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

Abstract:
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.

Author profile:

Author Photo - Kenneth Schurgott CTA-Life
Kenneth Schurgott CTA-Life
Ken Schurgott, CTA (Life), is a Tax and Commercial Law Director of Schurgott Noolan Ardagna Lawyers, Sydney. Ken has extensive experience in all aspects of tax (including state taxes and litigation), as well as business structuring, asset protection, succession planning and trust and estate law. He was a member of the Advisory Panel to the Board of Taxation until recently and heavily engages in ongoing consultation in relation to the reform of the taxation of trusts and trust issues generally. Ken is a Past President of The Tax Institute.
Current at 24 November 2014
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