Family Law: SMSFs, Loans and Tax
212N10: Gain a new found clarity and depth of knowledge on how to deal with the innumerable and complex issues that can arise when identifying ownership and tracking hidden assets in family law. Delve into critical issues with SMSF splitting. Examine the tax implications of Division 7A and 3rd party loans and other tax implications to consider when divorcing a spouse from a company or a trust.
Description
Attend and earn 3 CPD units in Substantive Law
This program is applicable to practitioners from all States & Territories
Once seminars are completed, delegates from Western Australia may apply to The Law Society of Western Australia for family law specialist accreditation points. Each application is subject to approval by the Accreditation Committee on a case by case basis and approval is not guaranteed. Your request for points form and attached materials can be emailed to accreditation@lawsocietywa.asn.au
Chair: Susan Pearson, Partner, Pearson Emerson; Accredited Specialist in Family Law; Collaborative Lawyer; Leading Family & Divorce Lawyer, Doyle’s Guide 2020
2.00pm to 3.00pm SMSFs: What are the Issues?
- Valuation and SMSF splits
- Third parties in the SMSF
- The SIS obligations under Part 7A
- Designing the splitting order and Bulow’s case
- Splitting orders in a falling market
- Taxation issues:
- CGT rollover relief
- Low rate threshold and superannuation agreements
- Transfer balance caps
- Non-compliance penalties
- Death and super in a settlement
Presented by Stephen Bourke, Director, SuperSplitting; Accredited Specialist in Superannuation; Accredited Specialist, Self-Managed Superannuation Fund Association; author, Super Splitting for Family Lawyers, Certus Law
3.00pm to 4.00pm Division 7A and 3rd Party Loans: Implications for Family Law Settlements
- Division 7A and why all the fuss
- Taking assets out of a company or a trust (CGT, GST and other)
- What about the retained profits?
- Who really ends up paying?
- Case studies showing what to look for and ensuring the best tax outcome for your client
Presented by Chris Ardagna, Partner, Pitcher Partners
4.00pm to 4.15pm Afternoon Tea
4.15pm to 5.15pm Divorcing a Spouse from a Company or a Trust: Apart from Division 7A, What Are the Tax Issues?
- Removing an ex-spouse from a trust: tips and traps
- Dealing with beneficiary loan accounts and removing related party loans
- Divorce and its impact on the trust loss rules
- The issues with using the relationship breakdown CGT rollover
- Alternatives to transferring the asset out of the trust or company
- The importance of tax indemnities when ceding control of an entity and the importance of securing tax records going forwards into the future
Presented by Dung Lam, Special Counsel, Team Leader – Tax, Coleman Greig
5.15pm Close
Presenters
Susan Pearson
With over 35 years’ experience in family law, and as one of the first lawyers to be accredited as a family law specialist by the Law Society of New South Wales, Susan is consistently recognised as one of the leading family lawyers Australia-wide. In 2020 Susan was once again recognised in Doyle’s Guide to the Australian Legal Market as one of only five pre-eminent family lawyers in Sydney and one of only four leading family lawyers for high-value & complex property matters) in New South Wales. Susan is a Fellow of the International Academy of Family Lawyers (IAFL), and a Contributor to the World Bank Women, Business and the Law & Civil Society Organisation Reports.
Stephen Bourke
Stephen Bourke is an accredited specialist with the Self-Managed Superannuation Fund Association (SMSFA). He is also an affiliate of the Taxation Institute of Australia and has now completed the Graduate Diploma in Applied Tax. He also holds the degree of Bachelor of Laws from the Australian National University. Stephen Bourke is the Director in the legal practice, SuperSplitting, an internet-based superannuation law practice that specialises in superannuation law and family law. Stephen Bourke is author of the text “Super Splitting for Family Lawyers” published in February 2011 and co-author of “Super Splitting on Marriage Breakdown”.
Chris Ardagna
Chris Ardagna is a partner in the tax consulting group of Pitcher Partners Sydney and has been advising on tax issues affecting large privately owned businesses and listed companies for over 15 years. Chris re-joined the firm in December 2018, having previously been a partner from 2007 - 2011. Prior to re-joining the firm, he was a tax partner at a boutique law firm for a number of years. Chris has experience in advising clients on a broad range of tax issues, including tax efficient structuring for investing in and out of Australia, corporate reorganisation strategies and cross-border employment issues.
Dung Lam
Dung Lam is a tax and superannuation lawyer with years of experience advising on a wide variety of taxes including income tax, capital gains tax, GST and state taxes such as payroll tax and land tax. Dung also assists taxpayers in obtaining rulings from and managing tax disputes with the Australian Taxation Office and state revenue authorities. Dung has extensive experience in advising on the taxation of trusts, superannuation issues concerning self managed superannuation funds and tax issues related to estate planning. Dung is a Chartered Tax Adviser, a full member of the Society of Trusts and Estates Practitioners and an accredited Taxation Law Specialist with the New South Wales Law Society.
Venue
The Grace Hotel
77 York St
Sydney 2000
NSW
Australia