Setting up a Family Trust.
At Causbrooks, we recognise the specific needs involved in setting up a family trust. Establishing a trust isn't just about managing assets; it’s about ensuring they're protected and managed in accordance with Australian legal standards. Our experienced team is here to guide you through the entire process, making sure your family trust aligns with both your personal and tax obligations under Australian law.
We do more than just establish trusts; we also oversee the necessary legal documentation and compliance checks, ensuring your trust’s setup and operation meet all regulatory requirements. Whether it's creating a trust deed, managing the distribution of trust income to beneficiaries, or understanding the implications of Capital Gains Tax, we provide the expertise needed to navigate these areas with ease.
By choosing Causbrooks, you ensure your family trust is structured correctly from the start, allowing you to focus on what’s most important—securing the financial future of your family.
Why choose Causbrooks?
Asset Protection and Tax Planning.
Setting up a family trust can offer asset protection benefits and tax advantages, especially concerning capital gains and income distributions. By establishing a trust, personal and family assets can be legally protected, minimising exposure to financial risks. Our team helps you navigate the complexities of trust deeds, including discretionary trust deeds, ensuring compliance with the relevant revenue authority and optimising your tax position under Australian law.
Customised Financial Strategy for Family and Business.
A family trust and corporate trustee can provide many benefits around planning for your family business. We guide you in structuring your trust to facilitate effective income and capital distribution among family members, which can lead to substantial tax savings. This strategic planning extends to handling stamp duty fees and setting up trust bank accounts, ensuring your family group and business are positioned for growth and security.
Comprehensive Legal and Financial Guidance.
Our expertise covers all facets of setting up and managing a family trust, from drafting the initial family trust deed to helping you get a Tax File Number (TFN) and Australian Business Number (ABN). We offer professional advice on appointing trustees, whether it's a legal entity such as a private company or a legal person, and on managing trust property and trust assets for tax purposes. We also provide ongoing support for your annual trustee meeting, ensuring your family trust operates as it's supposed to and your financial goals are met.
Set up your Family Trust with Causbrooks
At Causbrooks, we’re dedicated to helping businesses with their taxation and accounting needs. If you’d like to discuss your own situation, please complete the form below.
Our team of dedicated accountants is committed to providing the best possible experience for our clients, and we believe that our combination of longevity and experience in the industry and our commitment to embrace innovation and change make us uniquely qualified to do so.
Setting Up Your Family Trust with Causbrooks.
At Causbrooks, we specialise in helping you set up a family trust that meets your specific needs. Whether you're looking to protect your family's assets, plan for the future of your family business, or manage your tax obligations effectively, our team is here to guide you every step of the way.
Setting Up Your Family Trust.
At Causbrooks, we specialise in helping you set up a family trust that meets your specific needs. Whether you're looking to protect your family's assets, plan for the future of your family business, or manage your tax obligations effectively, our team is here to guide you every step of the way.
Managing Legal and Tax Requirements.
Our experts ensure your trust complies with all relevant legal requirements, including registering with the relevant revenue authority and obtaining a Tax File Number. We manage the details, such as paying any applicable stamp duty fee and setting up a trust bank account.
Asset Protection and Distribution.
We help you protect and manage your family’s assets. This includes advising on the distribution of trust income and capital gains in a way that maximises tax advantages and meets the financial goals of your trust structure. We also provide guidance on including provisions for primary and other relevant beneficiaries to ensure that your assets are handled according to your wishes.
Ongoing Support and Advice.
Setting up your trust is just the beginning. We offer ongoing support, including facilitating trustee meetings and further involvement in the management of the trust. Our aim is to ensure your family trust continues to serve your needs and adapts to any changes in circumstances or legislation.
By partnering with Causbrooks, you benefit from our expertise in handling the complexities associated with setting up and maintaining a family trust. We provide professional advice and practical solutions tailored to ensure the long-term security and success of your trust arrangements.
Benefits of Setting Up a Family Trust.
When you set up a family trust, you're taking an important step that offers several benefits.
Tax Management.
A family trust can be a very tax effective structure as it allows for effective tax planning. You can distribute income and gains from capital among your beneficiaries in a way that can lower the amount of tax they need to pay.
Asset Protection.
Setting up a family trust can create a shield for your property, business interests, and investments. It can protects the trust assets from personal liabilities and potential financial threats, providing you with security and peace of mind.
Strategic Property Investment.
A family trust can offer more freedom for property investing compared to other structures like Self-Managed Super Funds (SMSFs).
Future Security.
A family trust can ensure continuity and succession, helping keep your business or investments stable and secure through changes and uncertainties.
Capital Gains Tax Benefits.
Capital Family trusts can be particularly advantageous when it comes to Capital Gains Tax (CGT). If you hold assets in the trust for over a year, you might benefit from a 50% discount on Capital Gains Tax, providing a significant tax advantage over other structures. such as companies.Tax Benefits.
Strategic Property Investment.
A family trust can offer more freedom for property investing compared to other structures like Self-Managed Super Funds (SMSFs).
Set Up Your Family Trust Today!
Types of Family Trusts.
Hybrid Trust.
A hyrbid trust combines the predictability of fixed trusts with the flexibility of discretionary trusts, ideal for precise asset distribution and effective tax planning.
Family Protection Trust (Non-Foreign Person).
This discretionary trust focuses on wealth transfer and asset protection, adhering to the Bamford decision to facilitate succession planning for family leaders.
Discretionary Trust (Individual and Corporation).
A discretionary trust provides asset protection and potential tax benefits for small businesses by enabling income and capital distribution to corporate entities, allowing diverse beneficiary designations.
Leading Member Discretionary Trust (Individual and Corporation).
Tailored to small business owners, this trust emphasises the succession of the appointor’s role to their direct descendants, enhancing asset protection and wealth transfer.
Discretionary Trust (Non-Foreign Person).
Restricts distributions to Australian citizens and permanent residents, offering discretionary control while avoiding surcharges associated with foreign beneficiaries.
Leading Member Discretionary Trust (Non-Foreign Person).
Allows a family’s leading member to manage and transfer control of the trust to successors without the involvement of foreign persons, ensuring compliance with local surcharges.
Family Protection Trust (Individual and Corporation).
Targets asset protection and strategic wealth transfer, with a focus on seamless succession for family leaders.
Need Professional Guidance Setting Up a Family Trust in Sydney?
Setting up a family trust isn't mandatory, but the advantages are significant. Family trusts can ensure the protection of your family's assets, streamline your tax management, and create a solid foundation for future financial planning. Our team is skilled in navigating the complexities of trust formation and offers informed, up-to-date advice tailored to your specific needs. Whether you're looking to safeguard your personal and business assets, manage inheritance issues, or simply want the reassurance that comes from expert assistance, we're here to support you.Contact us today to learn how our dedicated services can help you establish and manage your family trust effectively.
Contact us today for a consultation.
Contact us today to learn more about how our accounting services can benefit your business. We look forward to hearing from you and helping you achieve financial success!
