jumbo

Does anyone have experience of setting up a family trust as an individual?

What are pros and cons?

ABCDiamond

Jumbo
It is a complex situation. Are you in OZ ?
Discretionary trusts, Hybrid Trusts, Discretionary Hybrid Trusts ?

Not all Accountants understand all the different aspects, so you need one that REALLY understands, before you set it up.

jumbo

No I shall be migrating soon and am exploring how to legitimately minimise my tax payments - as an individual - but could set up a company for tax purposes. I shall not be working when I get to Oz.

Regards

ABCDiamond

Setting up a company in OZ is a LOT more expensive than in the UK, both in the initial setting up and in annual fees, i've done both.

I can recommedend a couple of people who specialise in trust set ups, and trust accounts. I do know more about trusts than I used to, but only enough to be more confused by them than I used to be

Good luck.

Alan Collett

Hello jumbo, and I hope you are having a Happy Xmas.

Family Trusts are generally used as a tax planning and/or asset protection vehicle by those who have their own business where they would otherwise be paying tax at the highest marginal rate of tax.

If you would like the name of my Australian CA partner to discuss the advantages/disadvantages, mechanics, and costs, please send me a PM or email.

Best regards.

tweed

Can a family trust work if part of the income stream is a pension along with unit trust type investments?