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The release of the Federal Budget this week and recent forecasts by the Reserve Bank of Australia have reinforced the resilience of the Australian economy, with continued quarterly GDP improvement and forecast growth of 4.25% in 2021-22. Whilst news that international borders may remain closed until mid-2022 has brought distress to many families, the restrictions on outbound travel acted as an incentive for Australians to increase household spending buoyed by Government stimulus measures.
Property prices, the used car market and retail spending have all shown significant increases which may lead to changes in asset pool valuations. Business valuations also continue to require careful consideration to ensure COVID stimulus measures and future expectations are fairly reflected in the assessment – if you are unsure whether a valuation should be obtained in a matter, our Top 5 Indicators of Business Value may assist.
With the end of financial year looming, Family Lawyers should also be turning their minds to tax compliance and administration matters which may have a significant impact on family law matters. This edition’s article by Tracey Dunn outlines the key items to be completed by 30 June 2021.
Our Accounting 101 webinar series for junior family lawyers continues throughout 2021 so if you are not already on the mailing list, reach out to one of our team to be added.
The Family Law Team at RSM
The Family Law library
When a set of financial statements comes across your desk, what are the key items you should look out for to determine whether a valuation should be sought to assist in the property settlement? Read more ➜
The end of the financial year is fast approaching, highlighting some important tax compliance and administration matters that may have a significant impact on family law and tax matters. Read more ➜
Dealing with self-managed superannuation fund (SMSF) matters during a separation can be complex, so having a good grasp of the fundamental issues and documents can help you reach the best outcome. Read more ➜
How do you start to map your financial future when your relationship ends? What are the first steps you need to take? One of the commonly overlooked items is what happens to the nest egg you already have, your superannuation. While it might be the last thing on your mind, your super is your future financial security and it’s important to consider how it will be treated along with the rest of your assets. Read more ➜
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By marshalling all the individual specialists typically involved in the successful settlement of family law matters into one national team, RSM offers family law practitioners, from firms big or small, an alternative end-to-end service that could potentially deliver superior client outcomes.
If you would like to learn more about our specialist family law services or would like to speak to one of our dedicated team members near you, please get in touch today.
