Let’s be crystal clear about this… anyone with assets is at risk so you must be 100% certain what you’ve worked long and hard to accumulate is fully protected.
Have you built an impregnable “WALL” around your assets?
If not,you need to act NOW.
Once a lawsuit or government action has begun, there is nothing you can do. Nobody can help you without charging a fortune and potentially breaking the law.
The fact is, once you have been sued or are being pursued, if you attempt to move assets or protect them, you can fall foul of laws designed to stop you from avoiding legitimate obligations to creditors.
The harsh reality is, every business owner is one day away from losing everything. It just takes one government winding up notice, or lawsuit, and it’s all over.
Ironically, the best time to protect assets is when things are good. Once it’s all gone bad, it’s harder and more expensive to do anything.
Let’s be clear, the most dangerous position to take is…
Sounds good in theory?
Most lawsuits and ATO-initiated action aren’t fair.
Honest decent business owners get sued all the time, or fall behind in their BAS because in many cases, they have a choice between paying their suppliers or the ATO.
Or as happened to me once, somebody sued me because, by their own admission, they had a sick daughter and desperately needed some money!
If you think “it’ll never happen to me”, consider these statistics …
It goes further …
You can even be liable for the debts of others in your business in some circumstances, no matter how well protected you are, eg. partnerships, badly structured trusts.
Consider these situations:
And there are many other examples.
If you don’t plan for asset protection in Australia for your business and personal assets, you put your and your family’s financial security at serious risk.
Don’t think for a minute, as many do…
Have you read your insurance policy cover to cover? If not, like most people, how do you know what they are covering you for (or not covering you at all)?
There are many reasons why your insurer may refuse to cover you:
As you can see there are many avenues for things to go wrong.
This is not just restricted to business owners…
Again, maybe, but don’t be so sure.
If you believe an employee cannot be sued, you’re in for a rude shock.
In Houghton v Arns(1996) High Court decision, an employed website designer was hired to build an ecommerce shopping cart. The designer made certain promises which turned out to be wrong, and cost a lot of money to the client.
The designer’s employer went broke, so the client sued the website designer directly. The designer was held to be personally liable to the client.
A sobering result, again confirming whether you’re an employee or business owner, asset protection in Australia is critical.
And don’t think for a minute…
That is the WORST THING YOU CAN DO!
Let’s give you a real life example
A sobering story, and sadly, all too common.
Many clients start a business, buy property or shares in their own name because they don’t have much money, or their accountant tells them to “save money”.
You may save money now, but later on, you could be liable for a fortune in tax or lose all it through litigation.
The problem is, once people make their first million (or thereabouts), they often realise they’re paying far too much tax and their assets are vulnerable.
They come to see us to reduce their tax and protect their assets from possible lawsuits.
The problem is, because it is already in their own name, we cannot transfer the assets without capital gains tax or stamp duty, as well as clawback rules under bankruptcy law.
So ensure you invest the time and effort to get your asset protection solutions right before you trade, invest or do business in Australia.
Yes, it saves you in the long run!
So what are the best structures to protect my assets?
It depends on your situation.
But as a rule, the rich and high net worth individuals use companies and trusts, or even self- managed superannuation funds.
These are very powerful, and in many instances, not only keep your assets safe, but allow you to wind up your business, and have a “get out of jail free” card, or fresh start, with your debts.
To read more about companies and trusts Click Here
One very powerful asset protection strategy uses overseas structures. To find out more about international structures, Click Here
What if I already have assets in my own name? Or if I have set up my business in my own name? Is it too late?
Not at all. There are still things you can do. It just costs more, and it will take time for your strategy to be effective. But better to do it now than leave it, and be sorry later on.
You can, of course, transfer the assets into a family trust or company or other structure (in certain situations). However, you will be liable for stamp duty and (probably) capital gains tax, as well as having a 5 year clawback period under bankruptcy law to wait out.
Another possibility is to set up family trusts, or companies, and use these structures to take a second mortgage or caveat over your assets.
Or in some situations, where there is a solid commercial reason, you can restructure your business, and in doing so, make your structures more robust to protect your business and personal assets.
To find out more about these second mortgage and other strategies, Click Here
So Moving Forward, How Do I Protect Myself?
Complete the below form to discuss your options with us.
After a thorough analysis of your data and unique circumstances we advise you of all oppotunities. We guide you towards the best path and take control of implementation. Through every stage, we ensure full tax compliance and ongoing support.
It's a no-obligation risk-free assessment with a full money back guarantee (conditions apply).
Financially modelling your situation. We present your options and outline the possible tax savings.
We provide a written report with options to minimise your tax along with our recommendations.
WWe have a follow up meeting and create a strategic tax plan based on your choices.
