Estate planning is about a lot more than having an up-to-date will. A good estate plan will structure your estate so you can distribute your assets according to your wishes, protect your family’s interests and minimise tax. If you have assets of any kind, you really need to consider an Estate Plan.

We can help you put in place the right level of protection by taking into account not just what should go right but also what might go wrong. Being protected against unforeseen events such as illness, injury, permanent incapacity, traumatic illness and death is paramount in protecting your wealth.

As a business owner it’s inevitable that one day you will leave your business. Whether you decide to sell up, retire or have to leave due to health reasons, it’s important that you plan for that day by preparing a plan that outlines who will take over your business, how the finances work, how the risks are addressed and how all this syncs in with any legal agreements that may be required.

Audit reviews, enquiries and investigations are continuing to increase for individuals, businesses and self-managed superannuation funds (SMSFs) by the ATO. Sophisticated data matching technology has enabled detailed cross referencing of information from an assortment of government departments, which is increasing the frequency and scope of audits, reviews and investigations.

What does this mean for you?

It means that that more SMEs and wealthy individuals will be targeted for tax investigations, based on the ATO’s perception of the “risk” that the taxpayer may not be complying with tax law.

We can tell you that this is rarely a pleasant experience, even if you are 100% compliant. It may cost you significantly in terms of dealing with the ATO, providing them with the information they require and fully and professionally representing your position to achieve the right outcome.

We advise all of our clients to seriously consider insuring this risk.

It's always important to look at the various potential threats to your business and how you may look at mitigating these risks. Many of these should be looked at by professional advisers in this space and we are able to partner with these specialists to achieve the results you need. Often overlooked areas include key-man and succession buy out risk, which are a specialty at Altus. These matters require ongoing review to ensure that business risks are addressed and cover levels are appropriate.