Legal Tip 104: Structuring a Discretionary Trust Part 1

I charge $1100 for a company set up and $1650 for a trust set up which includes written and verbal legal advice and a 2 hour meeting. $500 stamp duty for trusts set up in NSW too.

Depends on the tax agent about $500 to $700 + GST.

This reminds me, I had better start working on part 2

 

There can be many ways to evidence a trust owns the asset.
1. The contract
2. The Trust tax return
3. How funds were settled. ie through trust bank account
4. Legal involvement.
5. The trust financial records

Ownership isnt just about a legal name on title. There are many ways to "own" property. Property law is NOT just torrens title transfers etc.

 

Part 2 should indicate annual costs are a touch higher than $500 for a trust. A simple unit trust with a IP starts around $750+. Trading entities and more complex affairs, registers of unitholder issues etc can see this cost higher. Many $1200-$1500 annually. ASIC fees on top.

A tax return alone is a very dangerous approach to take. The trust needs to account for its assets, liabilities, income and expenses. Failure to do so can result in dire legal and tax concerns...