Family Mediation Property Settlement Tax & Duty Issues

1. Family Mediation Property Settlement Tax & Duty Issues Many spouses go through family law property settlements and that can mean duty and taxation consequences as a result. That’s exactly why getting consultation with a tax litigation lawyer is so important. Thankfully, the best solicitors Campbelltown has to offer are just a call away and this post will go over common tax issues that occur during family mediation settlements. Capital Gains Tax (CGT) If a property has been purchased on or after 20 September 1985 then CGT applies to it. The leading taxation lawyers Sydney has will help keep you from any legal liabilities by making sure that CGT is paid on the net capital gain that is made on the sale, transfer or disposal of the property. CGT issues often arise when a family has two properties. Deals that look like an even split can wind up not being so if one property has a CGT liability while the other doesn’t. As any ​tax litigation lawyer will tell you, the property bought prior to 1985 is in a much better tax position. It should also be noted that it’s not just houses that have CGT. It can apply to other assets, such as shares, so always consult with the top tax lawyers Sydney.

2. Trusts Customers are often in need of the leading taxation lawyers Sydney wide for the purposes of family mediation when a spouse makes a change to the deed of a family trust. If a drastic change is made, then a resettlement of the trust can be triggered. This essentially makes the existing trust into a new one, and that can mean duty and CGT consequences as a result. The leading tax lawyers Sydney have can help you navigate these issues and help you avoid headaches. These include simply removing the other spouse’s name as a beneficiary from a family trust. However, that doesn’t mean that CGT and duty doesn’t apply, as each case has to be looked at separately. Companies & Shares Couples that operate a company together often hold director positions and hold an equal number of shares. The leading ​tax lawyers Sydney offers often recommend that one spouse takes over the business and the other transfers the shares they have while resigning from their position. For a small business, this might not cause tax or duty issues due to the number of shares being transferred is small. However, the leading solicitors Campbelltown has should be called as income tax issues can happen as a result of transfers. When a company is deemed to have paid an unfranked dividend to the spouse receiving a property, they can face consequences, which is why lawyers should always be consulted during family mediation. These situations can be quite confusing and are hard to understand if you aren’t getting advice from a tax litigation lawyer. That’s why you should consult with the leading tax lawyers Sydney locals trust. We will help you negotiate or finalise a property settlement to your liking and help you during these difficult family mediation periods. Source:​colemangreig.livejournal.com