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The income from the unit trust goes to the unit holders. You may transfer the units to your sons or to a discretionary trust when they become positively geared. However such a transfer will incur both stamp duty costs and capital gains tax. The discretionary trust will be the beneficiary of...

Unit trust won't offer much in the way of asset protection - your units held may be attacked. Discretionary trust will offer asset protection but losses cannot offset your employment income. You can however offset losses if you have another discretionary trust producing income (eg. investment...