Central Coast
Trust Accountants
- Our Central Coast team can advise on the best trust type and structure for you.
- We can manage all the paperwork, and the process end to end.
- The team are available for in-person meetings and can always take a call.
- We can support or represent you in the case of an ATO audit.
Contact us today to arrange an initial consultation with no obligations.
What is a Trust and Why Would Someone Want One?
A trust is a legal arrangement where a person or entity (the trustee) holds and manages assets for the benefit of others (the beneficiaries). Trusts are not legal entities but are treated as taxpayer entities for tax purposes. People may want to establish a trust for various reasons, including:
Flexibility
Trusts offer flexibility in managing and distributing assets, which can be tailored to meet specific needs and circumstances.
Asset Protection
Trusts can protect assets from creditors and legal claims.
Tax Planning
Trusts can provide tax advantages by distributing income to beneficiaries in lower tax brackets.
Estate Planning
Trusts can ensure that assets are managed and distributed according to the settlor's wishes after their death.
What are the most common Trusts in Australia?
Unit Trusts
Unit trusts are used in commercial arrangements, where units are bought and sold like shares. They are often used in managed investment schemes. Our Central Coast accountants can manage all the paperwork and ensure compliance with Australian laws.
Managed Investment Trusts
Managed Investment Trusts (MITs) have specific tax rules and benefits designed to reduce complexity for investors. Our team of accountants in Gosford has experience setting up and managing multiple types of trusts.
Special Disability Trusts
Set up to provide for the future care and accommodation needs of a person with a severe disability; these trusts are taxed at individual marginal rates. Again, there are many compliance requirements for this type of trust, but our Central Coast accountants can help you navigate the complexities.
Deceased Estates
Treated as trusts for tax purposes, executors or administrators manage these to distribute the deceased's assets. It is important that our team of accountants collaborate with your will writer/ lawyer to ensure a smooth execution process.
Superannuation Funds
Structured as trusts, super funds provide retirement benefits to members and are subject to specific tax rules. Our Central Coast accountants have expertise with SMSF and we have an entire service page dedicated to it, please [see here].
Charitable Trusts
Established to qualify for charity tax concessions, these trusts must meet specific requirements to maintain tax-exempt status. There are many compliance requirements for this type of trust, and our team of accountants in Gosford advises seeking professional advice for all types of trusts.
Family Trusts
A family group controls these trusts and can benefit from concessional tax treatment. However, if distributions are made outside the family group, they are subject to family trust distribution tax (FTDT). We can suggest the structure of trusts and distributions to manage tax obligations in the most effective way.
Get In Touch
Do you have questions you need answered? Or would you simply just like to put in an enquiry? Fill out our contact from and someone from our friendly team will be in touch.
What do you need to start a trust?
To start a trust in Australia, the following elements are required:
Trustees: Individuals or corporate trustees capable of holding trust property.
Trust Deed: A legal document that sets out the rules for establishing and operating the trust. It must be prepared by a competent person, signed, dated, and properly executed according to state or territory laws.
Assets: Initial nominal consideration (e.g., $10) to give legal effect to the trust, which must be allocated to a member if it’s a super fund.
Beneficiaries: Identifiable individuals or entities who will benefit from the trust.
Why Tax Stuff?
At Tax Stuff, we specialise in setting up and maintaining trust accounts with precision and care. Our experienced team ensures that your trust is structured correctly from the start, providing you with peace of mind and compliance with all legal requirements. We offer ongoing support and expert advice to manage your trust efficiently, maximizing its benefits and minimising any potential risks. In summary, trust in us to handle your trust accounts with the expertise and dedication you deserve.
Frequently Asked Questions About Trusts
What are the benefits of setting up a trust?
Trusts offer asset protection, tax planning opportunities, and flexibility in managing and distributing assets.
How do I choose the right type of trust?
The choice depends on your specific needs and objectives, such as asset protection, tax planning, or estate planning. Consulting with a legal or tax professional can help you make an informed decision.
What are the tax implications of a trust?
Trusts are treated as taxpayer entities, and the tax implications vary based on the type of trust and how income is distributed to beneficiaries.
What is a trust deed, and why is it important?
A trust deed is a legal document that sets out the rules for establishing and operating the trust. It is crucial for ensuring the trust operates according to the settlor’s intentions and complies with legal requirements.
Can a trustee also be a beneficiary?
Yes, a trustee can be a beneficiary, but not the sole beneficiary unless there is more than one trustee.
“At Tax Stuff, we help you to stay organised and compliant.”
