Family (discretionary) trustt

[Robert K]

Bit left field, but google has failed me this time. Hoping someone might know something about this here.

In the process of setting up a family trust, but got asked which state’s laws to adopt.
I can’t find anything on google about the difference between the state laws.

We’re thinking of QLD as they don’t charge stamp duty to set one up. That’s a $500 saving, or more than 800 ice creams from Maccas!

Any enlightenment would be appreciated

 

[p--and--t]

Suggest you talk to an expert with current knowledge on the differences between states.

Depends what you are setting it up for. If thinking really long term, I know at one stage SA was the only state where you could set up a perpetual trust, all other trusts expired after a certain time and trigger a massive capital gains event sometime in the future.

 

[cove]

Our WA family discretionary trust is to run for a limit of 80 years and it started 41 years ago. I will be gone before the 80 years has passed and I have extra powers during my lifetime and thru my will but the beneficiaries of the trust cannot avoid any capital gains tax on assets that will get distributed. Stamp duty can be close to zero if all you have to start with is a modest settled sum and nothing else. Our family trust owns an operating business by way of units in a unit trust that trades.it now has shares and real estate assets as well as the unit trust units.