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Family Trust

Learn what a Family Trust is, the tax benefits of setting up a Family Trust in Australia and more.

How is a Family Trust wound up?

A Trustee winds up a Trust by:

  • making a Declaration (in writing) that the Trust is to vest (that is the Trust ends and the Trust assets be distributed to the Beneficiaries);
  • collecting in all of the Trust assets and converting them into cash (unless the Trustee proposes to make an in specie distribution);
  • all debts of the Trust must be paid and all tax must be paid;
  • if the Trust is a Family Trust, the Trustee must exercise a discretion and determine who among all the Beneficiaries is to receive the Trust assets;
  • the assets (or cash) are then distributed;
  • notice is then given to the Taxation Department that the Trust has ceased to exist.

Family Trust

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