Protect your assets without CGT or transfer duties blog image

Protect your assets without CGT or transfer duties

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Why is the number of lawsuits growing in Australia? Could it be because more lawyers and wealthy people have an apathy towards creating wealth and just a propensity to take from others?

The good news is most Australians do not consider themselves vulnerable to litigation because they avoid risks and have insurances. However, how do you avoid unwarranted lawsuits? How do you protect assets in your own name? How about having insurances that do not pay without question?

There are many risks especially if you are in business and have employees or if you are in the field of manufacturing, transport, chemicals or health care.

Your home, residential property or shares are at risk if the ownership is under your personal name. Trusts may also be litigated from the inside. You may sell your personal assets into a trust but it can be problematic, time-consuming and expensive with CGT, stamp duty and possible refinancing costs.

To protect assets, you may put a mortgage against your assets because this will be the first to get paid in any bankruptcy or request for payments from litigation. You may transfer equity to a trust and effectively move money by not triggering CGT or transfer duties.

Equity will be gifted from the owner to the trust and borrowed back with a mortgage where documents are executed. Loan payment would be at a bank’s first mortgage but ahead of unsecured creditors. Doing this will also leave your equity available to use as security to borrow first mortgage funding for investments.

What can you do to protect assets?

If you would like to know more about how you can protect assets, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.

Whether you are a beginner, seasoned investor or business owner, we can give you guidance to maximise the financial areas of your life. We can give you an integrated and tailored solution for your superannuation, taxation, property investment, asset protection, estate planning and more.

Click here to schedule a chat or call us on 1300 250 122

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Chan & Naylor Group has national offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.



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