Family Tax & Asset Protection
At Thompson and Wallace Partners, we provide insight and foresight to the most competitive industries in the world. Our team of experts have a wealth of experience and knowledge across a range of industries, allowing us to provide tailored advice and support that will help your business to succeed.
We understand the challenges that businesses face and can help you to navigate through them, ensuring that you are always one step ahead of the competition. Whether you are facing disruptive competition, talent wars, or changes in regulation or technology, we can help you to stay optimized and successful.
Contact us today to learn more about how we can help your business thrive.
Contact us today to learn more about how we can help your business thrive.
Asset Protection
Family asset protection is an important issue for many Australians. Unfortunately, there are a number of risks that can threaten the financial security of families, including divorce, bankruptcy, and illness.
While it is impossible to completely eliminate all risks, there are some steps that families can take to protect their assets. For example, couples can consider entering into a prenuptial agreement before getting married. This can help to ensure that assets are divided fairly in the event of a divorce.
Families can also create trusts or other legal structures to protect their assets from creditors. Lastly, it is important to have adequate insurance coverage in place in case of an unexpected event. By taking these steps, families can help to protect their financial security.
Family Tax Benefit
Family tax is a payment made by the Australian Government to help families with the cost of raising children. There are two types of family tax payments: Family Tax Benefit Part A and Family Tax Benefit Part B.
Family Tax Benefit Part A is paid to families with children who are aged 0-16 years old, and Family Tax Benefit Part B is paid to families with children who are aged 0-6 years old.
The amount of family tax that a family receives depends on their income and the number of children they have. To be eligible for family tax, families must meet certain criteria such as being resident in Australia and having an annual income that falls below a certain threshold.
Families can also receive an additional payment known as the Family Tax Supplement if they meet certain eligibility criteria.
