In this new season of the podcast I am joined by my colleague Ross Higgins, one of Australia’s pre-eminent tax lawyers, to discuss tax issues for business owners. But don’t worry, we will try our very best to make a complex subject interesting!
Kicking off our first episode, we talk about how to protect your family home from creditors and other claims. Conventional wisdom says that you need to hold your family home in your personal name, in order to avail yourself of the “own residence” CGT exemption. However, for business owners this poses a conundrum, as of course you may then expose this valuable assets to claims which are made against you.
Ross offers some useful practical guidance for business owners in this position, and also discusses various other aspects of the “own residence” exemption which will likely surprise you!