About Prowealth Accounting

Taxation, retirement, litigation and family succession are factors that apply to every person.

The accumulation of assets for enjoyment, income or retirement is fruitless if the assets are lost as a result of litigation or, upon sale or death, part of the assets are eroded away by taxes. 

Many investors and families often overlook the protection of assets. Even families with modest assets need to devote some energy to managing their assets properly. All too often the main effort seems to be minimising income tax and /or maximising current or potential social security entitlements.

The main goal should really be to maximise the family’s wealth, to protect its assets and to provide financial security for members of the family. A number of crucial factors need to be considered when reviewing what type of structure (such as individual, partnership, company or trust) should be used when buying the property.

Factors to consider would include: 
• Who should have the right to receive income, both now and in the future? 
• Who should have the right to receive capital, both now and in the future? 
• Should the asset be protected against possible future creditors? 
• Are there family concerns as to who should own the asset or receive income from it in the future? 
• Are there statutory requirements governing which structure should own the investment? 

Prowealth Accounting can provide you with independent advice, giving you piece of mind today, tomorrow and forever.