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Basic Asset Protection
Are you starting a new business and feeling uncertain about safeguarding your family wealth and business assets?
Do you know what strategies you should implement to have the bare minimum level of asset protection?
Rest assured; our specialist business accountants in Perth are here to help you implement basic asset protection strategies tailored to your unique circumstances.
The Problem
Many business owners discover too late that the lack of early asset protection leaves them vulnerable to financial shocks. Without a solid foundation from the start, issues such as unexpected liabilities, legal disputes or market downturns can compromise your family wealth and the longevity of your business.
Our Solution
At Munro’s, our business advisors know that the key to effective asset protection is starting early. We often begin with:
- Business Structuring & Startup Advice: We help you choose the right business structure from the outset—whether it’s setting up a company, discretionary trust or a combination—to protect your personal and business assets.
- Advanced Tax & Asset Protection Report: For those who want a deeper dive, we offer a detailed report that outlines optimal asset protection strategies, tailored to your business’s needs.
Our approach is simple: identify potential risks, structure your business proactively and provide ongoing advice to adapt as your business grows.
We work with you every step of the way to ensure that your asset protection plan is both effective and flexible.
Key Benefits & Outcomes
Implementing asset protection strategies early brings numerous advantages:
- Prevention is Better than Cure: Avoid costly reactive fixes by planning ahead.
- Tailored Solutions: We don’t offer one-size-fits-all advice; every strategy is customised to your business’s unique circumstances.
- Tax Efficiency: Effective asset protection often dovetails with tax minimisation strategies, ensuring you legally reduce your tax burden.
- Peace of Mind: With over 100 5-star Google reviews praising our responsiveness and problem-solving approach, you can trust that your receiving top-quality asset protection advice.
Read Key Points & Transcript
Basic Asset Protection Advice for Small Businesses from Perth-based Business Accountants
video key points
- Implementing asset protection strategies is critical in a litigious business environment to safeguard assets and, in due time, ensure wealth is passed to future generations efficiently.
- Asset protection mitigates risks associated with business operations, such as difficulties in paying debts or legal challenges, by shielding personal wealth.
- Strategic planning for asset protection involves identifying, isolating, and managing risks to maintain control over assets, flexibility in taxation, and security of wealth.
- Common asset protection strategies include adequate insurance coverage, proper employment contracts, restructuring businesses for limited liability, establishing discretionary trusts, and transferring assets to a low-risk spouse.
- To enhance your asset protection strategy and safeguard your business and personal wealth, consider reviewing and adjusting your plans regularly.
Presented by: Saul Segal
video transcript
At Munro’s, we believe that implementing asset protection strategies are arguably as important as purchasing the assets in the first place.
This is because, in an increasingly litigious business environment, it is very important that you take the time to properly protect your assets and plan for passing on your wealth to future family generations.
In this short video we will go through the basics of what asset protection is and why it is so important.
Why is asset protection important?
Running a business has risks whenever you enter into a business or contractual relationship with customers, suppliers and employees. Unexpected events can occur that are beyond your control. For instance, your business might face difficulty in paying debts or get involved in a lawsuit.
The aim of implementing asset protection strategies is to shield your hard earned personal wealth from these risks.
Effective asset protection is all about strategic planning for the future in a manner which delivers maximum asset control, taxation flexibility and protection of your hard-earned assets.
When devising an appropriate asset protection strategy for your circumstances, the key steps you need to first address are to:
- Identify the risk. Such as litigation claims.
- Isolate the risk. By implementing structures to remove the asset from the risk situation. For example, housing passive income producing assets in a separate structure to a business structure.
- Manage the risk. Revise your structures and strategies periodically to ensure they fit with any changes in your circumstances.
The most common types of asset protection strategies available to you are as follows:
- Often the most simplest and sometimes overlooked strategy is ensuring that you have taken out the appropriate levels of insurance, such as life insurance, business insurance and income protection insurance to name a few.
- Ensuring that employment contracts are in place.
- Restructure your existing business from a sole trader or partnership into a company, because a company can offer directors limited liability in the event of insolvency.
- Establish a discretionary trust to hold investments and business assets.
- Consider transferring your personal assets to your low-risk spouse.
If you’re interested in learning more about asset protection strategies, then watch our video on advanced asset protection strategies or give us a call. We’re here to help.
Frequently Asked Questions for Basic Asset Protection
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What is basic asset protection?
Basic asset protection involves setting up legal structures and simple strategies to safeguard your business and personal wealth from unforeseen liabilities, legal disputes or market downturns. -
Why is proactive asset protection important for business owners?
If you don’t setup your business with a structure that protects wealth, or you don’t implement basic asset protection strategies, if and when an issue arises your personal/family wealth can be exposed and in the worst cases result in bankruptcy. It’s vital to be proactive and implement strategies from the beginning or as early as possible because often to be effective asset protection measures need to have been in place long before a potential wealth destroying trigger event occurs. -
How do you tailor asset protection strategies?
We assess your specific business needs and circumstances, then recommend a customised approach—ranging from basic structuring advice to a comprehensive Advanced Tax & Asset Protection Strategies Report. -
Are your asset protection services available Australia-wide?
While Munro’s is based in Perth, our accounting and business advisory services are available to businesses throughout WA and Australia-wide. -
Why choose Munro’s for asset protection advice?
Our clients frequently highlight our responsiveness and the peace of mind our proactive approach provides. With over 100 five-star Google reviews, we’re known as “The Professional Problem Solvers” and would be delighted to help you solve, and prevent, problems. -
What is the price for your accounting and asset protection service?
Our pricing is transparent and reflects the complexity of your needs. See our pricing page and then contact us for a personalised quote. -
How do I get started with your small business accounting services?
Simply book a free Get To Know Each Other meeting with us. We’ll discuss your needs and start to outline a customised plan to protect your assets, as well as helping your business legally minimise taxes and handle year-round accounting.
Where To Begin
Advanced Tax & Asset Protection Strategies Report
$4,000 (excl. GST)
Tax Minimisation Strategies Report
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Discover Our Key Services & Solutions
Business Accounting
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Asset & Wealth Protection
Tell us about your problem and we’ll respond within 1 business day.
- Call Us 1800 818 924
- Email Us hello@munros.com.au
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Visit Us
308 Fitzgerald Street
Perth WA 6000