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A $2 million-dollar error: What SMSF professionals can learn from the auditor liability cases

In brief: The cases of Cam & Bear Pty Ltd v McGoldrick [2018] NSWCA 110 and Ryan Wealth Holdings Pty Ltd v Baumgartner [2018] NSWSC 1502 highlight SMSF audit risk and provide highly useful, transferable lessons for accountants and...
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Unpacking Unfair Preferences Series: Set off defence and unfair preferences

In our earlier two articles we discussed the good faith defence and the running account defence. Another commonly used defence is the defence of set off.
2 December, 2020

Unpacking Unfair Preferences Series: Running account defence

When a liquidator brings a claim for an unfair preference against a company or individual, there are a number of defences available to them. In our earlier article we discussed the commonly used good faith defence. Another commonly used defence...
25 November, 2020

Unpacking Unfair Preferences Series: The good faith defence

The good faith defence is one of the most common in unfair preference cases, however it is not successful in many cases. It is important to understand the factors and evidence which will put you in the best position to...
18 November, 2020