The issue of asset protection is often misunderstood. The reality is that incorrect asset protection can lead to increased taxation, often large enough that it is extremely damaging.
For example, buying a family home under a trust or an investment property can both lead to serious capital gain issues or an inability to claim investment losses against your other income for years to come.
At Foresight Accounting, we believe asset protection is important and we can provide you with advice on using various structures to achieve this. However, we do not protect assets at the expense of future tax benefits. It is a balancing act between the two.
We must point out that there are other forms of asset protection besides structures such as:
Other insurances to protect assets such as life cover, trauma cover, income protection etc.
Insuring your business partner in case of a partnership
Having a mortgage on a property
Staying married or having a prenuptial agreement
At Foresight we recognize that a combination of all types of asset protection strategies can be utilized creating the ideal solutions for your asset protection needs.
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