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Tax traps arising from family breakdowns

Published on 01 May 11 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

This article considers a number of tax issues that can arise in the context of property settlements. These include CGT issues involving the legal and beneficial reallocation of the party's wealth under a property settlement, transactions relating to companies or trusts, more specific trust issues, and a range of other tax issues that can arise as part of a property settlement which are not always considered, including dealings with depreciating assets and trading stock, forgiveness of debts, the future utilisation of carry-forward losses and the possible application of Div 149. Possible alternative structures are discussed.

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David MARSCHKE

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