Like any type of legal
documentation, setting up a family trust does cost money.
In fact, the initial start-up
cost can be about $2,500 and then the same amount again annually in
maintenance-type fees.
These types of ongoing costs
are necessary because there are significant rules and regulations around family
trusts, including meeting the requirements for asset protection and all the
Australian Taxation Office registrations on ABN as well as Tax File Numbers.
Family trusts can also attract stamp duty with the cost varying
from state to state:
- WA – Nil
- ACT – Nil
- NSW – $500 (due 3 months
from the date of the deed)
- NT – $20 (60 days from
the date of the deed)
- QLD – Nil
- SA – Nil
- TAS – $20 (due 3 months
from the date of the deed)
- VIC – $200 (due 30 days
from the date of the deed)
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Jason Gwerder
Thursday, 15 June 2023
