All Topics / Legal & Accounting / Trust fund/s – what to get and why and who to seek further advice from

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  • Profile photo of 4jojo4jojo
    Participant
    @4jojo
    Join Date: 2009
    Post Count: 18
    March 3, 2011 - 2:53 am

    I have been looking into whether or not to set up some kind of trust fund.  Considering there a quite a few options of what type of trust fund to set up, it's all getting a bit too confusing.  Yes, I am going to seek advice from an accountant and etc but that's a whole new problem.

    We are mum and dad investors with 4 kids.

    We have two IP and looking at getting more.

    I would like some suggestions from people in the forum about who they have used and why? 

    Plus examples of costs involved.   Cost to  setup and ongoing costs

    I know it very important to get the right trust fund and have the right wording in it. 

    I have looked around who knows how many websites, read books and as mentioned plan on speaking to a few accountants and other people who deal with trusts….

    But given my limited knowledge on the subject, I'm worried about finding the right people to help us. 

    Any comments would be appreciated.  Please remember that I am new to trust funds..

    Thanks

    Profile photo of luke86luke86
    Participant
    @luke86
    Join Date: 2010
    Post Count: 470
    March 3, 2011 - 3:02 am

    I have recentrly set up a unit trust. It cost $1100 for the set up, $220 for an initial meeting wit hthe accountant and $510 stamp duty to get the trust deed stamped (NSW- I dont think other states even charge for this).

    Luke

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 3, 2011 - 5:51 am

    Best to see a good accountant that understands trust law and taxation of trusts. A deed with a bit of advice will cost you around $1000. There will be additional costs for stamp duty on the deed in some states (NSW $500) and company set up if needed.

    On going costs will be annual tax return for the trust – but this should not be so much more than if you bought a property in your own name. If you use a company as trustee the company will need its own tax return as well – nil return so won't cost much. You will also need to pay ASIC an annual fee of around $212.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 3 posts - 1 through 3 (of 3 total)

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