We outline the process, costs and tax savings, and what you need to do from your side.
We fully implement your tax plan to ensure you meet all local and international legal requirements.
For those moving overseas to flee the Australian tax robbers, we help in the whole process from beginning to end.
Our service continues after we've implemented everything for you. We provide ongoing training to update you on changes as well as providing options to work with us on an ongoing basis.
Brilliant service!! Could not have asked for a better start to getting my business structure. This world is still completely new to me and I am very impressed with all the resources Warren and the entire team at Wealth Safe have provided to help me understand trusts
Living overseas, with no structures or assets in Australia anymore, it simply didn't make sense to keep paying into their tax system. Thanks to Warren and his team, they guided me through the process of setting up stable business structures, and making sure all the lawyers agreements and professional advise was documented. This ensured I met the obligations of the ATO and was 100% legally compliant with my obligations. I researched my options, and felt secure that WealthSafe took all precautions to ensure I was doing the right thing, and benefitting financially at the same time
After getting so much conflicting advice from other sources, we were completely confused. Being global business owners, we needed both Australian and international advice, so we reached out to War ren to help us understand exactly how we could structure our businesses to ensure we were well protected. It was vital to us that our future growth and decisions were taken into account. Not only did Warren give us the highest quality advice, and go above and beyond in ensuring we understood the full spectrum of what we were putting in place, but he has always been available for follow up questions, is always happy to get us on the phone for clarification, and he has shared the expertise in his team with us. At first, we have to be honest, we were really concerned about spending money on a consultation. The outcome is although not cheap, it is the best money we have ever spent. We can see significant savings, know we are structured well, have a fully dedicated and professional team behind us and have expert advice available when we need it. We can’t recommend Warren and the Wealth Safe team enough. Thank you
CV from Canada
He is very professional, knowledgeable and creative with his tax planning strategies, and very attentive in answering your questions and working with you to find the best set up for your individual situation. I feel confident working with him and his team, and his level of expertise is outstanding. I wouldn't trust any other company, and would highly recommend Warren Black and Wealth Safe to protect your assets
Although I thought the result I had figured out with my accountant were the most tax effective way I could setup myself up. I was in a position where I would have to pay 31k in tax. Warren found something in how I was setup, which turned my situation around to getting $15k returned to me. It's a $46k turn around.
Warren was able to set me up, and help me look forward to further tax reductions for the future. Also for improved asset protection. Warren also did bloodline wills for me and my wife. Full Review Here
I'm in the mining industry and run a small trading business. I had a tricky situation I had to get out of. I had default on my credit files. I got Warren on the job, he loves that sort of challenge. He didn't even charge me full price, he was excited at the challenge of helping me out. He succeeded and got rid of my default! I get Warren to do all my work now. I would recommend him to anyone
John G from Sydney
I run a small business. I was concerned about safeguarding my assets, myself and my family, and the amount of tax I was paying, but I also wanted to be legal and not get into trouble. Warren was able to provide me with a structure that protected me and my family and my assets and also helped to significantly and legally reduce the tax that I had to pay. Sure I had to pay and they aren’t the cheapest nor the most expensive, however it was well worth the fees paid. I certainly feel more comfortable and secure now
They were able to walk me through the whole process, even a tax dummy like myself.... I was very very impressed with the level of service. It was really end to end. They were always there to answer questions, help me complete paperwork and connected me with all the right people. I can't recommend Warren and Wealthsafe highly enough Full Review Here
Virna, Warren and the Wealth safe team have provided us with a professional and efficient experience helping us to identify and create a customised financial structure to suit our needs. They clearly have a great deal of knowledge regarding taxation in Australia. Also Warren's seminars have been of great help. We absolutely would recommend their services and are forever grateful for help and advise provided
I am a doctor (GP) who was making a good income, however, I was highly dissatisfied with the high amount of tax I was paying, and also feeling a little lost and frustrated in my life in general. I signed up to work with Warren and his team at Wealth Safe. It was one of the best things I have ever done. Firstly, I got quality advice on my tax and was restructured and legally was able to minimize my tax and get on top of it. Secondly, I joined his mastermind and got some personal mentoring, which was significant. It helped me shift a lot of mental and spiritual blocks, and financial imprints which seemed to be blocking moving forward and making major decisions. I learned also how to manifest and create what I wanted rather than what I don’t want, and I have even manifested a wonderful relationship with a very supportive partner. So all round, a great decision. Thanks Warren, and I would recommend Wealth Safe and Warren’s tax advice service and manifestation and imprint clearing to anyone!
Speak with our team about your tax situation and see how we can put more money in your pocket. See if you qualify for a strategy session to discover what we can do for you. Simply click the adjacent button and complete the enquiry form.