Winding up a family trust - What is involved?

[Tone]

Hiya Guys,

Just wanting to know what is involved and costs for closing a family trust account that has been open for 10+ years and never lodged a tax return.

Cheers

Tony.

 

[D.T.]

Why has it never lodged a return? Has it never been used?

 

[Terry_w]

Hiya Guys,

Just wanting to know what is involved and costs for closing a family trust account that has been open for 10+ years and never lodged a tax return.

Cheers

Tony.

What property does it have? You will need to read the deed and vest the trust property in accordance with the requirements in the deed. You would probably have to do a resolution by the trustee to wind it up. I just wound up 2 trusts and 2 companies for a client with no property other than cash - $1100.