gsaps Posted January 4, 2012 Share Posted January 4, 2012 I'm going to be starting a business that will at some point be paying out dividends.It's been suggested that a good way to minimise tax will be to set up a family trust and pay dividends to the beneficiaries. Has anyone on the forum done this that can give me some advice about the details. Thanks Grant Quote Link to comment Share on other sites More sharing options...
roger2shirts Posted January 4, 2012 Share Posted January 4, 2012 I know we did it and its pretty common here to do it as you can reduce your tax bill considerably and give yourself some protection. Quote Link to comment Share on other sites More sharing options...
gsaps Posted January 4, 2012 Author Share Posted January 4, 2012 Hi roger, thanks for the reply did you use an accountant to set it up or did you do it yourselves, I've seen an online site where it seems you can do it yourself. Where there any pitfalls that you encountered? Quote Link to comment Share on other sites More sharing options...
roger2shirts Posted January 4, 2012 Share Posted January 4, 2012 Use an accountant - its a foreign system here and unless you know what you are doing you'll get screwed. Where are you? I can recommend someone in Queensland for you. Quote Link to comment Share on other sites More sharing options...
gsaps Posted January 4, 2012 Author Share Posted January 4, 2012 Unfortunately I'm in NSW so I'll have to find someone a bit closer to home but thanks for your replies Roger Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted January 4, 2012 Share Posted January 4, 2012 Happy to help. I use a family trust with a corporate trustee for my interest in our tax practice, and we set up the same for our business clients (where appropriate). Send me a PM or complete the details at this webpage if you'd like to discuss: http://www.gmtax.com.au/contact/ Agreed that this is a structure that isn't generally encountered in the UK - for good tax reasons - but is commonly used in Australia, again for good tax reasons. Best regards. Quote Link to comment Share on other sites More sharing options...
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