Tax and the ongoing impact of COVID-19 on family law

In our recent webinar, RSM's Tracey Dunn, Associate Director – Tax Services, presented content covering upcoming tax deadlines that may need consideration in family law matters along with the impact of COVID-19 on tax obligations, business cash flow, income support and financial reporting.  family law

RSM's Shannon O’Connor, Manager – Restructuring and Recovery, discussed the potential impact where one of the parties to a family law matter becomes bankrupt because he or she is no longer able to pay tax debts.

What was covered...

  • Trust income distributions for the financial year ending 30 June 2020.
  • Division 7A – what happens if minimum repayments are unable to be met.
  • Australian Tax Office administrative concessions & tax liabilities.
  • Stimulus measures – impact on cash flow and financial reporting requirements.
  • Bankruptcy & the power of the Trustee to recover assets in family law matters.

Watch the webinar recording:

For more information

If you have any questions or require further information, please contact your local RSM adviser.