As a business owner, we all experience the pain of high taxes, excessive paperwork and the constant risk of our assets being taken in a lawsuit or by some over-zealous government.
For example, did you know …
At Wealth Safe, we provide a full range of tax planning services to business owners … including tax returns, advanced tax structuring and getting rid of ATO tax debt for business in trouble.
We also use several strategies to protect your wealth, including …
• companies and trusts
• self managed superannuation funds
• asset trusts with licence agreements
This keeps your business activities separate from your personal assets.
To take another example how important companies are, let’s assume you have a business which generates $520,000 turnover ($10,000 per week).
After a year, the company has fallen behind in its BAS payments, owing the Tax Office $190,000 in unpaid GST and PAYG. If the company cannot meet a payment plan obligation with the ATO, the company can choose to shut down, and the $100,000 tax will die with the company.
The business owners will not have to pay it personally.
There are also wonderful tax savings in companies and trusts.
Click here to find out more about companies and trusts.
Yes you sure do!
There are many reasons why but the 2 main ones are …
1. Lawsuits. The average business owner in Australia gets sued 3 times in their lifetime. So it is not a question of IF you will be sued but WHEN.
2. Governments. Regulation and paperwork has gone absolutely insane. Last year our government passed over 8,000 pages of new tax legislation. So the Tax Office, Spam regulators, ACCC, ASIC … there are many government bodies waiting to have a crack at your hard earned wealth to cover their bad spending.
Let’s look at MacDonalds …
MacDonalds has one company which owns the branding and trademarks. There is a 2nd company to manage all the franchises. The rest of the MacDonalds franchises are run in separate companies. If any of the franchise owners get sued, MacDonalds is safe.
Now let’s look at one of our clients and how we used MacDonalds to help him.
Likewise, we had a client who owned a fast food franchise. We set up two structures for him. Structure 1 held all the valuable assets and intellectual property. Let’s call this an Asset Structure. Structure 2 was to run the business day to day. Let’s call this a Trading Structure. There was a licence agreement between the two structures.
The client ran his business out of Structure 2. This way, if he got sued, all the assets held in Structure 1 remain safe.
To learn more about asset protection go to our Advanced Use of Structures page.
Click here to find out more about our Accounting/Tax Return Services
At Wealth Safe we offer a free 30 minute consultation to help you make more money and keep your assets fully protected. We are committed to helping our business clients with a $300,000 to $2 million turnover save THOUSANDS of dollars in Tax 100% legally.
Click here to see if you qualify for a FREE 30 MINUTE CONSULTATION.