A recent tax office audit and case has highlighted how complicated and convoluted family law and tax can be.
Under the wonderful title of “The Ex-Wife, the Offshore Bank Accounts and the $14 Million Dollar Tax Bill” the article goes on to discuss the weird and wonderful ways in which people seek to avoid tax.
The ATO now has sophisticated investigative powers when an audit is conducted. In this case, the husband was named in the Panama Papers by WikiLeaks, and the tax office audited the wife and slapped her with a bill of $14 million dollars as the case continued on its merry way.
Prior to agreeing on any property settlement, by way of consent orders or by way of binding financial agreement, it is essential that both parties obtain financial and taxation advice that the settlement is in their best interests.
Whilst Martin Bullock Lawyers cannot provide the financial advice, we have a number of experts we can refer you to who will provide specialist financial advice. Ensure that you do not end up either in the Supreme Court defending a tax office claim, or on the pages of a national newspaper defending your reputation or status in the community as a result of an audit or court case!!
Contact us on 02 9687 9322 if you need further advice.