HIA Housing Industry Association - Asset Protection Seminar
•Download as PPTX, PDF•
0 likes•593 views
How to protect your assets in the building and construction industry, understand the risks, what are the QBCC rules and risks
![SICK OF MISSING
THE MARK?[Grow your building and construction business on
solid foundations with help from our industry
experts.]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Recommended
More Related Content
Viewers also liked
Similar to HIA Housing Industry Association - Asset Protection Seminar
Similar to HIA Housing Industry Association - Asset Protection Seminar (20)
Recently uploaded
Recently uploaded (20)
HIA Housing Industry Association - Asset Protection Seminar
- 1. @business_DEPOT businessdepot businessdepot.com.au HOUSING INDUSTRY ASSOCIATION – ASSET PROTECTION17 June 2015 | businessdepot.com.au/buildingandconstruction
- 2. SICK OF MISSING THE MARK?[Grow your building and construction business on solid foundations with help from our industry experts.]
- 3. MICHAEL GARRONE Head of Building & Construction - Contractors - QBCC - Small to medium business m.garrone@businessdepot.com.au (07) 3193 3002 0404 869 255 @mgarrone
- 4. BUILDING & CONSTRUCTION • The industry • The good, bad and ugly • Before & after 2007 • All types of businesses • Start-up, growing, sale or succession • One man contractor to big business
- 6. WAR STORIES
- 7. ASSET PROTECTION • Why do it • What are the risks • What you can do about it • How do you do it
- 8. WHAT WE WON’T COVER TODAY • Running your business • Key customer risk • Contract size • Contractual risk • Supplier risk • Debtor risk
- 9. WHAT WE WON’T COVER TODAY • Business Succession • Life insurances – tpd, trauma • Wills & EPA’s
- 12. B & C Risk low medium high?
- 14. RECENT TRENDS – 764 CO’S - SOURCEABLE.NET
- 15. “DOR OF CAVALIER HOMES TO PAY $1.3M FOR 40 STRANDED HOME OWNERS” - QBCC JULY 2014 ISSUE
- 16. “DOR OF STANGLADE CONSTRUCTIONS ORDERED TO PAY $1.3M FOR DEFECTIVE WORKS” - QBCC JULY 2014 ISSUE
- 17. “CARMICHAEL BUILDERS IN VA” - 12 JUN 2015 COURIER MAIL
- 18. PEACE OF MIND
- 19. RISKS
- 20. WHAT ARE THE RISKS • QBCC • Licence • Deeds of Assurance • QBCC Insurance • Statutory Warranty – 12 month & 6 years
- 21. WHAT ARE THE RISKS • Directors liability • Directors penalty notices – PAYG withholding & Superannuation • Insolvency • Workplace health & safety • Personal guarantee’s
- 22. LOW MEDIUM HIGH?
- 23. EXERCISE
- 24. ASSETS [ LIABILITIES ] [ SECURITY + GUARANTEES ]
- 25. SECURITY + GUARANTEES • Supplier accounts • QBCC deeds • QBCC insurance • Bank debts – business / personal
- 26. BUSINESS ASSETS • QBCC Licence • Cash • Debtors / WIP / Stock • Plant & Equipment
- 27. Common Problems
- 30. OVER EXTENDIN G
- 32. Where
- 33. PROTECTED TO THE MAXIMUM EXTENT POSSIBLE • It isn’t criminal to protect your assets • But last minute transfers might be different • Accept the risks
- 34. How
- 35. IDENTIFY RISKS ASSESS RISKS TAKE ACTION MONITORING
- 36. EXAMPLES
- 37. EXAMPLES • Solid Foundations • Maintenance • Renovations & Extensions • Demolition & Rebuild
- 39. BEFORE 50%50% Husband Wife Company 50%50% Husband Wife Home Home security & debt QBCC Deed
- 40. AFTER 100% Company ATF Trust Company 100% Wife New Home Plan in Place to remove deed QBCC Deed
- 41. MAINTENANCE
- 42. BEFORE 100% Share Company ATF Trust Company Assets Loan Husband & Wife $400,000 Loan Trust $100,000
- 43. AFTER 100% Company ATF Trust Company Assets Loan Husband & Wife $0 Loan Trust $0
- 45. BEFORE 100% Company ATF Trust Company $2m Retained Profits $0.5m QBCC Net Assets Required
- 46. AFTER $1.5m Dividend Company ATF Trust Company Company $1.5m Distribution $1.5m Loan - Secured $0.5m Retained Profits $0.5m QBCC Net Assets Company ATF Trust $1.5m Retained Profits
- 51. “QBCC LICENCE” TIP 1 Stay financial
- 53. “DON’T OWN ASSETS IN YOUR OWN NAME” TIP 3 All Assets!
- 54. “TRUSTS ARE ESSENTIAL” TIP 4 Shares & Investments
- 55. “TIMING” TIP 5 The sooner the better
- 56. “IT’S A JOURNEY NOT A DESTINATION” TIP 6 Ongoing review
- 57. Costs?
- 58. COSTS • Lose your home / retirement • Spouse leaves you Use picture
- 59. INCOME TAX / CAPITAL GAINS TAX STAMP DUTY GST IMPLEMENTATION COSTS
- 60. Costs Risks
- 61. HOW DO WE DO IT • Financial health check • Recommendations • Implementation
- 62. HOW DO WE DO IT • 30 minutes free catch up face to face or email • Working jointly with Nick Stone @ Stone Group lawyers: • Review • Implementation
- 63. WHO WE HELP – BUILDING AND CONSTRUCTION • Residential & Commercial builders • Contractors – Tiling, Air-conditioning, Electrical, Plumbing, Fencing – you name it • High-rise • Franchise groups • Other accountants & advisors
- 64. WHO ELSE • Real Estate • Property Developers • Small to Medium businesses – start-up, growing, big, sale or succession
- 66. THANK YOU! Let’s Get Social @business_DEPOT businessdepot businessdepot.com.au Michael Garrone m.garrone@businessdepot.com.au (07) 3193 3002 0404 869 255 businessdepot.com.au/buildingandconstruction Josh Smith j.smith@businessdepot.com.au (07) 3193 3051
- 67. PLAIN TALKING, ENERGETI C & PROACTIV E [Some of us happen to be accountants too]
- 68. YOU DON’T KNOW WHAT YOU DON’T KNOW [that’s where we come in]
- 69. NO ROBOTIC MUMBO JUMBO[we take a human approach to you and your numbers]
- 70. OUR BUSINESS IS ALL ABOUT IMPROVIN G YOURS [unleash your potential]
- 71. GREAT ACCOUNTI NG SHOULDN’ T FEEL LIKE ROCKET SCIENCE [but it can be an awesome launch pad]
Editor's Notes
- Matrix gyms, Jewel Gold Coast, NBN/Woolworths, Steel shortages/liquidated damages, continuing on/funding a developer
- Tile, But we are going to talk about the what if’s any of these things happen & what you can do about it now
- QBCC insurance, ATO personal liability & it keeps going on
- QBCC insurance, ATO personal liability & it keeps going on
- Where do you think you sit?
- QBCC insurance, ATO personal liability & it keeps going on
- QBCC deed or insurance
- Refer earlier problems – break even, margin unknown
- Cross collateralisation
- Includes negative gearing
- Bankruptcy act / Corporations act – too late when you have threatened/expected creditors
- Build up of personal assets, loans to related entities, etc
- THE TEAM Craig of course is coming into a much bigger team Michael, Brad, Joe and I are extremely lucky to have our entire teams come across with us to businessDEPOT. To all of our staff, old and new, we thank you for believing in our vision and putting up with some of the more uncomfortable elements of change! The super division was always going to be a tricky one to deal with but we were absolutely are stoked Megan Kelly decided to join us the leader and head of our self-managed super funds division. We were also over the moon when Lisa Orr chose to join us at businessDEPOT. Lisa has a vast amount of experience in all things business from her previous commercial roles – dredging companies of all things. Lisa’s role as part of the management team cannot be underestimated. She brings insights and experience from a different perspective that enables us to do what we need to do and not be distracted. Thirdly, I would also like to say a special thankyou to Tess Johnson for also choosing to joining us in our marketing department. Tess is another one of those enablers that keeps everything polished and implements all of my hair brain ideas. Also, it is Tess’s 21st birthday tomorrow! Happy Birthday Tess.
- From day one we offered accounting, tax, business improvement consulting, superannuation and business valuation services. Since launching we have added bookkeeping as a service offering and I will share with you shortly some of the other services we want to add to the mix. Superannuation is a massive area of growth focus for us and you will slowly see over time the super division create its own identify. The first step in that is the launch today of our superannuation specific website. www.depotsuper.com.au Check it out