Setting Up a Trust Fund in Australia: A Comprehensive Guide

 

Team of Business people working at workplace with tablet and document, doing planning analyzing Tax financial report, business plan investment, finance analysis Economic business discussions. Team of Business people working at workplace with tablet and document, doing planning analyzing Tax financial report, business plan investment, finance analysis Economic business discussions. Fund stock pictures, royalty-free photos & images

Setting up a trust fund can protect assets, provide for family, manage investments, and hold business assets. Common types in Australia include discretionary trusts (for flexible income distribution), unit trusts (for fixed ownership shares), and hybrid trusts (combining both). Testamentary and special disability trusts cater to specific needs like providing for children or individuals with disabilities. Trustees manage the trust, ensuring compliance with legal and tax responsibilities. 

While DIY trust deeds are affordable, professional services (ranging from $300 to $1,500) offer tailored and legally compliant options. After setting up the trust, you must register it with the Australian Taxation Office (ATO) and open a dedicated bank account. Ongoing management, including regular resolutions and updates, is vital. Professional assistance from services like HelloLedger ensures your trust meets legal requirements and avoids potential tax or legal issues, maximizing the benefits of your trust.

Read More

Comments

Post a Comment