I was wondering if someone could help me understand family trusts.
If I had say $50k in a personal bank account, and transferred this money into a family trust that I had previously set up, can I at a later stage get some of this money back, say $25k without any problems in respect to my personal tax status?
I am concerned that I would have to declare this 25k as personal income, even though it was me that put the money into the trust in the first place. I have been distibuting income from the trust each financial year.
Regards
AndrewS
If I had say $50k in a personal bank account, and transferred this money into a family trust that I had previously set up, can I at a later stage get some of this money back, say $25k without any problems in respect to my personal tax status?
I am concerned that I would have to declare this 25k as personal income, even though it was me that put the money into the trust in the first place. I have been distibuting income from the trust each financial year.
Regards
AndrewS