Trust Deed Health Check

Discussion in 'Accounting & Tax' started by pork_belly, 21st Jan, 2021.

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  1. pork_belly

    pork_belly New Member

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    Hi All,

    I have a discretionary trust that I setup approx. 10 years ago and recently I've had a variation to exclude foreign persons.

    What I'm looking for is an independent Trust Deed health check, to basically review my trust deed and make sure it's in alignment with current legislations and if there's anything else I should be aware of.

    Can anyone recommend a lawyer that specialises in this type of work?

    I'm in Victoria and all assets are held in Victoria.

    Thanks!

    Sorry should of posted this in legal but the question started off re: tax liability. Cheers
     
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    The drafter of the variation or the original deed may be a practical solution
     
  3. pork_belly

    pork_belly New Member

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    Victoria
    The trust was originally setup via an accountant (family trust with corporate trustee), who provide wholesale services only (had already contacted them).

    The trust variation was prepared by lawyers for the accountancy firm as a kit from what I can tell (although I haven't signed off on this yet).

    I'm looking for an independent.
     
  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I would consider HWL Ebsworth. Cost may be $1K+ and more if amendments are required. based on similiar examples I have encountered
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I don't like doing these sorts of health checks as it is too broad. Its like going to the doctor and asking 'is there anything wrong with me?' It would take all day to work out (or 5 seconds to say yes for most perhaps!)

    It would be cheaper to start a whole new trust if the trustee holds nothing other than the settled sum.
     
    Paul@PAS likes this.

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