Family Law: SMSFs, Defined Benefits Super and Tax
Gain a new found clarity and depth of knowledge on how to deal with SMSF splitting. Examine how to value and treat defined benefits superannuation funds and the tax consequences of 3rd party loans, trusts and company when divorcing a spouse from a company or a trust. This must attend advanced intensive will provide you with a new level of insight on these significant and complex issues. WEB222N08
Description
Attend and earn 3 CPD units in Substantive Law
This program is applicable to practitioners from all States & Territories
Chair: Phillip Ridgway, Special Counsel, Pearson Emerson; Accredited Specialist in Family Law; Family Law Rising Star, Doyle’s Guide 2021
2.00pm to 3.00pm SMSFs: What are the Latest Issues? An Update
- Valuation and SMSF splits
- Third parties in the SMSF and the new six member rule
- 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 Valuation and Treatment of Defined Benefit Superannuation Funds
- Understanding Defined Benefit Super and how it is valued
- Public sector vs public offer superannuation funds
- How can they be treated in proceedings?
- Case example: dealing with Military Super
- Recent cases
Presented by Peter Crump, BDO Adelaide, Financial Adviser and Actuary
4.00pm to 4.10pm Break
4.10pm to 5.10pm Dealing with the Tax Consequences of 3rd Party Loans, Trusts and Company in a Family Law Split: Refresher, Traps and Case Studies
- Taking assets out of a family company or trust, managing the income tax, CGT, GST and duty aspects to ensure the best outcome for clients
- How Division 7A can lead to nasty tax consequences and how these consequences can be avoided
- Alternative asset splits where trusts and companies are involved
- Dealing with 3rd party loans where an entity is to be transferred to one spouse and the tax consequences of such dealings
- Case studies: How you might manage the tax consequences in certain circumstances
- Drafting orders: what tax consequences to consider
Presented by Dung Lam, Principal, West Garbutt; Chartered Tax Adviser; Accredited Specialist in Taxation Law
5.10pm to 5.15pm Closing Q&A
Presenters
Phillip Ridgway
Doyle's Guide has recognised Phillip as a Rising Star in family law in the Australian legal market for 2021. Having worked in specialist family law firms since 2011, Phillip understands the impact which underlying motivators often play in family law. Phillip has a particular interest in property settlements involving businesses and complex asset structures, and takes a holistic approach to assisting his clients by working with their accountants, financial advisors and commercial lawyers to achieve the best outcomes. Phillip often works with experts in other fields to assist his clients to achieve the best outcomes in these matters, including family therapists, social workers, psychologists and psychiatrists.
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 holds the degree of Bachelor of Arts (Public Administration) from the University of Canberra and received the prize for excellence on graduation awarded by the Australian Institute of Management. 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”.
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 advises a broad range of clients ranging from small to medium enterprises, high net worth individuals, professional firms, accountants and their clients. 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.
Peter Crump
Peter Crump is a Senior Consultant at BDO Adelaide. As a licensed financial adviser he provides his clients with ongoing advice and support to make their lives less stressful when it comes to money related matters. A lifetime spent in superannuation has given Peter a deep understanding of anything related to superannuation, including self-managed superannuation funds, which is a specialisation. Peter has been providing expert advice and evidence on Family Law superannuation related issues for over 20 years and is a regular presenter on these issues. A previous Chairman and board member of the SMSF Association, Peter has numerous professional credentials, including Fellow of the Institute of Actuaries of Australia, Chartered Tax Adviser, SMSF Specialist Adviser and CERTIFIED FINANCIAL PLANNER®.