RELATIONSHIP BETWEEN SOLICITORS AND ACCOUNTANTS
What sort of relationship do you have with your clients' lawyer? What sort of relationship does your clients' lawyer have with you? In view of the nature of business these days and clients having higher expectations than ever before it is worth reviewing whether clients of lawyers and accountants are getting the best possible, most comprehensive service.
At Hatzis Lawyers it is our view that in business matters it is in all parties' best interests we work closely with the clients' accountant. This ensures that our clients get the best legal advice, but also avail themselves of the expertise of the accounting and taxation professions. On a number of occasions, when we indicate to our clients that we need to confirm with their accountant that the proposed course of action is the most tax effective and beneficial way of dealing with that person's business affairs, the client has responded that in past experience the legal and accountancy professions prefer to act independently of each other and provide the advice to their clients that they believe is best.
We are more than happy, provided we have our client's authority, to discuss any potential business matters and taxation matters with their accountant to ensure that the client obtains the best possible outcome.
We have discovered that on a large number of occasions we simply require an accountant's input so that the potential benefit to the client is realised and not overlooked. We have found that in numerous situations liaison between two professions has benefited clients.
One example of the benefits of this relationship follows:
• determine the best type of structure a client can use for his business affairs depends on:
• the length of time the person intends to remain in that business;
• any other taxation requirements the client has with other businesses or on an individual basis;
• the asset protection aspect of any decision and potential liability on the individuals involved;
• potential benefits in rolling over one business to another and knowing what benefits there are within the taxation system;
• look at the stamp duty implications of one particular structure over the other, particularly in relation to building up assets or selling the business.
If you find that your clients' lawyer is not willing to speak to you for the benefit of the client then the question remains: is that client getting the best advice possible?
For more information on the ways in which Hatzis Lawyers can benefit your clients, contact info@hatzis.com.au or call us on 3345 4388.