Trust

A family trust, or discretionary trust, is similar to a company. A trust is commonly set up with a company acting as trustee. It can be complex to set up and administer and you should check with a solicitor and accountant on whether it suits your individual circumstances. You will need an ABN and a tax file number in the trust name.

PROS

  • Limited liability is possible
  • A trust is more private than a company
  • Greater flexibility in income distribution

CONS

  • It's more costly to set up and run
  • More compliance and legal requirements
  • Powers are restricted based on the trust deed

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