Just as at any other time a Capital Gains Tax (CGT) eligible assets is dealt with you need to be aware of the impact a relationship breakdown may have on a CGT asset. This may be important whether or not the asset is transferred or sold at the time of the property settlement between the parties. There are provisions under the Income Tax…
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It is often the case that when a relationship breaks down, one party has to borrow further funds in order to “pay-out” the other party’s interest in a business or real property. If it often assumed that the interest incurred on those additional borrowings will be deductible. But this may not be the case if the order or agreement providing for the payment…
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