Farnell and Farnell

In the matter of *Farnell and Farnell*, Rees J considered the financial and property settlement between the husband and wife. The dispute concerned the division of various assets, including a property, company shares, interests in a trust, and superannuation entitlements.

The court was required to determine how to equitably divide the parties' property, including the distribution of funds from the sale of a jointly owned property, the transfer of interests in a company and a trust, and the allocation of a significant superannuation interest. The court also had to address the potential tax liabilities arising from certain asset transfers and the preparation and lodgement of superannuation fund accounts.

Rees J applied the principles of property settlement under the *Family Law Act 1975* (Cth). The court ordered the husband to pay a sum of money to the wife, with a portion of this payment to be used to discharge the mortgage and sale costs associated with a jointly owned property, with the parties contributing to these costs in specified percentages. The wife was also ordered to transfer her interests in jointly owned shares, a trust, and a directorship in a company to the husband, who in turn indemnified her against any associated tax liabilities. Crucially, the court made orders pursuant to s 90XT of the *Family Law Act 1975* (Cth) to allocate a base amount from the husband's superannuation fund to the wife, creating a specific entitlement for her and a corresponding reduction in the husband's entitlement, with directions for the preparation and payment of this amount.