Phone: 02 4351 2622 | E-mail: biz@berkmans.com.au

Assets can be owned by individuals, companies, trusts, partnerships and even superannuation funds. Getting the right structure in place is critical to ensure assets are protected and tax is minimised for your business and personally.

Choosing the right type of entity that is used for the ownership structure of assets is a crucial step in becoming better financially organised.

The transfer of assets between entities can be extremely beneficial in protecting assets, however there could be tax implications so seeking professional advice is essential.

Key areas of consideration for your Asset Protection Plan include:

  1. Limiting personal exposure. Aiming to limit personal exposure to the debts of your business entity.
  2. Considering who should be a director.
  3. Considering the use of an entity especially at the commencement of a business, such as companies or trusts.
  4. Understanding the risks of Business Types such as Sole Traders and Partnerships.
  5. Securing loans you make to other entities. In the event of litigation or wind up of a business, you will be paid first.
  6. Separating assets into another entity. This can reduce exposure from the operating entity.
  7. Utilising superannuation to protect assets where possible.
  8. Considering who should own assets. Assets should be held in the name of low risk individuals if possible.
 

Contact our team today for free advice about developing a personalised and effective Asset Protection Plan.

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