T & E Accounting

Testamentary Trusts

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So in Reality...

What is a Testamentary Trust?

A Testamentary Trust is established by a will and doesn’t come into force until the death of the will maker.

Instead of leaving assets directly to a beneficiary, they are transferred into a trust and held on behalf of a single or a group of beneficiaries.

There are significant advantages derived from a Testamentary Trust, the trust may provide asset protection as well as tax advantages.

If you are like most of our clients you probably finding yourself as the trustee and the beneficiary of a Testamentary Trust for the first time.

Unfortunately, the unintended consequence of a Testamentary Trust is that your life of simple tax returns has come to an end… 

Don’t Panic… That is where T&E Accounting comes in…

Below are a couple of the key requirements that we can help you with to ensure that all your tax obligations for the Testamentary Trust are met:

  • We can work with you so you have a clear understanding of your Testamentary Trust and potential tax benefits
  • We can lodge the application for your Testamentary Trust Tax File Number and
  • We can provide specialised accounting services for your Testamentary Trust to ensure that the tax requirements are met now and
    into the future

Your first step

  • Is to get a clear understanding of a Testamentary Trust, how they work, what your ongoing requirements would be and the potential taxation benefits that it could deliver for you.
  • If it is a newly created Testamentary Trust you will be required to apply for a Tax File Number.
  • You will also need specialised accounting services to ensure the tax compliance requirements are met and that is where we come in…

It would be our pleasure to assist you further...