Why update your family trust deed
Just like your car, a Family Trust Deed needs updating and servicing. Update your family trust deed for:
- Streaming – franking credits, Attribution and separate accounts to reduce CGT & income tax. Complies with Thomas v FCT [2017]
- Bamford’s Case – definition of Net Income – satisfies ATO
- Loss Recoupment – retain and stream losses to particular beneficiaries
- Appointors to act unanimously – so two Appointors cannot take the assets over the 3rd Appointor
- 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)
- Bank loan Compliance Certificate on our law firm’s letterhead
This update only updates your Family Trust Deed
If you also need to also change the Appointors, Back-up Appointors or trustee. Then, instead, build this document:
- To also change Appointors and Trustees, as well as update your Family Trust? Build here: /family-trust-update-appointor-trustee-deed/
What categories are required for Bamford streaming for a Family Trust?
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.
How to update your family trust deed:
- See the full free Sample including our cover letter of advice.
- Read the hints and watch the training videos.
- Answer the questions.
- Check the Summary. Telephone us if you need help.
- 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:
- Letter of Advice explaining the updates, on our law firm’s letterhead and for your accountant’s due diligence file. Confirms no ‘resettlement’ under Commercial Nominees, Clark’s Case [2011] FCAFC 5 and Taxation Determination TD 2012/21
- Trust Deed Update for your Trust Deed
- Compliant Resolutions by way of Minutes
- Bank Opinion Certificate on our law firm’s letterhead. Required by banks when your Family Trust borrows money
See also
Business Structure update Toolkit (to help with tax and asset protection)
Cleaning up old Family trust deeds
- Family Trust Deed – watch the free training course
- Family Trust Updates:
- Everything – Appointor, Trustee & Deed Update
- Deed ONLY – only update the Deed for tax
- Guardian and Appointor – only update the Guardian & Appointor
- Change the Trustee – change human Trustees and Company Trustees
- The company as Trustee of Family Trust – only for assets protection?
- Bucket Company for Family Trust – ultimate asset protection, but only if the non-working spouse owns the shares
Cleaning up old Unit Trusts
- Unit Trust
- Unit Trust Vesting Deed – wind up your Unit Trust
- Change Unit Trust Trustee – replace the trustee of your Unit Trust
- Company as Trustee of Unit Trust – how to build a company designed to be a trustee of a Unit Trust
Fixing up old partnerships and companies
- Partnership Agreement – but what about joint liability?
- Incorporate an Australian Company – best practice with the Constitution
- Upgrade the old Company Constitution – this is why
- Replace lost Company Constitution – about to get an ATO Audit?
- Independent Contractor Agreement – make sure the person is NOT an employee
- Service Trust Agreement – operate a second business to move income and wealth
- Law firm Service Trust Agreement – how a law firm runs the backend of its practice
- Medical Doctor Service Trust Agreement – complies with all State rules, including New South Wales
- Dentist Service Trust Agreement – how dentists move income to their family
- Engineering Service Trust Agreement – commonly engineers set up the wrong structure
- Accountants Service Trust Agreement – complies with ATO’s new view on the Phillips case