Trust advice and popular services

Review of trust deed and provision of report

This service involves us reviewing the trust deed and reporting back on possible amendments. The review will cover the following items: income streaming, appointor powers, investment powers, financial reporting requirements and vesting date.

Change of trust name

Variation of trust deed to change the name of the trust.

Foreign person exclusion

Variation of Family/Discretionary trust deed to exclude ‘Foreign Persons’ (or similar term) for a single or multiple jurisdictions for duties and land tax purposes.

Note that the standard fee covers 1 jurisdiction.

Each additional jurisdiction incurs a $200 fee.

Variation for streaming and to improve tax provisions

Variation to a trust deed for tax purposes such as including appropriate income determination and streaming provisions.

$1,250

Variation for Appointor and Successor Appointor provisions

Variation for inclusion of Appointor and Successor Appointor provisions. We insert a range of provisions for the smooth functioning of the Appointor and Successor Appointor provisions.

Variation for investment power provisions

Variation to a trust deed to provide for broad and modern investment powers, allowing for investments in all types of investments and assets including such as cryptocurrencies.

Change of appointor

Documents to effect a change of appointor of an existing trust.

Documents for a current appointor to make a Successor Appointor nomination

Note that we recommend the appointor provisions are reviewed to ensure they meet your needs and are varied if necessary.

Winding up or vesting

Winding up/vesting a discretionary trust that does not have significant assets or any dutiable property. The documents are prepared on the basis that the Trust holds total assets less than $5,000, and no assets that are situated outside Australia.

Change of Trustee for a discretionary trust

Documents to effect a change of trustee of an existing trust.

Renunciation

Instead of amending a deed to exclude certain existing beneficiaries, these documents can be signed by the ‘existing’ beneficiary to renounce all present and future rights as a beneficiary which they may have under the trust.

Variation to amend reporting requirements

From July 2021 changes to the Australian Accounting Standards (AAS) have meant that trust deeds that were in existence as of 1 July 2021 that expressly require trustees to prepare financial statements in accordance with the AAS are required to prepare general purpose financial statements and not special purpose statements. These documents will remove the requirements to prepare statements in accordance with AAS.

Extension to vesting date

Many trusts were established with a vesting date of less than 80 years. These documents will act to vary the vesting day to be ‘one day before the 80th anniversary of the commencement date of the trust’.

Managing unpaid present entitlements – Family Trusts

Documents to notify a beneficiary of an unpaid present entitlement for the purposes of section 100A of the Income Tax Assessment Act 1936 (Cth).

These documents provide a single-use licence for a single discretionary trust
Refer to this article:
Family trusts — managing unpaid present entitlements

Sundry variations

There may be a need to add or subtract wording or a power to/from a trust deed, eg, at the request of a bank or lender. Our lawyers can review your request and confirm what is needed.

Adding/removing beneficiaries of a discretionary trust

Care is needed before adding/removing a beneficiary as significant tax liabilities can arise if this is not properly managed.

Trusts – Business services

We can assist with establishment, structuring, equity events and succession including establishing or varying business structures including partnerships of family trusts. Click here for more.

Trusts – Tax services

We assist and advise on various taxation matters relating to trusts and other structures, particularly in relation to representation for clients in ATO and SRO matters including regulatory review and audits and responding to information requests, reviews and appeals. Click here for more.