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  • #995785
    Teaspoon
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    Hi all, looking at starting off a new venture with my wife after some preliminary research which now has my head swimming I need to start the ball rolling.

    Yet to engage with an accountant.

    It seems from what I have come to understand at the present time that probably a discretionary trust with a corporate trustee is likely to be a good option. I see the business being a steady grower and unlikely to get massive, realistically if it gets to $100k/yr my expectations would be exceeded.

    So unless I am advised otherwise I think I would be looking at ABC family trust, with XYZ PTY, LTD as trustee.

    I need to engage a professional to set this up, what cost would it be expected to look at, an idea would be nice, and most importantly are there any online services for this these days that anyone can recommend, ideally they can be economical, set this up, and then be able to then carry on with the ongoing accountancy and be able to answer a few questions if they arise, and maybe even point out some easy ways to keep documentation logical and in order. We are based in regional QLD. Or would it be recommended to go and find an accountant and talk face to face… it really makes no difference to myself, I think I would probably just make the decision based on the value of cost vs service provided senario.

    #1203888
    Taxopia
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    • Total posts: 301
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    Hi There

    The setup you have described is a fairly standard arrangement that works well for family businesses where the stakeholders are all related (because you cannot have a fixed ownership interest in a discretionary trust). The corporate trustee is a nice addition for extra protection.

    If you’re in Queensland I believe there is nil stamp duty on the trust deed so its relatively inexpensive. You are looking at about $1,300 to have this professionally setup including all registration fees, documentation, TFN, ABN, (GST and PAYGW if needed). This also includes some discussion and advice pertaining to the structure and your exact circumstances.

    We can certainly assist with any part and our ongoing reporting fees are very competitively priced for the quality of our work and advice. Feel free to call anytime.

    Regards
    Alex

    #1203889
    Teaspoon
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    sounds reasonable. Might be calling soon ;)

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