Asset Protection and Clawback Provisions
When entering any transaction, especially related party transactions, consider the clawback provisions under the Bankruptcy Act, the 2 main ones being:
Section 120. Undervalued transactions see
Most people forget about the state legislation as well:
e.g. Conveyancing Act 1919 (NSW)
Section 37A. Voluntary alienation to defraud creditors voidable
Each State has its own legislation similar to the s37A
What the above sections mean is that a transaction entered into with the intent of defeating creditors or putting property out of reach of the trustee in bankruptcy (if you were to go bankrupt) could be attacked. This can even apply to future creditors.
So, take care in how you do things, especially related party transfers such as changing title on property, declaring trusts or moving cash.