We are quickly approaching 30 June, end of financial year. June is always a good month for undertaking a review of your taxation/corporate structures, so that you can get your new structures in place before the start of the new financial year.
So what are some of the things that you should be thinking about when considering the appropriateness of your corporate structures?
1. Are your assets protected?
This applies to your current assets, including your plant and equipment, motor vehicles, properties, shares, intellectual property, cash and future asset acquisitions, amongst other things.
2. Where are your risk areas?
Your business and professional risks should be isolated away from your assets.
3. How about Capital Gains?
Capital Gains are concessionally taxed, although you need to have the assets where you might have a future capital gain, in the appropriate corporate structure, in order to access the concessional taxation treatment that the government allows for capital gains
4. Spreading your business and investment returns with your family.
The right structures will also allow you to legally reward your family members as well as access the concessional taxation treatment that the government allows for business and investment income and gains.
These are just some of the considerations that you should be taking into account when reviewing your structures.
We highly recommend that you contact us as part of your review process of your corporate structures and obtain expert advice on whether your corporate structures are serving you well now and into the future and that you maximise the benefits that are legally available to you from having the right structures in place.
Kostas Augerinos
Managing Director/Founder
KAA Australia
