Companies | trusts

When changing a trustee of a discretionary trust it is vital to ensure that the procedure for changing the trustee is followed exactly to the letter. Incoming trustee eligibility, States Duty Acts, and taxation consequences must also be considered.

This document pack provides the relevant documents to change the name of a trust, whether a family trust, discretionary trust, unit trust, testamentary trusts, or a hybrid trust.

When changing a trustee of a unit trust it is vital to ensure that the procedure for changing the trustee is followed exactly to the letter. Incoming trustee eligibility, States Duty Acts, and taxation consequences must also be considered.

Trusts that hold or intend to hold residential property in New South Wales, Victoria and Queensland may be liable to surcharge land tax and/or surcharge purchaser duty if any of their beneficiaries qualifies as a 'foreign person', regardless of the specified law of the State set out in the trust deed which governs the trust. The surcharge is in addition to any land tax the trust may already be paying.

The discretionary trust streaming amendment pack is designed for use when a Discretionary Trust requires amendment.

Hybrid trust – exclusion of foreign persons