In a decision handed down on Thur 31.10.2013, the NSW Supreme Court has awarded damages to the plaintiff in the sum of $4,979,800 relating to certain tax advice he had received.
On 19 July 2013 (in Symond v Gadens Lawyers Sydney Pty Ltd [2013] NSWSC 955), the Court had held that solicitors who advised Mr John Symond, founder of “Aussie Home Loans”, were negligent in the advice they gave him in relation to a revised ownership structure of his business for the purpose of providing him with funds from the company for the construction of his new home but which, instead, resulted in a significant personal and company tax liability. The Court found that, in proposing a certain ownership structure of the “Aussie Home Loans” business and advising as to the means by which Mr Symond could continue to withdraw funds from that business supposedly “tax free”, Gadens was negligent. In that judgment, the Court stood over proceedings to enable the parties to calculate the quantum of Mr Symond’s damages. In its judgment on Thur 31.10.2013, the quantum was set by the Court at $4,979,800.
(Symond v Gadens Lawyers Sydney Pty Ltd (No 2) [2013] NSWSC 1578, NSW Supreme Court, Beech-Jones J, 31 October 2013)
[LTN 211, 31/10/13]