MWL FINANCIAL GROUP
SECTION – TRADIES
SUBJECT – Asset protection not Tax
Hi I'm Barbara Keating, Accountant and small business specialist at MWL Financial Group.
Are you in business or looking to start a business? Are your personal assets and interests protected?
When starting a business and looking at various structures, it’s important to consider other factors aside from taxation – and one of those factors is asset protection. Why is this you may ask? Well the tax act has something called Part IVA, which in simple terms dismantles schemes and transactions which are set up with the dominant purpose of obtaining a tax benefit.
The predominant purpose in setting up a certain structure should always be asset protection. The reasons for this are, firstly to protect your personal assets from business risk, and secondly so as not to fall foul of Part IVA. The funny thing is that when you set up an effective asset protection structure – you normally get the tax benefits as well.
For more information contact us at firstname.lastname@example.org and contact either me Barbara Keating or one of our experts will be more than happy to help.