By: Steve Burnham Trusts can be a very handy tool for managing one’s financial affairs, as well as estate planning. A trust is established whenever there is a separation of the legal ownership (for example, the name appearing on a business register or land title) from the beneficial owner of an asset (in other words, […]
By Max Newnham When a business is commenced, one of the most important decisions that must be made is what type of legal structure to use? Each of the choices – sole trader, partnership, family discretionary trust, and company – has advantages and disadvantages with regards to income tax. One of the main areas of income tax […]
By: Max Newnham Many small businesses are family affairs. They often start off as a simple partnership between a husband and wife and can grow into being operated through a discretionary family trust. Since the tax laws were tightened family trusts can effectively only distribute $416 tax-free to children under 18. As long as the i’s […]
Trusts are an important and very useful concept for managing one’s financial affairs, as well as estate planning. The pros and cons of ‘electing’ to be a family trust A trust is established whenever there is a separation of the legal ownership (for example, the name appearing on a land title) from the beneficial […]
By: Max Newnham It’s tax effective and flexible business structures. It’s called a discretionary family trust. When it comes to owning and operating a business one of the most tax effective and flexible business structures is a discretionary family trust. It is not uncommon for a business to be started as a sole operator or a […]
