Category: Commercial Finance
Individual Trustee vs Corporate Trustee – Which Is The Best Option?
One of the means by which businesses and individuals can protect their assets and secure several tax benefits is the use of trusts, however, the entire process must be done correctly, which is why commercial lawyers are essential due to their knowledge and experience in helping to set up trusts and ensuring they are fully compliant with the prevailing legislation.
One choice that has to be made concerning trusts is how they are to be managed, and this normally boils down to choosing whether a corporate trustee or an individual trustee is to carry out that role. Each of these choices differs in several ways which has implications for trust beneficiaries so we thought it would be useful to outline some of the relevant facts.
The Four Important Roles Relating To Trusts
Whenever a trust is created, there are normally four entities that play a key role in its creation and management. These four key players are:
Appointor: The appointor has the right to nominate trustees and also remove them should it be deemed necessary. This means that in terms of whether an individual or corporate trustee is appointed, it is within their power. When the trust is being created for an individual it is usually them who has the role of appointer.
Read FullUnderstanding Your Super Obligations As An Employer
As a business owner, employing your first staff member and paying your first wages can be a daunting prospect.
While a lot of people choose to use registered accountants to get themselves started, you really don’t need to.
As long as you follow the instructions set out by the Australian Tax Office (ATO), paying your first wages is a relatively simple process.
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