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.
We sat down with Darius Hii, Director of Chat Legal, to learn more about his journey, the work he does, and how he’s helping clients take a proactive approach to legal and tax planning.
Confused about the difference between a bookkeeper and accountant? Learn what each role does, how they work together, and what your business really needs.
Thinking about setting up an SMSF? Learn how self-managed super funds work, the benefits, risks, and step-by-step setup process with expert guidance from Empire Accountants.