Trust Establishment and Registration
We can help with advice and establishment of any trust type.
A Trust is a duty assigned to a person or a firm to manage assets or property for the advantage of other parties. These other parties are termed Beneficiaries, while the one holding the trust is known as the Trustee. Since a Trust isn’t its own separate entity, the Trustee carries the liability. They are tasked with overseeing all business activities and must also carry out annual administrative duties. Any financial dealings are conducted by the Trustee and are considered a personal commitment. While establishing a Trust tends to be costlier compared to other business structures, it offers certain perks. For instance, the Trustee can work as an employee of the Trust, which can also have additional staff. In terms of taxation, this structure doesn’t pay Income Tax as a separate entity; instead, tax obligations are transferred to the beneficiaries. However, GST might still apply. Beneficiaries can also tap into tax-free capital gains and various tax benefits, provided the Trust has been organised to permit these advantages. Lastly, a formal Trust Deed must be executed, ideally by a proficient accountant or a commercial solicitor.
Here’s what’s covered in the basic package:
- Trust deed documentation
- Essential minutes for naming the trustee
- Certificates for unitholders, if that’s part of your plan
- A $200 stamping fee for the State Revenue Office is also taken care of
- Submission for a Tax File Number for the trust, if needed
- Application for an Australian Business Number (ABN) for the trust, if applicable
- Registration for GST and PAYG withholding on wages, if necessary
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