Published on 18 Aug 05
by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE
The Family Court has recently been given the power to deal directly with the rights of creditors of spouses. This includes a trustee in bankruptcy. This is as part of determining property orders and dividing matrimonial assets between spouses.
This paper considers the new laws especially in the context of the tax debts and actual or impending bankruptcy of one or more spouses. It also examines the powers of the Commissioner of Taxation to protect the revenue, eg. by intervening in Family Court matters.
Topics covered include:
- what are the changes?
- why, when and how are the spouse's creditors invited or required to attend the Family Court?
- when can you use the new laws to your client's advantage?
- what can the ATO do in the Family Court to secure or get unpaid tax? What can your client do about it?
- have the recent changes limited current asset protection strategies eg. binding financial agreements? Are other strategies now more advantageous eg. superannuation?
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