Murdoch Lawyers

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Since November last year when the ATO issued

Since TR 2013/D6 there has been much talk about the impact of the Commissioner changing his attitude to family law settlement payments or transfers of property made by private companies to shareholders or their associates.

Now that the Ruling has been finalised (TR 2014/5) and those arrangements will, generally, be regarded as a deemed dividend (which canbe franked if the company has sufficient credits), the time is right for SME advisers and family lawyers to work more collaboratively than ever before to ensure that a property settlement is handled in a manner that considers the big picture for the client's business, including:At Murdochs our family law team is supported by commercial and revenue lawyers and asa firm we encourage clients and their advisers to explore opportunities which may arise as a result of the property settlement process. We have seen clients maximize their family law settlement in a variety of ways:

Moving interest deductions to entities that can make the best use of them

Achieving cost base step ups without incurring a tax liability or any stamp duty

Generating capital losses in entities that can use them

Restructuring a trading company so that personally held shares are moved across to a discretionary trust with no taxable gain

All too often issues which are of critical importance to the ongoing success of an SME are inadequately dealt with during a family law property settlement. Early planning means that complex taxation issues can be addressed and adverse consequences minimised.