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Asset Protection for Tax Practitioners

Published on 09 Sep 2004 | Took place at All Seasons Premier Menzies, Sydney, and Crowne Plaza, Parramatta , NSW

This seminar series was held on:
- 7 September 2004 at All Seasons Premier Menzies, Sydney
- 9 September 2004 at Crowne Plaza, Parramatta.

The Federal Government, the ATO and ITSA appear to be determined to render ineffective the asset protection strategies traditionally used by professionals to safeguard family assets from financial risk. The proposed sweeping changes to the bankruptcy laws set out in recent exposure draft legislation is clear evidence of this policy. Add to this the increase in professional negligence claims, the growing complexity of the tax laws and the problems with professional indemnity insurance and you have some very good reasons for practitioners to be concerned. Topics covered in this seminar included:
- bankruptcy laws and exposures
- asset protection strategies
- what approach will the Government take?
- should I be using a service trust and/or a family trust?

Individual sessions

Asset Protection

Author(s):  Ken SCHURGOTT 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.

Materials from this session: