Update your Family Trust Deed

$330
Checklist of information required Sample document

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Why update your family trust deed

Just like your car, a Family Trust Deed needs updating and servicing. Update your family trust deed for:

  1. Streaming – franking credits, Attribution and separate accounts to reduce CGT & income tax. Complies with Thomas v FCT [2017]update your family trust deed
  2. Bamford’s Case – definition of Net Income – satisfies ATO
  3. Loss Recoupment – retain and stream losses to particular beneficiaries
  4. Appointors to act unanimously – so two Appointors can’t take the assets over the 3rd Appointor
  5. Bank loans to the Family Trust – the required bank clauses and Indemnity rights (CBA, St. George, NAB, ANZ, BankWest, AMP, QLD, Macquarie, Citibank, ING, Bendigo, BankOne, & Westpac)
  6. Bank loan Compliance Certificate on our law firm’s letterhead

Other Family Trust updates

1. Want to also change Appointors and Trustees, as well as update your Family Trust? Build here: https://www.legalconsolidated.com.au/family-trust-update-appointor-trustee-deed/

2. Want to only update for Bamford streaming? Build here: https://www.legalconsolidated.com.au/streaming-update/

What categories are required for Bamford streaming?

Have a look at our ‘Sample document’ above. We have developed a unique group of categories with open classes for streaming. This list is based on the ATO audits we have attended and our legal research.

Categories a category, character, type, class, part, item or source, including (but not limited to) the categories: Net Capital Gains, Net Capital Losses; gains, profits or any losses of capital or of a capital nature treated as assessable income or allowable deductions under the Tax Act for the Trust Income for any Financial Year; gains and profits or any losses of capital or of a capital nature that are not treated as assessable income or allowable deductions for taxation purposes for the Trust Income for any Financial Year; any income, receipts, gains or profits or any losses, disbursements or outgoings of income or on income account that are or are treated as assessable income or allowable deductions for taxation purposes in relation to the Trust Income for any Financial Year; any income, receipts, gains or profits or any losses, disbursements or outgoings of income or on income account whether treated as assessable income or allowable deductions for taxation purposes for any Financial Year; any income, receipts, gains or profits that are exempt or otherwise not liable to tax under the Tax Act or any other act or regulation; Franked Dividends; Unfranked Dividends; any foreign income, foreign income tax credit, other tax credit, interest; any royalties, minors and others with proceeds from deceased estates, superannuation funds and life insurance and additional categories set out in any minutes
* Plus, categories mentioned in any Australian Taxation Office publication, from time to time; and
* any combination or part of the above

Unsure whether your Family Trust Deed needs updating? Speak to your Accountant or Financial Planner. They can email us a copy of your Trust Deed for us to look at, at no charge.

Update your family trust deed. You get?

1. See the Sample. 2. Read the hints and watch the training videos. 3. Answer the questions. 4. Check the Summary. 5. Put in your credit card details. Within seconds, the completed documents appear on your screen and are emailed to you – ready to sign. Update your family trust deed and get:

  • Trust Deed Update for your Trust Deed
  • Minutes
  • Bank Opinion Certificate on our law firm’s letterhead. Required by banks when your Family Trust borrows money
  • Letter of Advice explaining the updates, on our law firm’s letterhead. For accountant’s due diligence file. Confirms no ‘resettlement’ under Commercial Nominees, Clark’s Case  [2011] FCAFC 5 and Taxation Determination TD 2012/21

Telephone us. We can help you answer the questions.

Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
Australia wide Tax and Trust law firm
Mobile: 0477 796 959
National: 1800 141 612
Email: brett@legalconsolidated.com
Skype: brettkennethdavies
Documents: https://www.legalconsolidated.com.au/

See also:

1. Update the Family Trust just for Bamford streaming only:

2. Bamford streaming PLUS update the rest of the Deed:

3. Or update for Bamford streaming PLUS the Deed PLUS update the Appointor & Trustee:

4. Or just update the Trustee:

5. Or just update the Appointor:

To set up a new Family Trust Deed:

To prepare the Annual Trust Distribution Minutes:

1.  To deal with Division 7A (loan from your company to the Family Trust):

2.  Or, to forgive the ‘loan account’ and UPEs (loans from humans to Family Trust):

 

Change the name of your Family Trust:

To wind up and vest the Family Trust, when you no longer want it: