Asset Protection

U R the Bank Series | Episode #2 – Protecting Family Assets

Welcome to Paris Financial’s series ‘ U R the bank’. In this episode, Pat Mannix will chat about Protecting Family Assets. Follow each episode to find out how you can be your own bank, develop your own property portfolio, and protect everything.

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 U R the Bank Series | Episode #2 – Protecting Family Assets
( Posted in: Tax )

Your Income is Your Number One Asset

When starting out in small business, you have to take 100 per cent responsibility for the income you’re going to generate. That means you need a defensive strategy in place for your income.

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Your Income is Your Number One Asset

The Fall Guy

We want nothing of any value in the fall guy’s name. Absolutely nothing! It’s not a perfect world. Bad things sometimes happen to good people. So if a business falls over the fall guy can go with it but hard earned assets built along the journey MUST be fully protected.

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The Fall Guy
( Posted in: Tax )

Small business restructure roll-over concessions

What happens if you are in the wrong structure? Have you ever had a chat with a colleague or mate and thought “why aren’t I doing that” or “I wish I could change the way my business works”.

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Small business restructure roll-over concessions
( Posted in: Tax )

Great news for everyone running a small business!

The Small Business Entity threshold has increased to $10 million from 1 July 2016 onwards (became law on 19th May 2017). Previously the Small Business Entity threshold was $2 million. Basically, you are a Small Business Entity if you carry on a business and have an aggregated turnover of less than $10 million.

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Great news for everyone running a small business!
( Posted in: Tax )

Wage increases less than 2 months away – don’t be caught out and always protect your Capital!

Accountant found to be an accessory for “wilful blindness” towards underpaid employees. In a precedent-setting decision by the Federal Circuit Court, an accountancy firm has been found accessorily liable for the underpayments of the employees of one of its clients.

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Wage increases less than 2 months away – don’t be caught out and always protect your Capital!
( Posted in: Tax )

Directors found personally liable

Fair Work Ombudsman v Step Ahead Security Services Pty Ltd & Anor [2016] FCCA 1482, (“the Company”) found the director Mr Jennings, personally liable for the Company’s failure to pay their employees in accordance with the relevant modern award.

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Directors found personally liable
( Posted in: Tax )

Triple Tragedy – Capital Protection

This example is relevant to the importance of Wills as well as asset protection during your life.

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Triple Tragedy – Capital Protection
( Posted in: Tax )