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Thats a new one to me! The normal tax rules apply to trusts too. You can't claim anything in relation to the trust but the trust itself may be able to claim certain expenses if they relate to producing assessable income.

Well there are issues there because it is discretionary. Whoever controls the trustee position will control the distribution of income and capital (subject to the deed).

Its not a 'trust account' but a 'trust'. What sort of trust is it?

I took it to mean set up a formal trust under a deed, but could be wrong. Many use the phrase in this way. Op can you elaborate please?

You would need to charge the trust at least what you are paying in interest, if not more. You should have a written loan agreement which would hold up in court. However when you say 'friends' this may mean you have a unit trust. You should seek tax advice before getting legal advice as you...

You can't transfer equity. You can either 1. loan money to the trustee (if it is not yourself) 2. settle money on the trust (ie gift). Neither are tax deductible. If you lend money to the trust and charge interest you may be able to claim any interest you incur - and this will be income to...