5 reasons why Australians love trusts

Рет қаралды 121,643

Күн бұрын

There are more trusts and superfunds in Australia than companies - almost 40% more! 80% of all trusts, apart from superfunds, are discretionary trusts, also known as family trusts. Find out why Australians love trusts, particularly family trusts / discretionary trusts so much.
Hint: it’s got something to do with tax…
Timestamps
0:46 What exactly is a trust?
2:15 Reason 1 - Privacy
2:50 Reason 2 - Asset Protection (gold diggers)
4:03 Reason 3 - Less compliance
4:25 Reason 4 - Flexibility (and ruling from the grave)
5:39 Reason 5 - Tax planning (aka legally avoiding tax)
5:54 Income splitting example
6:52 Streaming example
For more unboring microlearning ...
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DISCLAIMER: Every effort has been made to ensure that the information provided in this video is accurate. But the information is intended as a general guide only, providing an overview of general information available for accountants and tax practitioners. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal or tax advice. You should, where appropriate, seek your own advice for any legal or tax issues raised in your business and tax affairs.
#discretionarytrust #familytrust

Пікірлер: 131

@Psych2go 2 жыл бұрын

Love your humor! You’re a fun explainer!

@OffGridInvestor Жыл бұрын

Surprised to see you here!

@joshuaioane2579 2 жыл бұрын

This video explained family trusts very well, esp with the visuals! Thank you

@Forge.mp3 2 жыл бұрын

Really cleared up a lot of questions my business partner and I had. Thanks for the great video!

@awesomewav2419 8 ай бұрын

My God this is the best explanation of trusts in a simple format. Great video. Looking forward to exploring more of your videos.

@atyabalshattiesq.4712 Жыл бұрын

Im actually working on an article about trusts in general and how the laws of our jurisdiction prohibit working in trusts, I came across your video and I promise it is one of the best explanatory contents I've seen so far regarding the trust, simplified, humorous, and informative ! thank you so much.

@dee2ttown Жыл бұрын

Hi how are you? I would love to read it when you are done, is there a link I can have to it when you are done? or maybe if you are on linkedin I can read it?

@haydens2831 2 жыл бұрын

Perfect this is what i was after!!! I want to set myself and future family up i learnt about the Roth family trust. yes please make more on trusts ill be checking your channel out to see what videos you got. Thank you

@jamesrobertson4098 Жыл бұрын

Amazing content, really enjoyed the ease of diagrams with your explanations. Thank you 🙏

@cfdProptrader Жыл бұрын

Thank you so much for expanding about Trust in 8 minutes.

@caleb6912 Жыл бұрын

Thank you so much for this video, it is very enlightening🙏🏽 I come from a very poor upbringing and have been through some very challenging times. I will rest in peace knowing I have created financial security for all my descendants to come😌

@chariscchi3140 2 жыл бұрын

great and clear . Thank you. I now have a clear understanding.

@Vivian88749 2 жыл бұрын

Very well explained. Thank you! :)

@leewilton5082 Жыл бұрын

Great video. You explained it really well.

@ShreksSpliff 8 ай бұрын

Bless. The comments hear are interesting to say the least. This is the most straight forward example I've seen

@AG-yw9ob 5 ай бұрын

You explained it well. Now I understood. Thank you for this video.

@YoureNowOnTV 3 жыл бұрын

Nice video. Thanks for creating and sharing it! 😀👍

@Hydrnaught 8 ай бұрын

Great explanation, I now fully understand how all this works & am grateful advice given was spot on.

@dee3606 11 ай бұрын

Thank you!! Great video and well explained :)

@Milly5288 10 ай бұрын

Great video. Would love to see more videos about trust structures and how to save your assets from even family members ex partners etc ❤

@dylantrudgett1779 Ай бұрын

Just the info I was looking for, great video.

@evolutionclouds Жыл бұрын

As bookkeepers we obviously leave deciding the ideal business structure for our clients to their Accountant. However, during the year we are still responsible to code transactions correctly This can get particularly tricky when the owners of the business puts or takes money in/out of the business I’d love to see a video that explains how to correctly code these payments based on the relevant structure

@soundscapes_incTV Жыл бұрын

Thank you so much for this video, it is very informative & really enjoying the ease of diagrams with your explanations. Can you please make more videos for Topic 1,2 & 3. Will truly appreciate. 👌👌👍👍

@rolandblack2939 9 күн бұрын

Really good video, especially given changes I am making - please do more of them.

@silverdaggers9914 2 жыл бұрын

Helpful video, thank you.

@flexwingadventures 2 жыл бұрын

Excellent presentation. thank you.

@slowestbullet 2 жыл бұрын

Thanks for the explanation 😊

@sophialove5970 2 жыл бұрын

Thank you. This is amazing

@heinandwilson 2 жыл бұрын

LEGEND. THANK YOU

@shamax2201 2 жыл бұрын

Short and sweet !! nice one

@hashemeshanouq7351 10 ай бұрын

Excellent material 👌

@thomascollocott 8 ай бұрын

Please keep making more videos like these

@diaraindiaacct2533 Жыл бұрын

Very well explained

@spirostamboulakis7673 8 ай бұрын

very informative . thank you

@arkonos4406 2 жыл бұрын

Excellent video. Really valuable valuable learn more about how everyday people can keep more money in their pocket.

