Family Law: Division 7A Tax, Loans and Insolvency
213W07: Gain insights and guidance from a stellar line-up of leading family law practitioners. Understand Div 7A tax liabilities on the matrimonial property and other potential tax liabilities with practical examples and consider how to treat Div VIIA loans – are they an asset or liability? Delve into the impact of insolvency on the matrimonial pool and property settlement, plus explore in depth how to deal with allegations from family members asserting a legal and beneficial interest in the pool.
Description
Attend and earn 4 CPD points in Competency Area 4: 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: Debbie Taylor, Barrister, Francis Burt Chambers; Recommended Family Law Junior Counsel, Doyle’s Guide 2020
9.00am to 10.00am Relationship Breakdown and Tax Liabilities: Recent Cases, Legislation Updates and Practical Examples
- Division 7A and practical examples
- Division 7A consequences where payments or transfers of property are made under a Family Court order to a former spouse by a private company
- Division 7A: interposed entities and trusts: the application of s 109XA, s 109XB and s109T ITAA 1936
- Division 7A implications arising where unpaid present entitlements exist to corporate beneficiaries
- Loan assignments: risks associated with joint loans, undocumented loans and deemed debt forgiveness
- Proposed changes to Division 7A
- Discretionary trusts and potential tax Liabilities
- Tax implications of ineffective income distribution resolutions
- Section 99B: the Commissioner’s view on the potential application where payments are made to a former spouse via a trust under a Family Court order
- Section 100A: reimbursement arrangements and an unlimited amendment period
- Disclaimer of trust interests: When is a disclaimer effective for tax purposes?
- CGT
- CGT main residence exemption: caution required where one or both of the parties is now a foreign resident
- CGT rollovers: tips and traps
- GST Impacts
- Property transactions: change in purpose, GST on new residential property
- GST going concern: What is the ATO view?
- Disposal or transfer of depreciating assets: Is a GST adjustment required?
Presented by Tracey Dunn, Associate Director, Tax Services Division, Perth, RSM Australia
10.00am to 11.00am How to Treat Div VIIA loans: When is it an Asset or Liability?
Presented by John Hedges SC, Francis Burt Chambers; Recommended Family Law Senior Counsel, Doyle’s Guide 2020
11.00am to 11.15am Morning Tea
11.15am to 12.15pm Insolvency and its Impact on the Matrimonial Asset Pool and Property Settlement Issues
- How to deal with the trustee in bankruptcy
- Alteration of property interests where one party is bankrupt: balancing the interests of the non-bankrupt spouse and creditors
- What orders can be made in respect of property vested in the trustee?
- Dealing with non-vested property in property settlement matters
- The impact of bankruptcy on family law related debts
Presented by Maria Loukas, Managing Director, Loukas Law; Recommended Family & Divorce Lawyer, Doyle’s Guide 2020
12.15pm to 1.15pm Third Party Loans: Family Members Asserting Legal and Beneficial Interests in Property
- Who or what is a third party?
- Is it a loan or is it a gift?
- What is a legal interest v a beneficial interest? Why does it matter?
- When should a third party be joined to proceedings?
- Acting for a third party
- Practical steps to consider in dealing with a third party
Presented by Sarah Jones, Principal, Illuminate Law
Presenters
Debbie Taylor
Debbie Taylor is a barrister specialising in Family Law, Elder Law and Human Rights. She has particular interest in mental health related public and private law cases and in the financial and other abuse of the elderly and vulnerable. She has 30 years' experience as a barrister in England and in WA. Debbie Taylor was called to the Bar of England and Wales in 1984. She was admitted as a barrister and solicitor of the Supreme Court of Western Australia in 1990. In 2012 she was the Western Australian Women Lawyers' Senior Woman of the Year. She joined Francis Burt Chambers in 2016.
Tracey Dunn
Tracey Dunn is an associate director in the Tax Services division of RSM in Perth. Tracey has a Bachelor of Business (Accounting), a Graduate Certificate in Commercial Law and is currently studying a Bachelor of Laws. Tracey’s expertise lies in providing simples and complex tax advice to private group, high net worth and high net wealth clients. She has significant experience in advising on the taxation implications surrounding fringe benefits, Division 7A, and trusts. Tracey provides litigation support in family law matters involving high wealth individuals and private groups and regularly presents on taxation topics.
John Hedges SC
John Hedges graduated from the University of Western Australia with law degrees in 1980 and was admitted to practise in Western Australia in 1981. In 1987 John travelled to the United Kingdom where he was admitted and worked in the area of commercial litigation. He then returned to Perth where he worked at Dwyer Durack in the areas of family law and crime until 1988. He moved to Sydney in 1988 and practised in the areas of equity and family law until he was called to the Bar in Sydney in 1992. John then returned to Perth and has practised as a barrister at Francis Burt Chambers since 1993, primarily in the area of family law.
Maria Loukas
Maria is the passion and vision behind Loukas Law. She has built her reputation and firm on her love of the law, hard work and genuine care for people. Applying all her life skills, instinct, knowledge and wisdom to her client’s challenging circumstances Maria leaves no doubt that she is ready to take the most difficult of journeys with them – to the end. Maria’s special qualities in Family Law come from her empathy to understand the needs and expectations of her clients, her own broad life experiences which have the recurring theme of serving people, and the hard won experience of understanding and resolving hundreds of previous Family Law situations.
Sarah Jones
Sarah is many things to many people. A mother of two, principal of a family law practice where she is the heart and soul (and everything else), both an alumnus and employee of the University of Notre Dame, a medical spouse. Having developed an interest in family law under the guidance of some outstanding judicial officers when she worked as a Legal Associate at the Family Court of WA, she threw herself into complex matters at a boutique firm before some soul searching led to the establishment of Illuminate Law. She now focuses on providing fixed fee assistance and solutions for self-represented litigants. In addition, Sarah teaches Family Law at the University of Notre Dame, sharing her knowledge and practical skills with the next generation of family lawyers.
Venue
Parmelia Hilton
Level 1, Meeting Room, 14 Mill Street
Perth 6000
WA
Australia
Directions
Nearby Public Transport:
Train Stations - The Esplanade Station
Bus Interchange - St Georges Terrace Cloisters Green
Parking information
Parmilia Hilton - Valet Parking only - Click here to view rates.
Convention Centre - 100 metres from Parmelia Hilton. Click here to view rates.