Published on 22 Mar 05
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
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?
Kenneth Schurgott CTA-Life
Ken is a Tax and Commercial Law Director of Schurgott & Co Lawyers and Special Counsel with Brown Wright Stein Lawyers, Sydney. He has extensive experience in all aspects of tax (including state taxes and litigation), as well as business structuring, business sales and acquisitions, asset protection, succession planning and trust and estate law. Ken has been, until recently, a member of the Advisory Panel to the Board of Taxation and heavily engaged in ongoing consultation in relation to the reform of the taxation of trusts and trust issues generally. Current at 28 July 2016
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