Family Trusts : A Plain English Guide for Australian Families of Average Means
This is a plain English manual for ordinary Australian families and small business proprietors. It will help them to decide whether to set up a family trust, to understand the advantages and disadvantages of this useful legal concept and to discuss the issues more intelligently with their professional advisers. All aspects of setting up and running a family trust are dealt with in this book, including investment aspects and the taxation and social security rules affecting trusts and their beneficiaries. It discusses discretionary and unitised trusts, as well as trust deeds and the roles of the settlor and the trustees. The use of trusts for children with an intellectual disability, philanthropic foundations and the winding up of trusts are also covered. The fourth edition of Family Trusts has been greatly expanded. In addition to the updated real-life case studies that help to flesh out this important subject, there is new material on the qualifications needed by trustees, hybrid trusts, the risks of borrowing by trustees, non-resident beneficiaries, resettlements, minutes of trustee meetings, protecting assets against creditors, bankruptcy and divorce.
- Paperback | 408 pages
- 137.16 x 205.74 x 25.4mm | 498.95g
- 26 Sep 2011
- John Wiley & Sons Australia Ltd
- Milton, QLD, Australia
- 4th Revised edition
About N. E. Renton
Nick Renton is consulting actuary, professional writer and author of Learn More About Family Trusts and Negative Gearing.
Table of contents
About the author xx Foreword xxiii Preface xxv 1 The concept of a trust 1 2 Modern family trusts 10 3 Advantages 21 4 Disadvantages 31 5 Types of trustee 36 6 The trustee 45 7 The trust deed 62 8 Discretionary trusts 73 9 Unitised family trusts 78 10 Administrative aspects 84 11 Investment principles 94 12 Investment categories 107 13 Income tax 121 14 Capital gains tax 140 15 The taxation of discretionary trusts 155 16 The taxation of unitised trusts 166 17 Other tax issues 170 18 Social security 180 19 Alternatives to family trusts 198 20 Trusts for children with a disability 208 21 Estate planning 214 22 Family issues 225 23 Some further thoughts 236 24 The goods and services tax 243 25 Charities and philanthropic trusts 256 26 Winding up a trust 264 27 The abandoned tax changes 271 28 Selected questions and answers 275 29 Miscellaneous 303 Appendix A: Outline of a simple inter vivos trust 314 Appendix B: Wills and trusts compared and contrasted 315 Appendix C: Model resolution for trust distributions 317 Appendix D: Marginal income tax rates for 2007 08 318 Appendix E: Average rates of tax 2007 08 325 Appendix F: Ralph got it wrong 326 Appendix G: Diff erences between trust deeds and powers of attorney 329 Appendix H: Numbers of trusts 330 Appendix I: Numerical examples 331 Appendix J: Useful internet links 334 Appendix K: The Financial Services Reform Act 2001 342 Appendix L: Further information 346 Glossary 349 Index 375