Family Trust Setup Information
Protect your family’s wealth, reduce tax, and plan for future generations — all with a professionally structured family trust. At TSK Accountants, we help you establish and manage family trusts that align with your financial goals, while ensuring full compliance with Australian laws.
What Is a Family Trust?
A family trust (also known as a discretionary trust) is a legal structure that holds assets or income on behalf of beneficiaries — usually family members. The trustee controls the trust and decides how income and assets are distributed.
Family trusts are commonly used in Australia for:
Tax-effective income distribution
Asset protection from creditors or lawsuits
Succession planning and intergenerational wealth transfer
Business and investment structuring
Key Features of a Family Trust
✅ Discretionary Distribution: The trustee chooses how income is split among beneficiaries, offering flexibility to manage tax obligations.
✅ Asset Protection: Assets held in trust are generally shielded from personal liabilities, divorce settlements, and business risks.
✅ Estate Planning: Allows for smoother transfer of wealth without triggering immediate tax events.
✅ Business Use: Ideal for family-run businesses or holding investments, such as property or shares.
Our Family Trust Setup Services
At TSK Accountants, we take the confusion out of trust structures and provide a complete, end-to-end setup service.
Trust Deed Drafting
We work with legal partners to draft a customised trust deed that reflects your intentions, naming the trustee, appointor, beneficiaries, and defining the powers of the trust.
ABN, TFN & ATO Registration
We register the trust for a Tax File Number (TFN) and Australian Business Number (ABN), and assist with GST and PAYG setup if needed.
Trust Bank Account Setup
We help you open a dedicated bank account in the trust’s name, ensuring a clear separation between trust and personal/business funds.
Record-Keeping & Compliance
We guide you through record-keeping requirements, annual tax return obligations, and distribution minutes to meet ATO expectations.
When Should You Set Up a Family Trust?
You might consider setting up a trust if:
You want to minimise tax legally by distributing income to lower-income family members
You’re running a business or investment portfolio and want to protect assets
You have children or dependents you’d like to provide for long-term
You’re planning for estate or succession purposes
Why Choose TSK Accountants?
✔️ Expert Guidance – We explain trusts in plain language and tailor them to your family’s needs
✔️ ATO Compliant – All trust setups follow the latest taxation and legal requirements
✔️ Ongoing Support – We provide trust tax return services, annual minutes, and strategic advice
✔️ Transparent Pricing – Fixed fee trust setup with no hidden costs
Let’s Build Your Family’s Financial Future
A family trust isn’t just for the wealthy — it’s a smart structure for any family looking to grow and protect their assets. Whether you’re investing in property, managing business profits, or planning your legacy, TSK Accountants is here to help.
📞 Contact us today to book a initial consultation about setting up your family trust in Melbourne.