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A trust is a legal relationship between an entity (person, company, etc) who holds the property assets for and on behalf of another entity (person or company, etc), known as a beneficiary. The relationship between the parties is governed by a document known as a trust deed. Whilst a trust is not a separate legal entity, it still must lodge an income tax return and be registered for tax.
A trust can operate an active business or it can also hold investments such as investment properties, shares and cryptocurrencies.
Establishing a trust brings huge benefits:
A trust fund is the assets that a trustee holds on behalf of a beneficiary. These assets can include cash, shares, property cryptocurrency and more.
These assets can be held in different types of trusts such as a discretionary family trust, unit trust or hybrid trust, each with its own benefits and methods of distributing assets.
Australia recognizes the following different types of trusts:
Yes, you can use a trust to distribute your wealth to other family members or beneficiaries.
However, as of February 2022, the ATO has implemented new rulings (Taxpayer Alert TA 2022/1) affecting distributions to adult children. In some cases, the tax rate for these distributions may be 47% rather than their individual marginal tax rate. Due to these changes, it is best to seek professional tax advice to ensure you are aware of the tax obligations for your trust.
Setting up a family trust is ideal for families with private businesses and other income-generating operations. Follow the steps below to set up a family trust:
The team at POP Business can complete this for you from $2,000 plus GST. Deed stamping costs are separate and vary depending on the state or territory you establish your trust in.
You can get started by simply filling out the enquiry form on this page.
You can also email [email protected]
The turnaround time will usually be within 1-2 days.
We are highly communicative and personalised accountants that are contactable by phone, email and video calls can be arranged.
We operate on the POP Difference - Proactive, Organised and Personalised solutions.
You can find POP Business’ office smack-bang in the middle of Sydney CBD, The Commons, 32 York St, Sydney NSW 2000 (open in Google Maps).