In small business, a key asset protection strategy is to set up an investment trust outside of your main trading trust.
This investment trust is what buys your investment property.
You need to do this because you cannot have it in your name as the director of the company who is running the business. This is far too risky in a litigious society.... read more
They say that two things in life are inevitable – death and taxes. This doesn’t mean that the two have to happen at the same time. Generally where there is a change of ownership in small business, a CGT event is deemed to have occurred which may result in a capital loss or taxable gain. When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, if one exists, and as such the Capital Gains Tax rules apply.... read more
Fortunately for your spouse or children, the assets will still be eligible for the 15 year exemption to the same extent that the deceased would have been just prior to their death.... read more
Imagine you have put all of your life savings into buying a business. You spend years dedicating your heart and soul towards it. You listen to financial advice and take every measure to do the right things. Still your business is failing. The figures are wrong. It’s heart wrenching. Our advice? Let it go. ASAP.... read more
I LOST ALL OF MY LIFE SAVINGS. The truth: it was all my fault and I had to take full responsibility because it was small business.... read more
We are talking today about business structures and in particular the disaster that is companies when running a small business. We need to go back in history and look at the year 1999, the Federal Government of that year changed the rules on small business.... read more
YES? ... You should speak with us here at Paris Financial about claiming this in your Income Tax Return. But, be aware that the ATO have strict rules about what and how car use can be claimed.... read more
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”.... read more