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