The Court held that an accountant who advises a client on the appropriate structure for purchasing a principal place of residence owes a duty of care to advise on all tax consequences of the proposed structure, including land tax and capital gains tax implications, regardless of whether a formal retainer agreement exists. The duty arises concurrently in tort and contract, and extends to subsequent advice given about rectifying the consequences of the initial structure. Stamp duty incurred in transferring the property out of the trust to mitigate loss was recoverable as reasonable mitigation costs.
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