Hey all, So in pretty much any document related with tax you see disclaimers, that you should always seek professional advice before doing something, etc. However with regards to tax what constitutes a professional? Do you need to be registered with that ATO as tax agent or something? Furthermore if the person you consult with IS registered, and the advice they give you is incorrect, are then liable. If I ask my account (who for arguments sake is considered a professional) whether some income is tax-free and they say yes (again for arguments sake), but it turns out that it isn't, do I still have to pay the tax. Is this where the accounts professional liability insurance comes into play? BTW - This all came from me reading the Macquarie Prime PDS and trying to confirm that interest I pay to them is tax deductible.