Companies, NSW Conveyancing and NSW Business and Franchise

“ ATO webpage - Family trust election ATO webpage - Streaming trust capital gains and franked distributions ”

“ Business and Franchise Sale and Purchase Trade Marks ”

“ This publication is designed to assist with the set-up of a new business structure, the acquisition of an existing structure and the change from one structure to another by covering the essential elements, advantages and disadvantages of each possible structure in relation to income tax, capital ... ”

“ Taking good instructions When receiving instructions from the client, the use of the precedent Retainer Instructions is a very useful risk management tool. It prevents overlooking important issues and records instructions which cannot be contradicted later. ”

“ As a trust is not a separate legal entity, the trustee is personally liable for all debts, liabilities and expenses the trustee incurs for the trust. There are two general rights extended to trustees under trustee legislation and through limitation of liability clauses within trust deeds that serve ... ”

“ The fees and stamping requirements for establishing a trust deed vary throughout Australia, and the duty payable also varies depending on the type of property that is held by the trust. The following table summarises the procedure for stamping and the fee requirements in each jurisdiction. ”

“ Advantages of discretionary trusts Taxation ”

“ In a discretionary trust, the trustee is given discretion as to the way that the property of the trust is distributed to beneficiaries. At the core of the discretionary trust relationship is the ‘power of appointment’. The power of appointment, which can be conferred by will or settlement, vests ... ”

“ The following actions and documents are required to establish a discretionary trust: Decide on the parties to the trust – A discretionary trust requires at least one trustee, a settlor and, if required, an appointor. The beneficiaries are not included as individual parties to the trust deed, ... ”

“ The trust is established when: the trustee has consented to act as trustee; ”

“ The trustee is responsible for managing the trust's tax affairs, including registering the trust in the tax system by obtaining a tax file number (TFN) and an ABN (if applicable), lodging trust tax returns and paying certain tax liabilities. Income tax ”

“ At trust law there is no distinction between a ‘power of appointment’ and a ‘power of amendment’. The term ‘power of appointment’ is often used interchangeably to refer to the power to amend a trust instrument and the power to appoint or consent to a change in trustee. In practice ‘power of ... ”

“ Discretionary trusts are favoured asset protection tools for many privately held family businesses, however they can become the subject of a wide array of disputes, particularly if there are complex financial arrangements, with complicated family dynamics underlying the trust. Disputes which can ... ”

“ Trusts are required by law in each jurisdiction except South Australia, to vest and end after 80 years. It is common for the deed to provide for an earlier vesting date or link the vesting of the trust to a specific event, such as a beneficiary reaching a certain age or the death of a certain ... ”

“ A unit trust is a type fixed of trust that is commonly used in business and investment settings where there is a venture between unrelated or arm’s length parties. A unit trust can be distinguished from other types of trusts as the beneficiaries’ rights to the income and the capital of the trust ... ”

“ For tax planning purposes, it is important to recognize the distinction between fixed and non-fixed unit trusts. A fixed unit trust ”

“ Units in a unit trust structure often draw comparisons to shares in a company. As with shares in a company, a unit trust allows for multiple classes of units with different rights in relation to capital, income and voting. Units are also recognised as a form of property that can be valued, bought ... ”

“ The following actions and documents are required to establish a unit trust: Parties – A unit trust requires both a trustee and at least one unit holder. In circumstances where there is only one unit holder the trustee must be a separate person or entity. ”

“ A unit trust is established once the trust deed is executed and the unitholders subscribe to the foundation units by paying a settled sum to the trustee, usually $1 per unit. The trustee consents to act as trustee of the unit trust and issues units to each of the unit holders. For stamping and ... ”

“ The trustee is responsible for managing the trust's tax affairs, including registering the trust in the tax system by obtaining a tax file number, lodging trust tax returns and paying all tax liabilities. Income tax ”

“ Redemption and transfer of units The unit trust deed will ordinarily provide for the redemption of units at the election of the trustee, or upon request by a single unitholder, or by resolution of the unitholders as a group. The right to transfer units is usually restricted by a right to ... ”

“ The unit trust deed will identify the vesting date of the unit trust. It is common for the unit trust deed to enable the trust to be wound up or terminated at any time if the trustee brings the vesting day forward, or distributes the trust property. Often the trust deed will provide for the ... ”

“ A hybrid trust combines the features of both fixed and discretionary trusts, there are several different forms of hybrid trusts, but most aim to combine the more favourable features of discretionary and unit trusts to create a more flexible structure. Hybrid trusts can be used in a wide variety of ... ”

“ Charitable trusts are express trusts which have been established for a particular charitable purpose, rather than for the benefit of identifiable beneficiaries. Charitable trusts enable the transfer of gifts from individuals and or corporations to charities. A charitable trust can be established to ... ”

“ A special disability trust is a specific type of trust, created by statute, which can be established to provide for the long-term reasonable care and accommodation needs of a family member with a severe disability. Such a trust can either be set up inter vivos or as a testamentary trust in a will. ... ”

“ When finalising a matter it is important to terminate the retainer. This informs the client in writing that all work on the matter is complete and that no further work will be undertaken unless the firm is otherwise instructed. If the matter is finalised in such a way that the client retains ... ”