Costs associated with managing a discretionary trust?
- Thread starter thydzik
- Start date
For the most part it's ASIC registration for the trustee company every year (about $400) and accounting fees for the trust (about another $400).
Ongoing costs are essentially the same as discressionary trusts, or even a pty ltd company. Setup tends to be a little more expensive than the more common trusts.
With any sort of trust, most lenders will charge you a 'vetting fee' the first time they see that trust deed. It's about $300.
Ongoing costs are essentially the same as discressionary trusts, or even a pty ltd company. Setup tends to be a little more expensive than the more common trusts.
With any sort of trust, most lenders will charge you a 'vetting fee' the first time they see that trust deed. It's about $300.
Depends what you mean by manage.
You would have yearly ASIC fees of $220 if it was a company trustee.
Tax agent fees would vary, but from around $800 up. You would need to pay fees for preparation of tax returns for the company and the trust and the beneficiaries tax returns would be slightly more complex. Trustee also needs to do resolutions regarding distributions etc.
And, every few years your trust deed may need to be updated too. The trustee may also need legal advice occasionally.
You would have yearly ASIC fees of $220 if it was a company trustee.
Tax agent fees would vary, but from around $800 up. You would need to pay fees for preparation of tax returns for the company and the trust and the beneficiaries tax returns would be slightly more complex. Trustee also needs to do resolutions regarding distributions etc.
And, every few years your trust deed may need to be updated too. The trustee may also need legal advice occasionally.
