“It goes without saying that we are extremely happy to be saving approximately $1.7m in tax as a result of 542 Partners and their trusted referral partners.”

At 542 Partners, we pride ourselves on our referral relationships. We’ve worked hard to develop a trusted group of likeminded business people that offer complementary services to ensure our clients receive the best advice available.

The challenge

Our client was party to a significant contract where they stood to receive a lump sum amount of $10,000,000 in profit share.

Not knowing the best approach forward, our client required options for minimising additional taxes and advice on where the after-tax profit could be invested without affecting retirement plans. Due to the client’s non-residency, tax calculations were complex, particularly the international tax implications due to foreign tax regimes.

The process

With the client’s permission we liaised with a trusted financial planner and international tax specialist on their behalf.  We were then able to advise the most appropriate entity to sign from a tax and asset protection perspective prior to the contract being signed. Together with our client’s lawyers we made sure the legal documents were signed and accurate and protected our client.

542 Partners were involved in the entire process to ensure our client was comfortable and understood the financial and tax advice being given.

The result

The client’s action plan resulted in savings of approximately $1.7m in tax.

It goes without saying that our client was extremely happy that – together with our trusted network of specialist services – we identified a number of opportunities to ensure the best possible outcome.