Asset Protection seminar paper
Member Price: $57.00
Non Member Price: $75.00
Publication date: 21 May 04
Source: NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
The Commonwealth Government has signalled its intention to change bankruptcy laws to penetrate trusts, companies and other entities which shelter assets of high net wealth individuals. Accounting and legal professionals are directly in the Government's sights. The proposed measures will adopt a Family Court style look through approach ignoring form and accessing those assets that a bankrupt would have recourse to on a notional divorce.
This paper covers:
- the relevant rules of bankruptcy
- financial risk planning
- why discretionary trusts work
- the Family Court look through approach.
This paper has been slightly updated since it was first presented by Ken Schurgott at the Asset Protection: Structuring for Asset Protection for High Risk Professionals seminar held in Sydney on 3 July 2003. Ken also presented it on 6 March 2004 at the North Queensland Tax Convention held in Townsville and at the Asset Protection for Tax Practitioners seminars held in Sydney on 7 September 2004 and Parramatta on 9 September 2004.
Gordon Cooper is a chartered accountant in sole practice as a tax consultant. He is an Adjunct Professor in the School of Taxation and Business Law (Incorporating Atax) at the University of New South Wales. He is a frequent speaker at seminars having delivered nearly 500 papers and he is a regular contributor to professional publications. Gordon has a long list of professional involvements including: " He was an inaugural member of the Tax Practitioners Board. " He is a former President of the Taxation Institute of Australia. " He is Chairman of the Committee of the Australian Branch of the International Fiscal Association. " He is the Patron of the Australasian Tax Teachers' Association. In June 2003 he was awarded the AM in the Queen's Birthday Honours for. "Services to the tax profession and to the community as an adviser on national taxation and legislative reform, and through education and professional organisations".
Current at 29 January 2016
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Asset ProtectionAuthor(s): Ken SCHURGOTT
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