Family trusts

[gsaps 87]

​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

[roger2shirts 112]

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.

[gsaps 87]

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?

[roger2shirts 112]

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.

[gsaps 87]

Unfortunately I'm in NSW so I'll have to find someone a bit closer to home but thanks for your replies Roger

[Alan Collett 3,379]

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.