Family law lawyers across Australia have been reminded of the need to consider the application of equitable principles when providing legal advice concerning property management. The recent decision in Bosanac v Commissioner of Taxation & Anor brought this consideration to the attention of many legal experts, including family law lawyers.
The Case:
The High Court referred to two equitable principles. The first was the presumption of a resulting trust. This basically states that in a court of equity it is presumed that people do not intend to gift someone real property. Instead, the recipient of the property is said to hold it on trust for the donor unless the presumption is rebutted on the facts. [...]