PROBLEMS WITH SETTING UP A DISCRETIONARY TRUST IN AUSTRALIA
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- Опубликовано: 23 июл 2024
- Discretionary trusts can be a great way to protect your assets, but they come with potential drawbacks.
In this video, we take a look at the seven steps you need to follow when setting up a discretionary trust and explore the potential drawbacks of doing so.
If you’re considering setting up a discretionary trust, it’s important to understand all the risks involved before making any decisions.
So make sure to watch the video until the end to cover all the seven crucial steps!
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Davie has over 10 years experience in advising businesses in management accounting and taxation issues. He heads up a passionate team at Box Advisory Group who are dedicated to offering proactive and outstanding service to our clients.
Davie’s extensive experience in providing tax and consulting advice and astute business knowledge has paved the way for success for many businesses.
He is a member of the Chartered Accountants Australian and New Zealand, a member of the Australian Tax Practitioners Board and holds a Bachelor of Commerce degree from the University of New South Wales.
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DISCLAIMER: Please note that every effort has been made to ensure that the information provided in this video is accurate. You should note, however, that the information is intended as a guide only, providing an overview of general information available to contractors and small businesses. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal or tax advice. You should, where necessary, seek your own advice for any legal or tax issues raised in your business affairs.
Video produced by Social Wave
www.socialwave.com.au
I cannot believe this content is free! Thank you!
Glad you enjoy it, Albs!
Thank you so much, very helpful ! :)
Thank you so much, short and simple explanation vid!
no problemo!
Thank you, thank you once again for this great content.
Glad you enjoy it!
Thank you for information
Any time, Sita!
Very Informative.
What happens if all the money is distributed to the beneficeries , how do we pay for the business expenses ( as now now money left in the trust) ?
Thanks in advance
The distribution happens after the trust has claimed all it's expenses. Eg 400k gross. 150k deductions. 250k left over to be distributed to beneficiaries.
Hi Davie! How can I contact you to ask some basic questions, please?
Is it similar for Testamentary Trusts (discretionary ones)? Also wondering if there are two Trustees who are also both the only beneficiaries on a Testamentary Trust and they do not agree on something, do they just end up in a stale mate and can't proceed with anything because they can block each other's actions? One Trustee cannot go ahead and make a decision about the whole Trust by themselves without the other Trustee's consent, can they?
These questions are more legal advice so I can’t answer them. Sorry!
Ive set up a company and a Disc Trust. I have sat down with my bank and set up an account for my trust.
How can I confirm that the bank account is actually set up for the trust? It shows up in my internet banking just like any other account. Does that bank account get registered with the relevant governing body?
check the account name is "ABC Trust" or "Trustee ATF for the ABC Trust"
The bank account should not be under the trustees name it should be under the trust name.
@@DavieMach thank you. I've learnt more from your content then from my own accountant.
@@ruffterrain7247 appreciate that :)
Can you amend a trust deed in the future ?
yes you can
Is there something so called 'love trusts'? I mean a person has an asset and wouldn't want to share by a lover, and the law cannot split the asset to give to the lover but to the beneficiary. The beneficiary elects a trustee whom he/she trusts to take care of the property but the income of the asset goes to beneficiary and not the trustee? How about the trustee wants 1% of the asset to take care of property? Will 1% affect taking ownership of the asset?
How about developing corporate trustee? Does the appointor have the right to take money from an asset if he/she wants? Can the appointor be beneficiary itself as well?
Sorry never heard of a love trust before. So I cannot advise you on this
@@DavieMach sorry what I mean a trust like prenuptial agreement or like a get some rent money per month ,but the property cannot be sold or exchange a part into a loan.
Are there trusts that keep beneficiary safe from giving property like trust should in part number 2 of your video. I meant a preventing Gold diggers who want to take away your wealth?
Can you add beneficiaries in trust if more children in future
yes you can, but you can have a clause to have children of primary beneficiary so you dont need to update this in the future