Comments in the wake of yesterday’s report, ‘Loan letters a legal minefield, accountants warned’, confirm the problem is widespread and increasing despite lobbying efforts by CA ANZ to lender associations and regulators.
The comments also highlight the dilemma when clients request a loan letter and accountants face the prospect of complying or losing the business.
Steven McDonnell of McDonnell & Co in Brisbane said such demands were on the rise and “always problematic” while Michael Bachmayer of Bachmayer Accounting in Ipswich, Queensland, said you were damned if you do and damned if you don’t.
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