Can one set up a corporation/trust for a small business for protection and tax benefits? if so how would one do so?
Can the same be done for a property for tax benefits (incl.sheltering your income from tax) and protection?
Yes. I trust can run a business. However, asset protection will depend on who is being sued. eg. if the trust is running the business and the business is sued, then having a trust won’t protect other assets in that trust.
But if you are personally sued, then your trust assets may be safe.
A trust can also help minimise tax with property too.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I hold assets in one trust and trade out of another trust so the trust that would be sued will not hold major assets and should not affect you to much.
There are many ways to make it hard for someone to find your assets.
Colin Wardle
CATA Asset Protection
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