Proust and Croce (No2)

In *Proust and Croce (No 2)*, Berman J of the Federal Circuit Court of Australia considered the distribution of proceeds from the sale of a property held on behalf of the parties, Mr. Proust (the husband) and Ms. Croce (the wife). The dispute concerned the allocation of these funds, specifically the retention of certain sums for tax liabilities and legal costs.

The court was required to determine how the proceeds of sale should be disbursed, including the appropriate amounts to be held in trust for capital gains tax, superannuation fund wind-up costs, and land tax. Furthermore, the court needed to decide how the remaining funds should be divided between the parties, with a specific consideration for an amount to be held pending the wife's application for costs.

Berman J ordered that specific sums be retained from the sale proceeds. These included $43,526 for future capital gains tax on a property at 1 E Street, Suburb F, Victoria, and $14,175 for any land tax debt. An additional amount of $7,856.10, less any outstanding amounts, was to be held for further calculations related to winding up the Croce superannuation fund. The remaining funds were to be divided equally between the parties, with the exception that $20,000 of the husband's share was to be held on trust pending the determination of the wife's application for costs.