An Australian court has ruled that Sydney-based Gadens Lawyers was negligent and in breach of contract when it provided faulty tax advice to a client who paid almost $6.5 million in a settlement with the government.
In 2003, Gadens advised John Symond, the founder and then-sole owner of Australian mortgage lender Aussie Home Loans, on a restructuring of his company. One of Symond’s major goals was to continue borrowing personally from Aussie for the construction of his house, paying as little tax on his loans as possible.
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