A Matter of Trust
Taxation in Australia
This article discusses some of the taxation and trusts issues encountered when structuring family law settlements. Managing these issues appropriately through careful planning and the preparation of appropriate documentation can ensure the best financial and taxation outcome for clients. Unless otherwise stated, legislative references in this article are to the Income Tax Assessment Act 1936 (Cth) (ITAA36), the Income Tax Assessment Act 1997 (Cth) (ITAA97), and the Family Law Act 1975 (Cth) (FLA). Consistent with the definition in the ITAA97,1 the term “spouses” is used in this article to refer to both married and de facto couples, including same sex couples, albeit in the context of a marriage or relationship breakdown.
Capital gains tax roll-over relief The most common issue encountered in a family law settlement is the transfer of assets, either from one spouse to another, or from an entity
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