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  Miscellaneous 2005

Asset protection for tax practitioners

Source: New South Wales

Published Date: 22 Mar 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.

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?

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