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
 

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Family Law insider Articles

The financial effects of a “Grey Divorce”General purpose financial statements vs special statements

By Ralph Martin (6 min read)

Recent changes to Australian Accounting Standards will mean that some for-profit entities have to prepare General Purpose Financial Statements (“GPFS”) for the first time, and are no longer able to prepare Special Purpose Financial Statements

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THE EFFECTS OF BANKRUPTCY ON CHILD SUPPORTValuations for Family Law Purposes – Common Issues

By Andrew Clifford & Li Tze Koh (2 min read)

The first step in any family law property settlement is to identify and value the assets belonging to each party.

A business is an asset and its value either needs to be agreed upon between the parties or valued by a qualified expert.

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Superannuation contributionsUnderstanding the SMSF Financials: 3 key things to remember

By Katie Timms (5 min read)

Superannuation remains one of the most complex structures to understand, combining tax, trust and often company laws to consider.

Katie summarises her 3 key takeaways to help you further understand the complexities of superannuation in family law matters.

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Tax settlementFamily Law & Tax Advice – End of Financial Year Actions

By Tracey Dunn (6 min read)

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. 

We've set out below the key actions required...

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Family Law Webinar: Understanding the Superannuation Financials

Superannuation remains one of the most complex structures to understand, combining tax, trust and often company laws to consider.

For many, hidden within superannuation financials and member statements are complications, mistakes or sometimes opportunities.

RSM’s superannuation expert Katie Timms hosts Understanding the Superannuation Financials, a webinar created especially for Family Lawyers, to help you further understand the complexities of superannuation in family law matters.

WATCH THE RECORDING > 


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