Home – New Forums New here? Share your story trustee different to trust deed?

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    ampstaak
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    Hi Everybody,

    Im new here, I run a small business that specialises in property maintenance.

    To my surprise while on the phone to the tax office I discovered that my accountant has put a different trustee down in my trust deed to what the ATO have on file? The trustee should be a pty ltd company of which I am the director (as stated in the trust deed from 2008). But the actual trustee is a partnership between my personal self and the pty ltd company.

    This is wrong and everything that the company has financed is essentially guaranteed by me personally!

    My accountant couldn’t care less and after asking him for 6 months, he has finally written a letter stating the mistake, But this still means that I am personally responsible for everything during the last 6 years!!!

    Any Advice Please Help

    Thanks
    Ampstaak

    #1168752
    PRO
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    You need to do a deed of retirement of trustee to remove yourself as the trustee.

    To remove yourself from the finance would essentially mean refinancing the whole thing.

    You could start an action against the Accountant (their insurer) for damages or costs if these are worth the hassle of litigation.

    Happy to chat over phone, email or PM if that helps.

    D

    #1168753
    Anonymous
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    Hi Ampstaak,

    That sounds very frustrating!

    I hope that Darryl’s advice is helpful. (Thanks Darryl! :))

    Good luck with it all, and welcome to Flying Solo.

    Jayne

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