A recent High Court Case has seen the ATO lose out on collection of upwards of $250,000 in taxation from one separated partner when the tax liability was shifted to the other bankrupt partner.
The Family Courts have the power to alter taxation liabilities and the ATO can be made a party to Family Law proceedings. This issue is more common than most people know and it can result in significant advantages or disadvantages for separated individuals.
I can provide advice on how to maximise your position to avoid being burdened by taxation that you may not have been aware of as it was incurred by the activities of your partner leading up to a separation.
Another issue commonly seen in Family Law cases is reference to taxation liabilities to reduce the size of the asset pool for division.
Contact me if you have any questions or need guidance on how to deal with taxation issues arising out of a relationship. Alternatively, contact me directly to discuss your situation on 0415 604 593.