Business Trust Structures Perth

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Styles Of Business Trust Structures

There are many types of trust structures. It could be discretionary, where the trustee decides where profits will go, or have fixed interests, where beneficiaries receive an allocated percentage. Common types of trust structures include family trusts, business trusts, testamentary trusts, self-managed superannuations, and hybrid trusts.

Trusts vary in size and complexity, and there’s no one-size-fits-all, but there are a few things most trust structures have in common:

  • They’re typically expensive, both to set up and to operate
  • They need a formal trust deed — a go-to guide for how the trust will operate
  • The trustee will need to take care of formal admin on the trust, every year.

Trust Structure Benefits

Trusts also come with distinct advantages. When setup and utilised correctly, they can:

  • Protect assets and minimise business liability
  • Provide more privacy and discretion than a company structure
  • Benefit from individual income tax requirements, rather than corporate
  • Offer flexibility in distributions
  • Be useful for young beneficiaries or protecting group interests, as they separate the control of the asset from the owner
  • Not be dissolved or amended easily once formed.
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Family Trust Structure Diagram

If you’re looking at setting up a trust structure but want to ensure everything is done optimally, we’re here to help. We want you to achieve the most effective tax benefits from your accounting structure. Once we assist you with a viable structure and strategy, all the resources to maximise your company’s profitability are at your fingertips. Your success is our success, which is why we go above and beyond to ensure your business is as healthy as it can be.

At Finness Advisory we understand that every business has unique needs, which is why we offer customised plans. Our team will drill deep to identify your strengths and weaknesses, and then make sure they’re compensated for. From there, our specialists will continue to work closely alongside you, doing everything they can to make your business flourish.

Take the stress out of finance. Let’s chat about your Perth business accounting structure today!

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