A family law property settlement is a major life event that often requires the services of an independent accountant. Here are 5 reasons why you might need an accountant in a property settlement.
- Investments. If you have an investment property or a share portfolio, then capital gains tax is an issue to consider. For example, if you are receiving an investment property, any capital gains tax liability when it is eventually sold will go with the person who receives the property. We can engage an independent accountant to provide an estimate of the likely capital gains tax so it can be factored into the list of assets and debts in the property settlement.
- Businesses. If you have a business, there may be several reasons to engage an independent accountant in your property settlement. For example, you may want an independent accountant to review the financials of the business. You might also need a valuation so that it can be included in the list of assets and debts. You may also need advice on how to get out of the business with the least tax implication. An accountant will also be required to assist with preparation of documents when implementing an agreement to remove one party from shareholding and office holdings.
- Trusts. You may want an independent accountant to review the financials of a family trust structure. An accountant will also be required to implement any property settlement agreement for one party to be removed as a trustee or officeholder/shareholder of a corporate trustee.
- Self-Managed Super Funds. An accountant may be required to review the financials of the self-managed super fund to ensure that it is compliant or to prepare a valuation for complex self-managed super funds. The accountant will also be required to implement the property settlement agreement reached to transfer assets, remove members and create new funds if required.
- Taxation implications. An accountant may be engaged to provide you with advice on how to best minimise any taxation liabilities and burdens in relation to assets and debts to be received by you in the property settlement and generally.
Catherine Henry Lawyers is part of the Lake Macquarie Business Hub and can recommend the Hub’s Accountants and Financial Advisors to provide you with independent advice.