The Peter Vickers Business Group was founded in 1979 by Peter Vickers – a core strength from day one was accounting. In order to satisfy the needs of our clients we have grown to provide a comprehensive range of financial services. We provide these services to a broad range of clients, across a diverse range of industries and professions, both in Australia and overseas.
The term "trust" is typically used to describe various types of structures, each with its own regulations, procedures and tax implications. The main types are:
Also called discretionary, this type of structure is commonly used by families operating a small business. It gives the trustee (the person legally responsible for operation of the trust) the ability to nominate how distributions are made.
Also called a fixed trust, this type of structure divides assets into units, much like shares in a company. Unlike family trusts, this structure does not give the trustee power to decide how assets are distributed.
As the name suggests, a hybrid structure has characteristics of both family and unit trusts. Often used where significant assets are involved, a hybrid structure has income and capital gains tax benefits.
Essentially, a trust can be thought of as an obligation imposed on a person or other entity to hold property for the benefit of beneficiaries.
Trusts must have their own ABN and TFN and when lodging a trust account tax return must declare all deductions and income, including rental income, along with distributions made to beneficiaries. The amount of tax payable (if any) is largely determined by how income is distributed to those beneficiaries. Generally no tax is payable where all income has been distributed to adult resident beneficiaries.
Given the different types of trusts, their different rules, regulations and tax implications, preparing a trust tax return can be a complicated and time consuming affair. For that reason, we recommended seeking help and professional advice.
Many trusts have a company act as a trustee. We will discuss with you the extra costs of having a company act as a trustee and the benefits or disadvantages.
At Peter Vickers Business Group we understand our clients’ needs and will help you to understand the different type of trusts. We can help you setup a trust as well as prepare and lodge ATO-compliant tax returns on time. We'll help you avoid penalties, meet deadlines, advise on extensions and generally reduce stress. And we'll make sure you claim all the deductions you are entitled to.
To find out more, visit one of our offices in Sydney or Windsor, or call our helpline today and one of our friendly staff will be happy to help.
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Suite 2, 345 Pacific Highway,
Lindfield, NSW 2070
T: 61 2 9496 2300
F: 61 2 9416 9149
services@pva.com.au
Peter Vickers Insurance Brokers
Suite 2, 345 Pacific Highway
Lindfield NSW 2070
T: 1300 784 011
F: 61 2 9416 9149
enquiries@pvib.com.au
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