The Bad News
For most people in Australia, and indeed in most so called “developed” countries, the biggest 
threat to a persons asset base and wealth is the claim by the tax office for you to pay them money that they have, generally speaking, had no input into helping you earn!
Backing the insatiable appetite of the taxman for your money is a system supported by government legislation that you were not consulted about. That makes it very easy for the tax office to take what is yours.
Most of us have no idea of the legislative powers that the tax office and other bureaucratic institutions can call upon to take your assets and your money.
Supported by a legal system with a bias towards the Commissioner of Taxation the average person has little chance of successfully defending a claim against their assets by these organisations. The bankruptcy laws are such that the trustee in bankruptcy takes over the ownership of all your assets and can even “claw back” assets that you may have given away in the past or sold at less than their true value.
The tax office has a “deal” with your banker, whereby the tax office can take money out of your account without either your knowledge or your consent.
The Good News
The good news is that there are ways for you to protect assets so that you can continue to have the benefit and enjoyment of them, and secure them in such a way that the tax office, and indeed other creditors, cannot get at them!
This can be as simple as incorporating the use of a discretionary trust or a corporate entity as the owner of your assets or as the method of conducting your business. However, these strategies are becoming less effective as new Bankruptcy laws have eroded their protection.
Fortunately, there are other avenues available to you that you may have never thought about. Strategies that you have no knowledge of, but which are already proven successful for your asset protection.
There is a saying, “When you live in Daddy's house, you must play by Daddy's rules”. However, when you live in your own house you can play by your own rules.
Have you thought about having a bank account outside the jurisdiction of the tax office? The tax office and other creditors cannot successfully make a claim against the money in such an account ... and in fact, has no way of even knowing that the account exists!
Have you considered the benefits of incorporating other structures and asset protection vehicles based outside of Australia that can ensure your privacy?
Most of us hang ourselves on the information that we so freely give away to people who do not have our best interests at heart.
Some of the options available to you will require you to change your ingrained mental patterns and processes. It may even challenge some of your belief systems. This is not surprising, as your belief systems generally are based on incorrect information that has been fed to you through a controlled media and education system.
The system very successfully keeps you disempowered with an attitude where you say and think … “there is nothing I can do about it”. But what if there was something you could do about it? If you have been thinking that “things are not quite right” and that “there must be a better way” and you are willing to explore some options that you may not be aware of ... if you want to smile again, then you may consider it worthwhile to contact us.
Bruce
Bruce Sockhill
Rea & Sockhill Solicitors
Buderim, Sunshine Coast, Queensland.
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