Family trusts offer a variety of benefits, that's why plenty of
people choose to set one up.
Some of the benefits of setting up a family trust
such as the ability to buy a house for a child to live in without ownership
being forfeited because the ownership remains within the trust.
Minimising tax–trust distributions means lower incomes for tax purposes.
Planning for retirement savings–
the flexible structure of trusts presents an opportunity to accumulate wealth
that can supplement superannuation savings.
Flexibility to invest in property–
unlike super, holding assets within a trust doesn’t have the same strict rules.
Capital Gains Tax (CGT)–
family trusts have CGT advantages compared to companies. This is because the 50
percent discount factor on capital gains received for assets retained for at
least a year applies to trusts but doesn't apply to companies.
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Wednesday, 21 June 2023