Family Law Insider | May 2022

Welcome to RSM's Family Law Insider.

A quarterly publication providing critical and timely insights for family law professionals.


Family Law Insider for Law Professionals

This quarter’s edition of the Family Law Insider aims to provide some important considerations as we fast approach the end of financial year.

Recent changes to Australian Accounting Standards means that some for-profit entities have to prepare General Purpose Financial Statements for the first time. In his article, Ralph Martin explains who is affected by these changes and the impact on family law issues.

Andrew Clifford and Li Tze Koh discuss some common issues that they encounter in business valuations for family law purposes.

For many, superannuation financials, member statements and different accounting policies are complex. Katie Timms summarises her three key takeaways to help you further understand the complexities of superannuation in family law matters.

Tracey Dunn highlights some key tax compliance and administration matters required before 30 June 2022 that may have a significant impact on family law and tax matters.

We hope you enjoy this issue. Do not hesitate to reach out to one of the RSM Family Law support team if you would like further information.

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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

Continue reading

 


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.

Continue reading


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 > 


Family Law insider

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