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Tax traps arising from family breakdowns


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 CTA
Photo of author, David MARSCHKE David is a specialist tax and legal adviser who acts for listed and private corporate groups, and their owners, in all areas of tax and related law including GST and state taxes. David has been involved in a wide range M&A transactions assisting listed and unlisted entities and has significant expertise dealing with tax effective business restructures and exits. He is a specialist adviser on trust law and taxation of trusts including MITs. David recently founded dbm horizons as a boutique legal, tax and consulting firm. Prior to founding dbm horizons David was a tax partner at national law firm. In addition, David has significant experience assisting taxpayers and their advisers in dispute matters including tax reviews, audits and complex tax negotiations, and settlements with the ATO and the State revenue offices. David is a Legal Practitioner, Registered Tax Agent, Chartered Tax Adviser and is a member of Chartered Accountants Australia and New Zealand. - Current at 11 July 2018
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