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Asset Protection
If COVID has taught us anything it has taught us that it is important to have a back up plan. This is especially true when it comes to your hard earned dollars and assets. But how do you protect them? How can you be sure they are safe?
Tax and Accounting Services for individuals and businesses.
It is hard enough to make a living and grow your wealth. The last thing you want is to have it all taken away in an instant. That’s where asset protection comes in. Our Accounting and Tax professionals can work with you to come up with an efficient and effective asset protection strategy, so you can continue to grow your assets and reach your goals.
What’s In A Name?
In Australia, there are many strategies and methods for protecting a person's assets. Whether it’s in your own name, company name or trust you need to be certain that the method is suitable for your circumstances.
Being in a position with options is a good thing, however you need to be able to choose the right protection. William Nguyen and Partners have the knowledge and experience to work the right strategy for you so that you can sleep easy knowing your assets are safe!
Our expertise includes the below methods of Asset Protection
Separate Partner Accounts
Discretionary Trust
Company Structures and Business Entity
Umbrella Liability Insurance
Bucketing Company
One of the best ways to reduce tax is by structuring your business and personal assets in the most tax-effective manner possible. One way to do this is to utilise a corporate beneficiary, otherwise known as a ‘bucket company’. By set up a corporate beneficiary, you can claim back a refund every time you pay tax to ato.
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Asset Protection FAQ
As an individual why do I need asset protection?
Asking this question is like saying why do I need to get insurance when I am driving. For any person that accumulates assets, if the proper asset protection is not in place, it could be taken away in a blink of an eye. Throughout a lifetime rainy days happen, and you need to prepare for it when it does happen! As an individual our consultants can help you stay protected. Call our team today! Let’s start the discussion!
What is a trust?
A lot of confusion surrounds trusts and with good reason. They are not as straightforward as you might think. In Australia there are many types, family, unit, fixed, non-fixed and hybrid to name a few. For many it is too hard to understand, however there can be benefits of setting up a trust in certain scenarios. Once concession is that if you make a mistake in setup it could cost you a lot of money $$$.
- If you purchase a property in the wrong trust, you may need to pay stamp duty again in order to change it.
- Land tax differs according to state, with concessional threshold available for some.
- Family income distribution can reduce the tax you need to pay.
- A trust can keep your assets safe and ensure that your next of kin receive the benefits of your hard work.
Do I need a Will?
Legacy has a different meaning to different people. No matter if you have a comprehensive estate plan or not, a will can give the protection you need in uncertain times and in turn reduce the risk of disputes. A plan is always better than no plan. At William Ngyuen and Partners we can provide you with a reliable and efficient Estate Plan, to ensure continuity of your operations and correct distribution of your assets to your beneficiaries.
I Want To…
If this is true, we want to meet with you!
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