Trust Setup
Family, discretionary, and unit trust establishment with TFN, ABN, and trust deed preparation. ATO-compliant structure.
Trust Setup Services
A trust is a legal obligation for a person or entity to hold property or assets for beneficiaries. We handle complete trust establishment in accordance with ATO requirements.
Types of Trusts
- Family Trusts (Discretionary): Trustee has discretion over income distribution among family beneficiaries
- Unit Trusts: Beneficiaries hold fixed units, similar to shares in a company
- Hybrid Trusts: Combine features of discretionary and unit trusts
- Testamentary Trusts: Created by a will and take effect after death
- Special Disability Trusts: For family members with severe disability
Setting Up a Trust
- Create Trust Deed: Legal document setting out trust rules, prepared by a qualified professional
- Appoint Trustee and Beneficiaries: Identify the trustee (individual or company) and beneficiaries
- Settle the Trust: A settlor provides the initial trust property (settlement sum)
- Apply for TFN: The trust needs its own Tax File Number
- Apply for ABN: Required if the trust carries on an enterprise
- Register for GST: If trust turnover is $75,000 or more per year
- Open Bank Account: In the name of the trust
- Family Trust Election: Optional ??? provides concessional tax treatment for loss claims
Trustee Tax Obligations
- Lodge annual trust tax return
- Pay tax on behalf of non-resident beneficiaries and minors
- Distribute income to beneficiaries before year end
- Keep proper records of all trust transactions
- Comply with trust deed terms
Source: ATO ??? Trusts