A recent High Court case has found that a tax debt of one spouse can be shifted to another during a divorce property settlement. This significant decision, along with the Full Federal Court decision of Ellison v Sandini Pty Ltd is a timely reminder for family lawyers of the need to consider tax in property settlements. This session unpacks these important decisions and provides a tax law perspective on preparing settlement orders. It covers:
Treatment of tax debts following Commissioner of Taxation v Tomaras
When should the more financial spouse consider discharging the tax debt by other means?
Considering CGT implications and rollover relief in family law property settlements
Lessons from Ellison v Sandini.
The use of the ‘and/or nominee’ clauses in property consent orders
Circumstances where you do not want the CGT rollover to apply
Transfers of assets and payments from private companies – application of Division 7A
Who bears top-up tax liability?
How can family lawyers mitigate the risks of future tax liabilities?
Patrick Ellwood is a lawyer with over a decade of experience assisting high net worth individuals and family business owners.
He is the founder of Clover Law, an Australian law firm specialising in tax structuring, estate planning, superannuation and asset protection.
He is a regular speaker for a range of private and professional bodies and is a published author of a number of legal textbooks.
This webinar is suitable for lawyers practising in family law – Australia wide. This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.
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