Asset Protection Archive
Asset Protection
Ensuring that you are safeguarding your assets is vital for small businesses. You never know when something may go terribly wrong.
Asset ProtectionSmall Business Tax AdviceTax Champion
In small business, a key asset protection strategy is to set up an investment trust outside of your main trading trust.
This investment trust is what buys your investment property.
You need to do this because you cannot have it in your name as the director of the company who is running the business. This is far too risky in a litigious society.
Asset ProtectionTax Champion
Property investment is a big thing in Australia, especially with the growth of the property market. I even do it myself.
If you are in a growing small business, however, you need to take a different approach to property investment.
Asset ProtectionSmall Business Tax AdviceTax Champion
"Be determined, never give up!"
That's RUBBISH.
The truth is that sometimes you need to say goodbye and give up.
Asset ProtectionTaxTax Champion
We see this mistake far too often in small business! It's a simple change to make and it could save you a lot of pain in the future.
Asset ProtectionTax Champion
When starting out in small business, you have to take 100 per cent responsibility for the income you’re going to generate. That means you need a defensive strategy in place for your income.
Asset ProtectionTax Champion
Not your flashy car or your mansion home… The money that you're earning is your most important belonging. Have you got strong Income Protection Insurance?
Asset ProtectionTax Champion
We want nothing of any value in the fall guy’s name. Absolutely nothing! It’s not a perfect world. Bad things sometimes happen to good people. So if a business falls over the fall guy can go with it but hard earned assets built along the journey MUST be fully protected.
