Step 4: Asset Protection Plan

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

Choosing the right type of entity for the ownership of your assets is a crucial step.

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. Understanding the risks associated with different business structures.