Winding up dormant family trust

Discussion in 'Accounting & Tax' started by Hamish Blair, 5th Oct, 2019.

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  1. Hamish Blair

    Hamish Blair Well-Known Member

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    A few years ago I established corporate trustee for a discretionary family trust. No longer required.
    Trust doesn’t own any property or other assets.
    Costs me to keep trustee company going.

    how do I go about winding it all up?
     
    Hamish Blair, 5th Oct, 2019
    #1
  2. Terry_w

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

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    The trustee must have assets otherwise there is no trust. It would be the settled sum at least.

    The trustee needs to read the deed and find out if the trust can be vested early and how. Once it vests wind up the trustee and cancel any ABNs and TFNs
     
    Terry_w, 5th Oct, 2019
    #2
  3. Mike A

    Mike A Well-Known Member

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    Will need to voluntary deregister the company as well
     
    Mike A, 5th Oct, 2019
    #3
    Terry_w likes this.
  4. Hamish Blair

    Hamish Blair Well-Known Member

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    True. The settlor settled $20.
     
    Hamish Blair, 5th Oct, 2019
    #4