I have an eBay business that is profitable & worthwhile if I keep under the $75k GST threshold ... it is earning profits of about $20k before tax with $75k revenue. For the past 12 mths, I operated as a sole trader and when I reached $70k revenue a few weeks ago, I established a private company to take over the business activities (just using one of the online company creation websites). myself as director and shareholder. I've kept using my personal bank accts in the short terms whilst other business accounts are being set-up. However after a discussion an accountant, I am now thinking it would be worthwhile to set-up a discretionary trust to use my son to pull out $3k profits per year. So for a bit of effort to set this up, I can save about $1300/yr roughly. So now I have some very basic & hence embarrassing trust questions .... 1. is it worthwhile to create the trust? if so ..... 2. how do I change the pty ltd company to a non-trading trustee company? do I have to do something? do i have to cancel the pty ltd ABN? any costs? 3. is the appointer myself? 4. is the trustee my pty ltd company? 5. who is the settlor if I use an online website like ozcorponline to create the trust? should i just use my wife or a friend? 6. are the beneficiaries myself and my son? can i list beneficiaries and not distribute to them? 7. if the business model fails in a year or two, could i leave the profits in the trust and pull out $3k every year for a few years and essentially pay zero tax? 8. do I still pay the $210 approx per year to ASIC for the pty ltd non-trading trustee company? 9. is a tax return needed for the pty ltd company if it is non-trading trustee company? 10. can i back-date the trust to a few months ago, to avoid the complications of having to submit a tax return for only 1 or 2 mths of trading. 11. does my son need a TFN? 12. does my son need to submit a tax return? 13. for simple home-office type expenses, are the deductions comparable between a company & trust? 14. are there any annual fees for a trust? 15. are the above questions ridiculous and should I just see an accountant? I just paid almost $200 to amend my 2009 tax return so it would be nice to avoid if possible 16. in summary, is it as easy as .. create trust online & apply for trust ABN, change pty ltd to non-trading trustee company & cancel pty ltd ABN, and then change name of bank accounts to trustee bank accounts.