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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. - PowerPoint PPT PresentationTRANSCRIPT
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.
My Story
My Background
My Background
My Background
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
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
My Family
My Family
My Family
My Family
My Family
My Family
The Problem
The Problem
The Problem
The Failed Solution
Blindly trusting your accountant to fix the problem.
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
The Successful Solution• Learn how the law
worksEducation
• Understand tax and asset protection laws
Understanding
The Successful Solution• Applying what
you’ve learnedApplication
• Deal with the advisers that millionaires use
Advice
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”
What We Are Covering• Who am I
Why am I hereIntroduction
• Making You Scumbag-Proof1. Asset
Protection
What We Are Covering• Slash your tax 100%
legally2. Tax MInimisation
• Put Money Aside For Your Future3. Super-
annuation
Our Limiting BeliefsWe 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”
John 8:32• “You shall know the truth, and the truth
shall set you free”
Red Pill or Blue Pill?
1. Bulletproof Asset Protection
Threats We Face Today
1. Lawsuits
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)
2. Governments
48% of Bankruptcies Involve Government!
One Day Per Week for Small Businesses!
3. Banks
4. Insurance
5. Family Court
Horror Stories!!
Examples•
The Strategy - Couple• Strawman
• Person of Substance
The Strategy – Singles• Companies and Trusts
The Strategy• Separate Structures to isolate risk
Smokescreens
Smokescreens• Second Mortgages and Cross Collateralisation
Estate Planning• Simple Wills• Bloodline Wills
Frequently Asked Questions
•1. Do I need Asset Protection? I am just starting out …
Frequently Asked Questions
•2. I already own a few properties. What do I do? Can I just put them into a trust?
Frequently Asked Questions
•3. I’ve heard land tax is a problem with a family trust. Is that true?
2. Slashing Your Tax 100% Legally
Alarming Tax Facts
Alarming Tax Facts• 69% tax for the
average Aussie!!!
• http://the-riotact.com/are-you-paying-too-much-tax/52376
Alarming Tax Facts• 48% caused
by gov’t
Alarming Tax Facts• One
DayPerWEEK!
Tax Savings• EXAMPLE: $100k invested 10 yrs at 20% pa
46.5% tax $ 441,143.5130% tax $ 672,749.9915% tax $ 990,597.210% tax $1,378,584.92
Tax Savings• EXAMPLE: Let’s make it 20 years!
46.5% tax $ 841,920.5830% tax $1,618,027.0115% tax $2,925,766.910% tax $5,282,753.06
Secrets of the Rich The rich use entities to protect assets and
slash their tax• Companies – tax only 30%• Trusts – easy to split income between people• Super funds – tax at 15-30%• Foundations – tax free
Secrets of the Rich Various taxes for property investors
• Income tax• Capital gains tax• Stamp Duty• Land Tax• GST
Income Splitting
Companies
CompaniesThese are the most common today• Well recognised• Save tax• Limited liability, eg. tax debts and lawsuits
die with the company• Easy to sell later on
Warning Number 1Don’t use to buy and holdYou Lose Capital Gains Tax 50% Discount
Warning Number 2 Do not make payments out of a
company without adviceYou could pay tax as high as 76%!!!!!
Division 7A Monster!
Family Trusts
Family Trusts
• Family trusts are brilliant to slash your tax, and used by the rich
• Trustee – Puppet• Appointor – God • Many benefits
Benefit Number 1You can split income
Benefit Number 2You control not own assets
Frequently Asked Questions
•4. I Am Just Starting Out with Property. Do I Need A Family Trust?
Frequently Asked Questions
•5. My Accountant Says Family Trusts No Longer Work. Is that true?
Frequently Asked Questions
•6. I Run A Business To Fund My Properties But I Don’t Earn Much. Do I Need A Family Trust? I Won’t Save Much Tax …
Frequently Asked Questions
•7. I buy, hold, renovate. What structure should I use to buy property?
Frequently Asked Questions
•8. I’ve heard that hybrid trusts are the best way to buy property? Is this true?
Frequently Asked Questions
•9. I’ve heard that family trusts cause problems for negative gearing. Is that true?
Frequently Asked Questions
•10. I am a Developer. Should I Use a Company Or Trust?
Claiming Deductions• Know the tricks of the rich …
Claiming Deductions• Other Clever Tricks• eg. travel
Frequently Asked Questions
•11. I’ve heard you can claim some really sexy deduction as a property investor. Is that true?
Frequently Asked Questions
•12. Can I buy property in different States or overseas and claim a holiday on the taxman?
3. Superannuation To Build Wealth
SMSFs v Managed Funds
Superannuation
• 15%
Superannuation
• 0% taxafter60
Save Tax With SuperSuper has great tax benefits• 15% tax before age 60• 0% after age 60• Tax free pensions• Great to accumulate long term assets
Superannuation• Trading Markets
Superannuation• Buying Australian or US Property
Frequently Asked Questions
•13. Can I buy property in a superannuation fund?
Frequently Asked Questions
•14. Can I transfer my properties into a super fund? It will save me a fortune in tax!
Frequently Asked Questions
•15. Do you know any sexy benefits with me using a super fund to buy property?
Conclusion: “Why” Factor
The “Why” Factor• More people are living J.O.B., struggling day
to day, without purpose. Without a “why”, we can’t impact our country, our education system, and make a major difference.
• We need a greater purpose beyond ourselves
- Educate people to prosper in all areas of life- Liberate people from the system
The “Why” Factor
• Freedoms are being restricted more and more each day
• Increased licensing and regulation• Privatisation of government• Erosion of common law rights
• Tax laws change constantly and security of wealth erodes fast due to ignorance
MOVING FORWARD
YOU NEED TO LEARN THE SECRETS OF THE ACCOUNTANTS THAT MILLIONAIRES DEAL WITH!
Free Tickets To Event
We are giving away FREE TICKETS to our exclusive event, How To Legally Reduce Your Tax And Protect Your Assets!
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Contact Details• Warren Black
• 1300 221 995• www.wealthsafe.com.au• [email protected]
• Facebook: • www.facebook.com/warrenblack777
• Twitter: • warrenblack777
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