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Asset Protection for Tax Practitioners: You can run but you cannot hide!

Published on 22 Mar 2005 | Took place at The Illawarra Catholic Club, Hurstville, and The Chatswood Club, Chatswood , NSW

This seminar series was held at:
- The Illawarra Catholic Club, Hurstville, on 8 March 2005
- The Chatswood Club, Chatswood, on 22 March 2005.

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 are clear evidence of this policy. Add to this the increase in professional negligence claims, the growing complexity of tax laws and problems with professional indemnity insurance and you have some very good reasons for practitioners to be concerned. It is highly recommended that any practitioner who is exposed to the financial risks of providing professional advice should read this presentation.

Individual sessions

Asset protection for tax practitioners

Author(s):  Ken SCHURGOTT

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 are clear evidence of this policy. Add to this the increase in professional negligence claims, the growing complexity of tax laws and problems with professional indemnity insurance and you have some very good reasons for practitioners to be concerned.

Matters covered in this presentation include:

  • 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?
Materials from this session: