Trusts are widely used for investment and business purposes.
A trust is an obligation compulsory on a person or other entity to hold property for the profit of beneficiaries. While in legal terms a trust is a relationship not a legal entity, trusts are treated as taxpayer entities for the purposes of tax management.
The trustee is answerable for managing the trust’s tax affairs, including registering the trust in the tax system, lodging trust tax returns and paying some tax liabilities.
Beneficiaries (except some minors and non-residents) contain their share of the trust’s net income as income in their own tax returns. There are special rules for some types of trust including family trusts, deceased estates and super funds.
- Better understand your personal and business risks
- Safeguard your personal and business assets
- Protect against family breakdowns, divorce and separations
- Reduce taxes through income distribution and lower tax rates
- Ensure assets are passed to future generations
- Protect your assets against legal action and bankruptcy
Accountant Experts will choose the right trust structure for your business or family and future proof it against taxes and other costs.
