Risk Mitigation and Asset Protection
Posted 8 Oct '20
Posted 8 Oct '20
The blame game! We all play it, even if we are not the instigator. Fun if you win, but not if you roll the dice and lose. And this is why statistically, Australia is one of the most litigious environments in the world. When you open your mailbox and you find that lovely statement of claims (SOC) stating that they will see you in court, you know someone else wants your hard-earned money!
So, whilst you can spend an eternity building your wealth, brick by brick and piece by piece, no doubt it can all be taken away in an instant. It just takes someone, or something unpredictable to wipe the slate clean – case in point, the coronavirus pandemic and economic crisis.
So now, more than ever, we need to consider the protection of your wealth and assets. To mitigate the event that you ‘lose it all’, we need to consider suitable asset protection strategies so you can continue to reap the benefits of business and leave a legacy like no other.
For those who may not be aware, the ATO’s Small Business Superannuation Clearing House (SBSCH) will permanently close on 1 July 2026. From 1 October 2025, new registrations will no longer be accepted. This is a major change that affects small businesses across all industries currently using the SBSCH to pay their employees’ super.
Let’s break down what the CGT discount is, why it’s not always the best option, and what you should consider before choosing how to structure your investments.
The ATO is cracking down on unreported income in 2025. Learn which income sources you must declare in your tax return – from Airbnb and side hustles to crypto and overseas earnings.