The Protect Assets Scorecard

Most business owners would lose all (or a significant chunk) of their life’s work to taxation, a poor decision, simple mistakes or complex errors.

Let's see how exposed your assets are ...

Are your personal assets protected in the event of legal action?

Yes

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Could you draw your current business structure then explain why it was set up this way?

Yes

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On paper are you worth very little, as most assets are owned in separate entities or other people's name

Yes

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Has your accountant reviewed your business structure to ensure tax efficiency and asset protection in the last 12 months?

Yes

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Do you have an up to date register of all your Personal Guarantees?

Yes

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Do you and your spouse both happen to be Directors of the same Company?

Yes

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If something happened to you, would your family have to worry about money in the future?

Yes

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If something were to happen to you, are documents are in place to transfer assets to the people you choose?

Yes

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If you had a major accident or lost your mental capacity, could someone easily manage your affairs on your behalf?

Yes

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Do any of your Trusts have Individuals as Trustees or are you Individually the Trustee of any Trusts?

Yes

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Is your current accountant proactive? I.e. you don’t have to push him / her for ideas.

Yes

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Are you 100% certain that you are paying your fair share in tax and not a cent more?

Yes

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Would you eagerly consider rehiring your present accountant?

Yes

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Do you and your current Accountant have a Tax Planning meeting at least once a year ensuring that you're implementing every legally available tax saving strategy?

Yes

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Do you have an up-to-date shareholders agreement in place to ensure that your business partner(s) are on the same page?

Yes

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If you or your partner died, would you and / or your partner inherit high value assets (making you a target for litigation)?

Yes

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Have you completed a death binding nomination to ensure your superannuation balance goes to your chosen beneficiaries at death?

Yes

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Have you established a SMSF Will which can direct your superannuation to your Beneficiaries without being put at risk of litigation by aggrieved family members?

Yes

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In your Business Structure set up do you have a Company and Trust where one is the 'Trading' entity and the other an 'Asset Holding' Entity?

Yes

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Do you have a Personal Entity that holds all your Personal Assets such as Cash, Vehicles, Boats, Home Contents and Furniture, Jewelry & Collectibles?

Yes

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Do you have a Business Entity that holds all your Business Assets such as Intellectual property (IP), Trademarks, Patents, Logos, Business Names, Plant & Equipment etc?

Yes

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If you have multiple businesses, does each business operate from separate entities, to prevent the possible failure of one business venture affecting any other?

Yes

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Within your Family Group, have you carefully chosen one individual to be a "Risk-Taker" and another individual to be the "Asset-Holder"?

Yes

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Are you the Director of your business Trading Entity AND the owner of your Family Home too?

Yes

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In the last 12 months have you protected the Family Home with 'Gift & Loan Back' arrangement?

Yes

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In the last 12 months have you updated your Trust Deeds - for new income streaming provisions?

Yes

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In the last 12 months have you flushed out any Retained Profits in the business and loaned them back with a secure loan?

Yes

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If you are the Sole Director of any companies, have you appointed someone to act as an “Alternate Director” for a set period of time if you are incapacitated

Yes

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In the last 12 months have you updated your Wills? e.g. to include 'BLOODLINE' provisions?

Yes

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In the last 12 months have you updated your Power of Attorney?

Yes

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In the last 12 months have you updated your Medical Directive?

Yes

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In the last 12 months have you updated your Letter of Wishes for Family?

Yes

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In the last 12 months have you had an independent review of your business insurances to ensure you have adequate cover? (i.e. Professional Indemnity, Workcover, Cyber, Business Insurance, Audit Insurance, product liability, director, trade and debtor insurance)

Yes

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Are you up to date with Simple Loan Agreements – Funds injected into business from personal cash / home loan?

Yes

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