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Trustee would be personally liable and directors would be liable for the company tax debt.

Actually It would probably be subject to stamp duty because the terms of the trust may allow for some discretion. If it was a fixed trust then maybe not. I have never looked into this, but good point.

The definition of a trust is "A holding property for B" where A and B are the same there is no trust relationship. A would just hold legal and beneficial ownership.

I was thinking more along the loans of Dave as trustee entering into a contract and then finding out there is no trust and trying to fix this by changing the trustee. I don't think there would be a stamp duty issue initially as the trust would never have existed.

Yes, and I hope Dave was just using this as an example. If the property was actually purchassed by such a trust it wouldn't exist. To fix it would mean stamp duty and CGT pllus weakening of asset protection. I have seen another trust set up by a well know advisor with A and B as trustees and B...

The trustees are probably companies. Some tax haven countries allow nominee directors - with the real director hidden. They also allow bearer shares - whoever has the certificate is the shareholder despite registration. Good secrecy laws means the ultimate controller is hidden. It is also...

Probably taken over by nominees. Ie the person who appeared to be the person controlling the trust would now be the person actually in control. Any secrets gone to the grave. There have been a few court cases where the people behind the trustee's still have not shown who they actually are.

In such a case there would be no trust as a person cannot hold assets for themselves in trust as they would have both beneficial and legal ownership. If the trust was set up properly with units owned by an individual them these units are property which can be passed on via a will or the...

ps. I am going to tradmark the name "Aussie Battler Trust" so don't you go using it (without paying royalties to my Cayman islands trust which has a stranger as my nominee trustee).

Here is an interesting article about the estate of the late Michael Hutchinson of INXS. http://www.smh.com.au/lifestyle/celebrity/tiger-lily-hutchence-to-inherit-little-from-her-father-michael-hutchence-report-20140729-zxzkn.html "Worth" around $30million he died with assets of just over...