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Understanding Tax and Asset Protection: Insights from an Experienced Accountant and Lawyer

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This presentation aims to educate you on tax and asset protection basics. Developed by Warren Black, a licensed accountant and lawyer with 25 years of experience, it emphasizes the importance of seeking professional advice rather than relying solely on generic information. Topics include common complaints about accountants, misunderstandings about tax obligations, and strategies for asset protection. With insights drawn from both legal and financial perspectives, this guide empowers you to make informed decisions and minimize risks while navigating the complexities of taxation and wealth management.

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Understanding Tax and Asset Protection: Insights from an Experienced Accountant and Lawyer

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  1. Disclaimer • My presentation is to educate you on a general basis about tax and asset protection. Do NOT use this information to set up structures or plan your tax or do anything silly without getting advice from a qualified accountant or lawyer or some other self professed egotistical guru. • Warren Black is a licensed accountant and lawyer, and has a financial planning diploma (yes I know I sound like the ultimate nerd). I am not presently licensed as a planner.

  2. My Story

  3. My Background

  4. My Background

  5. My Background

  6. My Background: • Lawyer, accountant, financial planner with nearly 25 years experience • 10 years experience with the ATO • 15 years experience in private practice • Experience in the wealth creation industry and mindset and quantum physics

  7. Quote • “I am not evading tax in any way, shape or form. Now of course I am minimizing my tax and if anybody in this country doesn't minimize their tax they want their heads read, because as a government I can tell you you're not spending it that well that we should be donating extra“ • Kerry Packer at the Print Media Enquiry in 1991

  8. My Family

  9. My Family

  10. My Family

  11. My Family

  12. My Family

  13. My Family

  14. The Problem

  15. The Problem

  16. The Problem

  17. The Failed Solution Blindly trusting your accountant to fix the problem.

  18. Common Complaints • My accountant works for the ATO not me • My accountant isn’t out of the box • It’s like my accountant is just a glorified bookkeeper, that’s overpriced • My accountant doesn’t understand me as a property investor • I’m sure I can claim more

  19. The Successful Solution

  20. The Successful Solution

  21. Ignorance • Alfred the Great (a famous English King in the 8th century) said about ignorance: • “How knowledge liberates – knowledge is power. The saddest thing about any man is that he be ignorant. The most exciting thing is that he knows”

  22. What We Are Covering

  23. What We Are Covering

  24. Our Limiting Beliefs • We all have these growing up in Australia • “If it’s from the government or someone in authority it must be right” • “I’ve done something wrong” • “I’m not responsible” • “The government should look after me”

  25. John 8:32 • “You shall know the truth, and the truth shall set you free”

  26. Red Pillor Blue Pill?

  27. 1. Bulletproof Asset Protection

  28. Threats We Face Today

  29. 1. Lawsuits

  30. The World Has Gone Insane! • “Do not eat” (Apple IPod) • “Do not use while sleeping” (Hair Dryer) • “This product is not intended for use as a dental drill” (Electric rotary tool) • “This costume is not suitable for flying” (Superman costume)

  31. 2. Governments

  32. 48% of Bankruptcies Involve Government!

  33. One Day Per Week for Small Businesses!

  34. 3. Banks

  35. 4. Insurance

  36. 5. Family Court

  37. Horror Stories!!

  38. Examples

  39. The Strategy - Couple • Strawman • Person of Substance

  40. The Strategy – Singles • Companies and Trusts

  41. The Strategy • Separate Structures to isolate risk

  42. Smokescreens

  43. Smokescreens • Second Mortgages and Cross Collateralisation

  44. Estate Planning • Simple Wills • Bloodline Wills

  45. Frequently Asked Questions • 1. Do I need Asset Protection? I am just starting out …

  46. Frequently Asked Questions • 2. I already own a few properties. What do I do? Can I just put them into a trust?

  47. Frequently Asked Questions • 3. I’ve heard land tax is a problem with a family trust. Is that true?

  48. 2. Slashing Your Tax 100% Legally

  49. Alarming Tax Facts

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