The journey to managing wealth creation can be daunting.
As professionals who practice what we preach we at
Tangible Assets Pty Ltd deliver a reliable wealth creation management process to ensure all your needs are met.
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Business Services - For many years we have supplied the highest quality services in Company, Trusts and Superannuation Fund formations. Our structures are designed to provide you with the ultimate in Asset Protection and Tax Minimisation. Legal Services
> About Our Legal Services Tangible Assets engage the services of leading law firms in Australia and New Zealand to provide a range of legal services for both personal and business clients. We partner with law firms recognised for high expertise in advising our clients. The focus of in delivering these legal services to our client base is on asset and wealth protection, particularly through the use of trusts. Companies Land Tax Land tax is applicable to all land holdings in Australia except for land which satisfies the requirements of any of the following exemptions:
In deciding what type of entity should hold the family home or the family farm, individuals must balance asset protection concerns against the need to comply with the particular conditions of the particular land tax exemption they wish to qualify for. For instance a family home owned by a company which is the trustee of a family trust will not generally be entitled to claim the principal place of residence exemption and will be liable to pay land tax on such a land holding. Our partner law firms are able to provide advice on how individuals, businesses and organisations can structure their land holdings. Our partner law firms are also able to provide advice on how land tax is imposed on where different entities such as companies and discretionary trusts own land. Estate Tax Planning In the area of estate planning and wills, our services range from drafting wills, to more complex structures taking into account wealth protection, future objectives and taxation, as well as business succession planning. A central component of any tax planning for death is the will. We can document the will, taking into account the various favourable revenue consequences. The will is an important tool to enable the restructuring of the ownership of family assets. It is fundamental in estate planning to know what assets will form part of the estate and what assets will not (and therefore need to be dealt with separately). Our partner law firms provide advice in relation to jointly held property, shares in private companies, partnership property, property held in a discretionary trust, proceeds from life insurance policies, capital guarantee deposits and superannuation assets (such as binding death benefits). Our partner law firms advise on the use of trusts and, especially, discretionary trusts to hold capital appreciating assets. Trusts also provide the ideal vehicle to hold assets in respect of asset protection planning. The transfer of assets in a deceased estate to trust entities can be undertaken by nominating an existing trust or creating a trust in the will - the so-called "testamentary trust". We advise on the use of the testamentary trust, for example, allowing the testator to "structure" the future ownership of the assets in the estate. By leaving the assets into a trust then certain "controls" can be placed over the enjoyment or use of such assets. Partnerships Our partner law firms advise on the use of partnership structures for businesses. Capital Gains Tax Capital gains tax ("CGT") is an important issue for all entities who hold capital appreciating assets. Our firm provides advice on how entities are able to preserve the pre-CGT status of their assets (and thus receive capital gains on such assets tax-free) and on the various capital gains tax concessions that may be available to individuals and businesses when they acquire or dispose of assets. Capital gains tax concessions relevant to businesses and individuals include:
Capital gains tax issues relevant to individuals would be
Transfer of assets (New Zealand) Once assets have been transferred to a trust they become the property of the trust and can only be removed from the trust through sale or distribution to a beneficiary. Assets are transferred to a trust at their market value with a debt back acknowledged by the trustees to the person transferring the asset - in family trust situations this is usually the settlor. This loan may be repaid using income received by the trust or can be forgiven under a gifting programme. Gift duty is still payable on gifts totalling more than $27,000 in any one year. The loan is usually made to be repayable upon demand and is interest free. To protect these debts from creditors we usually make them not repayable for 30 years, although of course the gifting carries on in the meantime. A creditor is less likely to be interested in attacking debts which have such a long period to repayment. Where the house is concerned the debt will be secured against the property by mortgage. Creditors may upset any transfer of assets to a trust or gift made within the two years before bankruptcy. The value of a home transferred to a trust can sometimes be significantly reduced through the use of a lease for life. A lease for life secures the occupiers continued lifelong occupation of their home or a replacement home after it has been transferred to a trust. The use of a lease for life may only be appropriate in certain circumstances Matrimonial property (New Zealand) Couples selling matrimonial assets to a trust should realise the assets are then outside the scope of the Matrimonial Property Act once any debt relating to the sale of the asset to the trust has been repaid or forgiven. Often couples will both be settlors of the trust and trustees. Usually all decisions of the trustees must be unanimous. As a consequence, in the event that matrimonial issues arise between settlor couples the assets will effectively be locked in the trust and you and your independent trustee will need to agree between you how they are dealt with. Neither of you will have any priority claim except to the extent of any loan owing to you. This aspect of transferring assets to a trust needs careful consideration. If either settlor spouse has any concern about these issues they may need to seek independent advice. Separate inherited property also needs careful consideration. It may be inappropriate to place inherited property in a jointly held trust with provision for the assets to be split in two on the request of either settlor. There are numerous aspects of a trust which you may wish to discuss with us. We look forward to the opportunity of doing so when convenient for you. For specialist assistance and advice concerning estate planning, asset protection and trusts, contact Tangible Assets. To Place an Order Tangible Assets recognises that our clients want their products processed efficiently and quickly. Therefore we have designed our Order Forms so they are easy to understand and complete.
Click Here to Download a Company Order Form for a Trustee
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