Discretionary Family Trust

G'day!

I'm looking into buying a retail business and it seems that Family Trust is the business structure that would most likely suit my situation best.

What are involved in setting up a Family Trust? Should I set it up first or should I wait until I'm closer to the purchasing stage? At the moment I'm still looking around, found a few that I'm interested in, but are still waiting to see their financial details.

Thank you.


Regards,
Rob

 

Rob,
There are other threads on DT's that you can read.

If a DT is the right structure, most people will use an accountant to set this up although there are various online companies that can provide the documentation for you with instructions.
You need to decide on the trustee structure - a corporate trustee or personal, where most will advocate a company as trustee. It carries a higher cost but greater flexibility.
You need beneficiaries and make sure you have flexibility to add others later.
You need a trust deed to cover all that you can imagine that the trust can do.

As with any other legal entity, register it for an ABN, GST, tax file number etc.
Good luck
Greg