@kirstyjjamieson 2 жыл бұрын

More trust related videos would be awesome. Still don't understand enough to say which kinds the video should cover though. Thanks

@jnann1966 Жыл бұрын

Very informative information. Perhaps if you can research more on asset protection in the unexpected event of insolvency or action by a creditor , how this can effect the trust and the trustee and directors . Regards

@brucereilly7763 3 жыл бұрын

Excellent - thanks - well done - just what I needed to explain what advantages there are

@emersonchaim5704 2 жыл бұрын

you all prolly dont care at all but does someone know of a trick to get back into an Instagram account?? I was stupid lost the password. I appreciate any tricks you can offer me!

@dawsoncrosby2954 2 жыл бұрын

@Emerson Chaim instablaster ;)

@traymondaniels6281 2 жыл бұрын

Great video!

@habitsofhappiness667 10 ай бұрын

Great video, thanks.

@Black_Kakari 2 жыл бұрын

Thank you. Good video

@KoolBearify 2 жыл бұрын

This was a great video!

@ComputerzenAu 9 ай бұрын

Great video cheers!

@markkortink7479 8 ай бұрын

Hi, I would like to know the most tax effective way of setting up a discretionary trust when you have investment assets, property in particular, and want to "move" them under the trust without incurring capital gains or minimising them at least.

@parisajavady6463 2 жыл бұрын

Thank you so much

@evolutionclouds Жыл бұрын

Love this video!

@BravoCharlie 8 ай бұрын

Great video, thanks

@ashash9986 2 жыл бұрын

Thank you

@DonT7 3 ай бұрын

great video !!!

@bakso1 2 жыл бұрын

I was doing some research into setting A family trust to buy property but came across a note about Land Tax in NSW. Individuals are entitled to land tax thresholds but family trusts are not entitled to it so family trusts need to pay land tax from the first dollar. Do you have any experience with this?

@michaelbeech21 3 жыл бұрын

Hi, this is a very useful info. the reason, I'm not using trust when buying investment properties us because if negative gearing. Can I do negative gearing inside trust. I'm considering buying the next one inside trust. Thanks

@crichton269 2 жыл бұрын

Great video

@Nerdificationing 6 ай бұрын

A playlist on trusts would.be great

@lucyzhao8432 Жыл бұрын

Thank you for this video. It clearly explained the concepts. Now I have a basic understanding.

@onzbrau 2 жыл бұрын

great video

@nairuz14 3 жыл бұрын

What are some contemporary issues around taxation of trust?

@CollectiveConsciousness1111 2 жыл бұрын

Q: love to see a video on disability trust pls Great content, thanks for sharing 💚🌍

@stealthaccountantshamza 2 жыл бұрын

Can we have a video about Corporate trustee. Busing assets under corporate trustee and tax lodgement of corporate trust.

@peterprocopio1274 Жыл бұрын

Thankyou for your video, it was well explained. I'm in a situation where i am leasing out a commercial property. The proposed tenants are corporate trustee's - can you explain the risk i face Thanks Peter

@tomsawyer6404 3 жыл бұрын

Fantastic video, thank you! Question @ 7:15 - "..the capital gains can be completely absorbed by capital losses". Would this mean that previous years' CG losses are first deducted from the current year's CG gains and THEN discounted by a further 50% CG Tax streaming?

@taxnuggetsacademy7553 3 жыл бұрын

Yes that's right. Thanks! Check out more tax videos here www.taxnuggetsacademy.com.au

@nickpower-fj9bu 8 ай бұрын

Except where asset has been held for less than 1 year.

@VATemper 8 ай бұрын

Is it possible for Trusts in Australia to utilise Insurance policies similar to the Whole Life Insurance policies in the US?

@potato7173 8 ай бұрын

Good vid

@nimodualeh6234 Ай бұрын

Hi Would like to know if trustee becomes liable for a credit or a trustee is sued, are the assets in the trust still protected?

@taxnuggetsacademy7553 3 жыл бұрын

FTEs noted

@daksh274 2 жыл бұрын

Can you pls post video for hybide trust

@nadim1915 Ай бұрын

How do you run a small business under a trust ?

@yewtubez 2 жыл бұрын

re: privacy, couldnt people just do a equifax[company] search on the directors of a corporate trustee to find out the owners?

@3APNHA Ай бұрын

I've seen comments about this video being funny but I'm pretty sure this was just informative and there weren't any jokes... not sure what's funny. Anyway great video

@RoyalBlackandwhite 2 жыл бұрын

What is a trustee directed product???

@anilsjbd 2 жыл бұрын

Nice video! Questions: 1) can one of beneficiary become trustee? If not, who can we hire to manage? 2) Is there any issue of having kids under 18 part of trust? Understand, max $416 can be distributed with no tax. Many thanks!

