Trust with Corporate Trustee Case Study

David Maynard

8 years ago

TRUST WITH CORPORATE TRUSTEE

CASE STUDY

CORPORATE TRUSTEE

Jack is married with no dependent children, and at age 60, Jack is made redundant from his job …..

Ask us a Question

Jack started a business

Jack applied for a number of positions but found his age working against him and decided to buy a tipper truck and become an owner driver.

Pty Ltd company or a Family Trust

Before purchasing a truck, Jack secured a contract with a local contracting transport company specialising in tipper trucks who only deal with sub-contractors operating through either a Pty Ltd company or a family trust

We supplied the new structure

After consultation Jack chose a family trust structure with a corporate trustee.

We supplied the new structure within 24 hours with all necessary ATO registrations and is now a self-employed owner driver operating through a family trust.

The Family Trust Structure

The family trust structure with corporate trustee met the requirements of the contracting transport company and met the personal tax needs for Jack and his family.

What is the Australian Business Register (ABR)

by David Maynard | March 11, 2021 | ABN, ASIC, Australian Business Number, Australian Business Register, Australian Securities Investment Commission, Starting a Business | 0 Comments

What is the ABR? All businesses with an ABN are listed on the ABR. What's on the ABR? The information available on the ABR is limited as follows: Entity Name - The name of the entity, ABN Status - Active or not + history of dates, Entity Type - Company; trust;...

Loss Back Tax Offset For Companies – 2021

by David Maynard | March 4, 2021 | ATO, Australian Taxation Office, Corporate, Starting a Business, Tax Savings | 0 Comments

The new Loss Back provisions for companies commences with lodgment of 2021 tax return. The Loss Back provisions allows a company to offset a current year loss against a previous year profit, generating a refundable tax offset for the current year for tax paid in a...

25% Tax Rate FY 2022 – More Reasons To Set Up A Pty Ltd Company

by David Maynard | July 1, 2021 | ATO, Australian Business Number, Australian Business Register, Australian Securities Investment Commission, Business Structures, Corporate, Starting a Business, Tax Savings | 0 Comments

From 1 July 2021, the new company tax rate in Australia is 25%. If you intend to start a business, a company may be the best business structure to start with. For some business start-ups, liability protection is important. However, the new company tax rate of 25% is a...

Director Identification Number (DIN) Is Now Mandatory

by David Maynard | November 7, 2022 | Starting a Business | 0 Comments

Director IDs (DIN) is now mandatory for every company director. A DIN must be registered by the end of November 2022. A Director must apply for a DIN by November 30 2022 or face a penalty of up to $13,000.00. So getting a DIN is very important. Applications can be...

Buying an Investment Property in a Pty Ltd Company

by David Maynard | February 26, 2021 | Business Structures, Corporate, Starting a Business | 0 Comments

A recent determination by the ATO, TD 2021/2, confirms company Capital Gains Tax (CGT) concessions apply to "active" business assets only. Income from rental properties is defined as "passive." Accordingly, "passive" rental assets are excluded from the company CGT...

Sole Trader Entity Setup Case Study

by David Maynard | October 29, 2018 | Business Structures, Case Studies, Sole Trader | 0 Comments

ENTITY SET UP CASE STUDY SOLE TRADER Three years ago, when Michael was young, kind of single and life was fairly uncomplicated.... Michael is a Physiotherapist Michael established his own physiotherapy clinic. Uncertain about how a new clinic would go and without...