Take a deep dive into the more technical accounting and tax issues of family law financial matters. Learn advanced strategies for superannuation splitting in family law settlements. Understand the potential Division 7A issues and tax implications for third-party loans arising from these settlements and discover how navigating Div 7A complexities can expedite your processes. Gain insight into valuations in family law matters including how to value a mix of assets, including businesses, employee share schemes, and cryptocurrency. Explore child maintenance trusts as a tax-effective child support strategy. Gain a deeper understanding.
Description
Attend and earn 4 CPD units including:
1 unit in Substantive Law
3 unit in Professional Skills
This program is applicable to practitioners from all States & Territories
Chair:
Susan Pearson, Partner, Pearson Emerson: Accredited Specialist in Family Law
Professional Skills
10.00am to 11.00am Div 7A and How Understanding its Complexities Can Expedite Your Settlements
- Tips and traps of Div 7A
- Considerations for the asset pool
- Mum and Dad loans
- Case studies / examples
Presented by Julie O'Reilly, Partner, Business Advisory, William Buck Accountants
11.00am to 11.15am Break
Professional Skills
11.15am to 12.15pm Understanding Valuations in Family Law Matters: When, Why and What to Consider?
- Timing and basis for valuations:
- What are the obstacles to adopting a current or historical valuation? Which standard of value should you instruct the expert to adopt?
- Types of valuations: property pools may contain a mixture of assets and entities including businesses, employee share schemes, preference shares, earn out clauses and cryptocurrency
- How can you identify what is in the pool, the information to request and whether an asset may require an Expert assessment?
- Potential pitfalls:
- What are the tax consequences hidden in the valuation of assets?
- How do you deal with incomplete asset disclosures, or failure to account for debts and liabilities, which can skew the fair market value assessment of the property pool?
Presented by Jennifer Veitch, CA, Partner, Pilot Partners Chartered Accountants
Professional Skills
9.00am to 10.00am Advanced Strategies When Considering Superannuation Splitting
Presented by Tricia Peters, Director and Certified Financial Planner, MELCA and PetersMcKeown
12.15pm to 1.15pm Child Maintenance Trusts: The Tantalising, Tax Effective Child Support Strategy
The tax breaks afforded to child maintenance trusts can work extremely well for an obligated parent, but only in the right circumstances.
- The legislative framework for child maintenance trust income
- Creating the obligation
- Need for a single or progressive gift of assets into the trust
- Ensuring excepted trust income
- Structure of trust – outright beneficiary v capital reserved
- Dealing with income surplus to child support obligations
- Adjusting for the trusts in Wills
Presented by Allan Swan, Director, Estate Planning Equation; Adjunct lecturer, College of Law applied law master’s program
Presenters
Jennifer Veitch, CA, Partner, Pilot Partners Chartered Accountants
Jennifer has a commercial services background and continues to build her experience by participating in a range of assignments including business valuations, tracing exercises and commercial litigation. Jennifer also supports the Directors in industry specific valuations, independent expert reports and financial modelling.
Susan Pearson, Partner, Pearson Emerson
With over 35 years’ experience in family law, and as one of the first lawyers to be accredited as a family law specialist by the Law Society of New South Wales, Susan is consistently recognised as one of the leading family lawyers Australia-wide. In 2021 Susan was once again recognised in Doyle’s Guide to the Australian Legal Market as one of only five pre-eminent family lawyers in Sydney and one of only four leading family lawyers for high-value & complex property matters) in New South Wales. Susan is a Fellow of the International Academy of Family Lawyers (IAFL), and a Contributor to the World Bank Women, Business and the Law & Civil Society Organisation Reports.
Tricia Peters, Director and Certified Financial Planner, MELCA and PetersMcKeown
Tricia Peters MBA MPAcc is a Certified Financial Planner (CFP), Mediator, Academic, Author and Collaborative Financial Professional. She is a Director of MELCA, an alternative dispute resolution centre for families, and Director of PetersMcKeown Financial Planning. Tricia works with people going through separation and divorce, assisting them with the many financial issues and decisions they face at this stressful time in their lives. Tricia is an expert in all technical aspects of financial planning and is known nationally for her expertise in superannuation splitting on marriage breakdown, consulting to family lawyers and providing expert evidence in court. She is a regular presenter at family law seminars and conferences. Tricia worked for 25 years as a university lecturer in the areas of financial planning, accountancy and business management in Australia and Asia. She co-authored the financial planning text book 'Personal Finance', writing a chapter on estate planning. She also co-authored 'Breaking Up Without Breaking Down', a book to help people through the maze of separation and divorce.
Julie O’Reilly, Partner, Business Advisory, William Buck Accountants
Among her clients and business partners Julie has a reputation for quality work and reliability, developed through her strong organisational skills and emphasis on meeting client needs. As a long-distance runner, Julie is goal-oriented and driven by results; attributes that carry over to her professional career. “My aim is to always exceed client expectations and deliver on promises” says Julie. “It’s important to me to be known as a person who does what they say they’re going to do”. As a Partner in the Business Advisory division, Julie has specialised knowledge in relation to the Medical and Dental industries, as well as Family Succession and Asset Structuring and is a Divorce and Separation specialist. Julie assists clients in all areas of general and specialist practices, assisting them with their accounting, tax and business advisory requirements. Having gained a wealth of knowledge and experience working for accounting firms in Brisbane, Sydney and New Zealand, Julie provides meaningful advice on general tax and strategic business planning including: establishment, structuring, asset protection, family wealth and growth strategies.
Allan Swan, Director, Estate Planning Equation
Allan works with private clients and their accountants, financial advisors and legal practitioners relating to the legal aspects of the following areas of Preventative Law: Asset Protection; Deceased Estate Taxation; Dispute Prevention; Estate Planning; Preventative Law Strategy; Special Disability & Protective Trusts; Structuring; Superannuation; Tax Considerations; Testamentary & Family Trusts. Allan also provides practitioner training and speaking services in the above areas and is an adjunct lecturer in the College of Law’s applied law master’s program. He is also an instructor for the Leo Cussen Centre for Law, the Law Institute of Victoria and other professional bodies. Allan is accredited as a STEP Trust and Estate Practitioner. Allan holds degrees in Law and Economics and a Graduate Diploma in Financial Services.
