Family trust accounting for tax-effective income management. Pop Business are your expert family trust accountants.

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Our Family Trust Accounting Services

Family trust accounting services lay the foundation for your family trust account, ensure you select the most appropriate family trust structure and can advise on other tax-effective trust management strategies.

When configured properly by our family trust accountants, your family trust will allow the trustee to distribute income to beneficiaries in lower tax brackets and also cap tax rates with a bucket company—providing the foundation for long-term wealth protection.

A family trust is considered a separate entity for tax purposes. This means a trust needs a Tax File Number (TFN) and must submit annual income tax returns. Along with a TFN, before establishing a family trust account, you will need:

Why Pop Business?

Family trusts are a valuable tool that can safeguard your personal and business assets while simultaneously making things a little more tax-effective. 

When you work with POP Business, you will benefit from the expertise of our family trust accountants, who will establish the most efficient structure for your needs. Additionally, our family trust accounting services will provide trustees with the guidance and information needed to effectively manage assets and comply with tax obligations set by the ATO.

As a completely online and cloud-based accounting firm, POP Business provides customers with technology-driven accounting services that are more efficient than outdated modern practices.

POP are experts in tax minimisation and trust tax returns, so get in touch to get it done right.

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Australian businesses that love our services include:

What Our Customers Say

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"The team at POP Business have been amazing for Sprintlaw. We have received high-impact and high-quality strategic counsel and tax accounting service from them. They represent truly modern-day accountancy at its finest."

"POP Business was the perfect accounting partner for Quicka when it came to finding an accounting firm. As a new and growing business, they took the time to really understand our business model. Highly recommend them for new and growing businesses."
"Professional, knowledgeable and friendly accountants, who take the stress out of finances and tax. I highly recommend using POP Business for a seamless experience."

"I found POP Business to be extremely helpful providing technical tax advice. They went above and beyond in every situation to ensure I had a smooth experience. I cannot recommend them more."

"As a small business owner I'm constantly managing my cash flow and looking to find value in any service I take up. I found POP Business online and found their pricing to be affordable with great service. Very happy with the team at POP."

Using POP Business has been incredible for my own business. Their team has been so helpful and understanding. I couldn’t recommend them more as an accounting partner for any new and growing business."

Whatever your tax needs, our team of experienced POP Business Accountants have got you covered.

Perhaps your small business is behind on your annual tax obligations?

Maybe you’d like to know if there’s other smart ways you can minimise your tax?

Or, it could be you’re looking for expert advice on how to growth-hack your business.

Good news. POP Business are the pros at all three. Tax shouldn’t have to be so… well, taxing. Drop us a line and you’ll never look back.

James Pham
Senior Accountant
Sidney Cachuela
Business Consultant
Patrick Sargent
Chartered Accountant
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Family Trust FAQs

Also known as a discretionary trust, a family trust is established to hold a family’s assets or to conduct a family business. Typically, a family trust is beneficial for asset protection or tax purposes.

A family trust account includes:

  • Trustee(s)
  • Appointor
  • Beneficiaries
  • Settlor

Assets a trustee holds in their family trust may include income, property, shares, cryptocurrency, businesses and business premises.

Yes, an accountant can help you to set up a family trust. When you set up a family trust, you require a settlor to create the trust deed, which is a legally binding document that defines the rules that govern the trust. It outlines the trustee(s) and beneficiaries, the powers the trustee holds, how benefits are paid, rules for managing the trust bank account and how the trust may be terminated. 

The settlor is an independent person unrelated to the beneficiaries who has sufficient financial or legal knowledge of the family trust set up process and management, such as an accountant or lawyer. 

A lawyer is also required for deed stamping in the state or territory you establish your trust. At POP Business, we work closely with law firms that specialise in trust establishments, allowing us to streamline the deed stamping process.

Family trusts are not legal entities and cannot directly own property or assets. 

The assets held in the trust are legally owned by the trustee or trustees and are held in the trust on behalf of the beneficiaries. The trustee is legally responsible to any creditors of the trust. 

For example you can purchase a house through a trust, and it would be legally owned by the trustee on behalf of the beneficiary. The beneficiary could then live in the house, however they would not be able to claim any CGT or land tax exemptions as they are not the legal owners of the property. 

You should consult an accountant to determine the best course of action for managing your assets.

The exact cost to establish a family trust may depend on the state you live in and applicable stamp duty. For a family trust accounting service to set up your family trust, you will need to obtain the following and pay the associated costs. 

  • The Family Trust Deed – this specifies the rules under which the trust operates
  • Family Trust Deed Stamping – stamp duty varies between states
  • A Family Trust TFN – Tax File Number
  • A Family Trust ABN – Australian Business Number (required if operating as a business)

Stamp duty for family trust deeds can vary state-to-state from $0 to up to $500 in NSW.

Our service fee for creating a family trust is $990 including GST. This is separate to the deed stamping costs of the state or territory you establish your trust in, as well as any associated lawyers fees for deed stamping.

Along with safeguarding your personal and business assets, when you have a family trust, you may benefit from: 

  • Controlling how much income or capital to pass on to each beneficiary.
  • Favourable tax planning opportunities where more money can be distributed to the beneficiary with the lowest marginal tax rate.
  • Flexibility to distribute income to adult children (aged over 18 years) who are either studying or working part-time and are in a low tax bracket.
  • Stream capital gains and franked dividends to specific beneficiaries.
  • A family trust can benefit from a capital gains discount when disposing of assets held for more than 12 months.
  • Ability to hold personal use assets such as holiday homes, boats, racehorses, etc.
  • Reduces the land tax payable on multiple properties by owning each property in a separate family trust.
  • Assets can stay in the family and be passed through the family.

Family Trust Accountants

A POP Business family trust accountant can provide expert advice on family trusts and help determine the most tax-effective way to manage your business income and personal assets. POP Business provides family trust accounting services throughout Australia.

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