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I’ve set up a trust – now what? Day to day considerations paper


This paper covers:

  • When should we change the trustee having regards to asset protection, land tax and other issues?
  • How should a trust be operated, and what are the key terms?
  • What record keeping and reporting responsibilities does the trustee have?
  • Does the trust need a bank account?
  • What are the trustee’s responsibilities? How extensive are “fiduciary duties” and when does the prohibition on fettering discretions apply?
  • Do beneficiaries automatically have a right to trust records, and what notifications should be provided each year?
  • Casual trust arrangements – does a trust need a deed? What happens if there isn’t one?
  • Trust checklist: addressing distributions to corporate beneficiaries, TFN reporting and family trust elections, unit trusts and CGT event E4.

Author profiles

Antony Barrier FTI
Antony has been practising in tax, estate planning, superannuation and commercial law for over 10 years and provides advice in most areas of Australian Federal and State taxation, with a particular interest in international tax. In addition to his work at Munro Doig, Antony has spent time in the Taxation group of a large Australian law firm and a boutique firm in London specialising in international tax planning. Antony has a Master's degree in Law and is a fellow of the Tax Institute. - Current at 12 August 2021
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Dudley Elliott CTA
Dudley is a Director with Trove Advisory Group. He has over 30 years’ experience in advising businesses on taxation issues, structuring, financing and exit strategies. Dudley commenced his career in the early 1980’s in banking, before moving into public accounting in 1988 firstly with BDO and then later with to Deloitte where he became a partner in 1999. In 2007, Dudley left Deloitte to establish his own practice advising clients and other practices. This has evolved into Trove Advisory Group which operates from Subiaco. Dudley is a recognised taxation specialist, he holds a Masters of Taxation and is a Chartered Accountant. He is a Chartered Tax Advisor and a Senior Fellow of FINSIA. - Current at 24 September 2020
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This was presented at 2021 Trust Intensive Series .

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