and discounts the value of your input when advising mutual clients. And you’ve heard his comments about lawyers.

So when Fred comes to see you about succession and asks if Alec should be involved you say that’s entirely unnecessary because it is a legal matter.

Fred wants to transfer the farm to his son, Sam. He tells you it’s been owned by the family company since 1970 and that Alec once told him that transfers of pre-1985 properties were CGT free.

You tell Fred there’s no stamp duty because it satisfies the requirements of section 274 of the Duties Act. Fred has owned all the shares for more than three years. The business is conducted by a partnership between Frank and Sam, which will continue after the transfer, so Fred says ‘go ahead’.

You've reached the end of this article preview

There's more to read! Subscribe to LSJ today to access the rest of our updates, articles and multimedia content.

Subscribe to LSJ

Already an LSJ subscriber or Law Society member? Sign in to read the rest of the article.

Sign in to read more