Getting your trust accounting and tax done right will protect your assets.
Setting up the right kind of trust is a beneficial tool to protect business and family assets, managing income and planning for your financial future. Properly configured, a trust will allow distribution of income, taxes to be minimised and managed and a solid structure to maximise long-term wealth protection.
Managing and setting up a trust can be complex. Formal deeds are required and there is administrative work that must be done each year.
Because the trust deed outlines how the trust will operate, it is important to get professional advice. We can advise you on the best way to manage your trust to minimise your tax liabilities.
If managed correctly, trusts can help reduce higher tax rates by distributing the income to the beneficiaries who often are on a much lower, individual tax rate. We can help you set up a Tax File Number for lodging an annual tax return, an ABN for the trust and register it for GST if the annual turnover is more than $75,000, or more than $150,000 for non-profit organisations.
- Better understand your personal and business risks
- Safeguard your personal and business assets
- Protect against family breakdowns, divorce and separations
- Reduce taxes through income distribution and lower tax rates
- Ensure assets are passed to future generations
- Protect your assets against legal action and bankruptcy
ITP Tax Accountants will help choose the right trust structure for your business or family and future proof it against taxes and other costs. Choosing the right trust structure depends on numerous factors.
We can help you and your business partner navigate your taxes throughout the year
You may run your business by yourself, but you don’t have to worry about your financial obligations on your own
We have more than 40 years experience guiding owners through their business accounting and corporate tax obligations