Trustees you are ready to go with your Family Trust.

family trust

Once your family trust has been set up and the family trust deed is signed, here’s what typically happens next.

The process can vary depending on your purpose for the trust (e.g., asset protection, investing, running a business, estate planning),

Here’s a general step-by-step outline of what you, as Trustee, should do!

ATO and ABR matters

We, as your accountant, would have applied for an ABN and TFN

  • ABN (Australian Business Number): Required if the trust will operate a business or register for GST.
  • TFN (Tax File Number): All trusts are required to have this to lodge income tax returns.

Note that if an investment trust, you won’t need an ABN

Set Up a Bank Account

You now need to open a bank account in the name of the trustee “as trustee for the [Trust Name]”.

  • You’ll need the signed trust deed, ABN, and possibly the TFN when you go to the bank
  • All trust income and expenses should flow through this account — do not mix with personal or business accounts.

Determine the Trust’s Purpose & Strategy

  • Investment trust: Decide what assets will be purchased (e.g., shares, property).
  • Business trust: Set up the structure, get appropriate licenses, and link Xero/MYOB.
  • Asset protection or estate planning: Review with your accountant or solicitor how assets will be held or transferred.

Keep Trustee Records and Decisions

Maintain good governance:

  • Minutes of significant decisions.
  • Resolutions for distributions.
  • Annual trustee declarations.

We can help you here. We also suggest you consider what accounting requirements you need i.e XERO , MYOB or Quickbooks

Are you employing anyone ?

If you are employing anyone within the Trust, you will need to record payroll, pay SGC for the employee and be registered for WorkCover.

Please reach out if you need us .

 Understand Distribution Requirements

  • Income from the trust must be distributed according to the deed before 30 June each year (or it may be taxed at 47%).
  • We will guide you on profit allocation and tax planning for beneficiaries.

Please consult your Lawyer and  Review Estate Planning Documents

Now that you have a trust:

  • Update your Will to refer to the trust.
  • Consider setting up a Memorandum of Wishes.
  • Discuss appointor succession (the person who can replace trustees).

We are here to help !

Congratulations once again, and reach out if you need any help in getting going with your new Trust.

Please note the advice above is of a general nature, and please note there may be other matters you may need to deal with, and seek professional help if not sure