By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Bankruptcy law excludes some assets from being available to meet liabilities owing to creditors: for example, certain kinds of household property, a motor vehicle worth less than $7,500, and an
I’m an employee – why do I need asset protection?
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) A common misnomer is that an employee cannot be liable for work performed on behalf of their employer. It is certainly true that an employer does not have any claim
Do trusts protect assets from divorce?
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) A common question for anyone generating a degree of wealth is how can I protect my assets from divorce and can trusts protect assets from divorce. The short answer is
Attack on Phoenix activities affects ordinary business 11 November 2013
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) The classical form of Phoenix activity involves a person, behind the shield of a limited liability company, incurring debts (such as payments due to subcontractors, PAYG deducted from employee’s wages,
Trusts, family law and asset protection
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) The recent decision in Morton v Morton (Morton) illuminates the importance of thorough planning when incorporating a family trust as part of your asset protection and tax minimisation strategies. The