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Family law agreements are not immune to tax

Publication date: 01 Sep 01 | Source: LAW SOCIETY JOURNAL

Issue: Vol 39, no 8

Pages: p.32

It use to be the case that when spouses split they could not make an agreement on how their property could be divided. Only the Family Court could decide that. From December 2000 this has changed. Spouses can now make pre- or post-nuptial property settlements. These changes are reflected in the Family Law Act. But neither the Federal nor NSW governments have reconciled either the income tax law nor the stamp duty law with these changes to the Family Law Act, as this article explains.

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Author profile

Robert Richards
Robert practices as a solicitor specialising in providing revenue, trust, superannuation and corporate law advice to high net worth individuals, corporations, accountants, other solicitors and the bar. He is regularly involved in the carriage of tax litigation involving matters heard by the High Court (for example the Bamford matter), the Federal Court, and the Administrative Appeals Tribunal. Prior to practising as a solicitor he was a partner of an international firm of accountants. - Current at 23 October 2013
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