Recently we have seen large Gold Coast construction companies go into liquidation. Some could consider these liquidations were out of their control due to the market-conditions, inflation, and lack of labour resources.
Given the volatile market at present, it is crucial that you are proactive, review your entity structuring, balance sheets and liquidity and ensure your hard-earned assets are protected.
Asset protection is extremely important however risk is often incorrectly based on the business owner’s perception. For asset protection strategies to be successful, they need to be executed well in advance of insolvency events occurring.
Read more from the asset protection specialists at Crest, to see how it might affect you.
Key indicators you need to review
There are certain key indicators for business owners to consider which may indicate asset protection advice is needed. These may include;
- Operating in a high-risk industry i.e. Building & Construction, Property Development, Hospitality
- Substantial retained profits/net assets in the higher-risk operating entity
- High debtor and creditor balances
- Problems with cash-flow and ability to pay creditors on time
- Loans to or from related parties
How we can help
Our expert team of Gold Coast Accountants can help you with the following:
- Utilising various Capital Gains Tax “CGT” rollover exemptions to move assets out of a higher-risk environment and into a lower-risk environment
- Securing interests for loans from associates against business assets
- Registering assets on the personal property and securities register “PPSR”
- Ensuring that remuneration strategies to working associates is in line with long-term goals and objectives
- Establishing cash-flows and budgets
- Ensuring the appropriate insurances are in place
- Ensuring the appropriate documentation are in place i.e. loan agreements, hire agreements
At Crest Accountants, we value relationships and provide timely and proactive advice to our clients to ensure they are protected. Our client’s success means that we are successful.
If you are interested in a consultation on how to better protect your assets, please call our office on (07) 5538 0999 or email Ryan Tarrant rt@crestaccountants.com.au to book your 1 hour consultation.
The price for this *consultation is $550 GST inclusive however if we cannot find something to better protect your position, then the consultation will be free.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice. *Any comments or feedback provided in the meeting for asset protection strategies are general in nature and are not to be considered specific advice. The consultation will be limited to 1 hour in time and there will be a follow-up email advising on key strategies that could be utilised. If you would like to progress with the implementation of the strategies thereafter formal advice would be required in which we will quote separately.
