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