@mh017509 Жыл бұрын

1. It's usually better not to have a personal trustee. 2. Correct but there are a few "buts". The best is to ask in free ATO forum. Please keep in mind every country has different rules, the video relates to Australia.

@shruthihebberalu9969 Жыл бұрын

Do you have anything for non family members forming trust

@rethinkscience8454 Жыл бұрын

You mist the largest trust of all and that’s our name in capital letters, it’s a trust and it’s been traded without the living trustee,s knowledge.

@itzdimple 3 жыл бұрын

Family trust elections please

@richiem7716 11 ай бұрын

Can a trustee also be a beneficiary?

@row0111 2 жыл бұрын

3:10 I see what you did there lol

@danieldias8974 3 жыл бұрын

Hello, Can the trust retain all income and not pay any beneficiaries? Also if you have no one for a beneficiary no family no one to trust can the trustee be a company and the beneficiary yourself?

@taxnuggetsacademy7553 3 жыл бұрын

Generally if a trust retains its taxable profits at the end of the year and does not distribute it to any beneficiary, the trustee will be taxed at the highest marginal tax rate eg 47%. Corporate trustees are common with the controller of the trust being the director of the trustee company. Beneficiaries can be the controller. Though this may have implications for asset protection during marriage breakdowns. Hope this helps

@robertbaldwin5771 11 ай бұрын

Can foreigners set up a Trust in Aus?

@andypaz6859 3 жыл бұрын

If you have a company set up that does not trade, can it be a beneficiary of the trust to hold distributions from the trust, pay 30% tax on those distributions and then have the money sitting in its own account for many years. That way can you then slowly distribute those earning over many years to the company directors staying under the tax free threshold?

@taxnuggetsacademy7553 3 жыл бұрын

Yes it's a common strategy. But check out our Division 7A videos

@billy3585 2 жыл бұрын

What are you gaining if u paying 30% tax ?

@NoRegertsHere 8 ай бұрын

@@billy3585protection of assets

@govga504 2 жыл бұрын

I have a question

@sophiehayes5882 2 жыл бұрын

If you set up your business as a trust instead of a company do you require an ABN still?

@taxnuggetsacademy7553 2 жыл бұрын

Yup!

@leozhao175 2 жыл бұрын

How to minimums the tax when passing the trust to next generation?

@jacksonh634 2 жыл бұрын

Is there an ongoing fee for discretionary trusts?

@taxnuggetsacademy7553 2 жыл бұрын

yes, it's one of the more complex types of structures. Accountants would typically charge a bit more than a company. there's more admin too like a year end trust distribution resolution and year end tax planning required to determine who to distribute the trust income to.

@jacksonh634 2 жыл бұрын

@@taxnuggetsacademy7553 Thanks for your reply! Would this answer still be the same if the trust is just set up and there's no income flowing into it just yet?

@taxnuggetsacademy7553 2 жыл бұрын

@@jacksonh634 should be cheaper if no income

@anonanon7278 8 ай бұрын

Great video, except for the mysandry.

@johnhedge1429 8 ай бұрын

It was the worst decision I ever made to create a family trust with the proceeds left to me from the family court. The only reason I did it, I was advised at the time, to safeguard my remaining assets for me and my children if I ever married again. All that money was put to buying a family home which I and my children lived in for 24 years. When I sold it I was up for a huge CGT bill.

@nickkucic9323 7 ай бұрын

I'm confused, didn't you only pay CGT of 50% because you owned the property for more than 1 year?

@aprilleonordeasis3427 3 жыл бұрын

Interested about Trust Accounting

@taxnuggetsacademy7553 3 жыл бұрын

Noted!

@anthonyreed480 8 ай бұрын

Love it how you gave the example of a "pretty boy" gold-digger, as if we don't all know that 99% of the time it's a female digger lol.

@v_DICE_v 4 ай бұрын

And dad staying home to look after the kids lol.

@scottmaxwell1927 11 ай бұрын

I'm falling asleep here.

@anthonyonline4740 3 ай бұрын

Why do you keep saying rich folks? Define "rich". It's pretty judgemental. I'm not rich but i think the structure would be appropriate for me. I'm not offended, but it just seems really immature.

@willhatch4667 Ай бұрын

What a weird Interpretation karen. If you were offended, no one would care.

@anthonyonline4740 Ай бұрын

@@willhatch4667 I'm so glad you took the time to write to me. Please be advised that my name isn't Karen. Also, I love to be told that I'm rich. Sometimes I sit in my bathtub with thousands of $100 notes and swim in them. I'm not offended. Please advice actually, don't call me by name name, or Karen, please call me Mr mc Rich Rich you poor poor trollop.

@willhatch4667 Ай бұрын

@@anthonyonline4740 that's pretty judgemental 😂

@anthonyonline4740 Ай бұрын

@@willhatch4667 I like that's you laughed. I hope you have a fantastic day.

@gabriel3.16 Жыл бұрын

Labor did win. Great video. Can’t stand Labor

@HASSANDARU 2 ай бұрын

Keep voting liberal and you wont have medicare completely. You can check how many medical tests, procedures they removed in their time making insurance pretty much mandatory for old folks. I am no fan of labor but liberal is worse.