There are many times when dealing with property law that the assistance of a good accountant is invaluable. This is especially so when there are payments of G.S.T. (Goods and Services Tax) and other potential tax implications to be considered. In all transactions involving a business, farm or other enterprise where the examination of business records is to be considered you should have no hesitation in seeing your accountant before a contract either for the sale or the purchase is made. If this is not possible before you sign, make sure that the contract contains a provision that makes the contract conditional on the approval of your accountant within a reasonable time. This will allow you to pull out of the deal if you find that there is adverse tax or other effects on you in the purchase or sale.
The way in which a purchase or sale of a business or rural property is structured can have important implications for the transaction. Expert advice at this time can be a life saver.
The advice of an accountant can also be useful in supplementing the advice from your lawyer when you are restructuring your finances with the transfer of properties to or from trusts, companies and between family members and when setting up the correct vehicle to own an investment property.
Why not set up a meeting between your legal and accounting advisors? If we can help you please contact us.