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RECENT ARTICLES
Debt
Dealing with divorce – managing loan accounts and unpaid present entitlements
One issue which is frequently overlooked in the context of any relationship breakdown is the treatment of any loan accounts or unpaid present entitlements from family trusts to the individual spouses. These amounts may arise from: a beneficiary having advanced (or been deemed to have advanced) an amount to or…
2 min read
Am I dealing with a debt or an unpaid present entitlement?
A number of our previous articles have discussed the tax, stamp duty and trust law consequences of dealing with debts and unpaid present entitlements. Those articles highlight the differences that can arise between those two amounts – for instance, how the commercial debt forgiveness rules in Division 245 Tax Act…
2 min read
Binding the Tax Office – tax debts and divorce
Two tax issues need to be considered by family law advisers when structuring family law settlements: the availability of CGT roll-over relief on the transfer of assets and the consequences for each party of receiving an inherited cost base; and the intended apportionment of liability of the parties for existing…
3 min read
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