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  • Trust

    Trust

    • Acknowledgement of Trust (already own asset) - $165
    • Change Appointor and/or Guardian of Family Trust - $110
    • Change of Name of Family Trust - $110
    • Change Trustee of Family Trust - $110
    • Dealing with Forgiven Debts (White Paper) - $55
    • Debt Recognition (including pre-Div 7A Loans) - $33
    • Declaration of Trust (before you buy) - $110
    • Div 7A Loan Agreement - $65
    • Div 7A Loan Agreement for UPE - $65
    • Family Trust - $165
    • Family Trust - Streaming & Bamford Update - $165
    • Family Trust - Update to Allow Change of Appointor and Guardian - $165
    • Family Trust - Update to allow Sole Trustee - $55
    • Family Trust - Update to Exclude Foreign Persons (NSW) - $198
    • Family Trust - Wind up/Vesting - $259
    • Forgiveness of Debt - $121
    • Opening Minutes for the Unit Trust - $33
    • Partnership Deed - $220
    • Release of Unpaid Trust Entitlement - $121
    • The new small business restructure roll-over rules in practice (White Paper) - $55
    • Trust Distribution Minutes Library for 2008/09 - $99
    • Trust Distribution Minutes Library for 2009/10 - $99
    • Trust Distribution Minutes Library for 2010/11 - $99
    • Trust Distribution Minutes Library for 2011/12 - $99
    • Trust Distribution Minutes Library for 2012/13 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2012/13 - Single-Use - $110
    • Trust Distribution Minutes Library for 2013/14 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2013/14 - Single-Use - $110
    • Trust Distribution Minutes Library for 2014/15 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2014/15 - Single-Use - $110
    • Trust Distribution Minutes Library for 2015/16 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2015/16 - Single-Use - $110
    • Trust Distribution Minutes Library for 2016/17 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2016/17 - Single-Use - $110
    • Trust Distribution Minutes Library for 2017/18 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2017/18 - Single-Use - $110
    • Trust Distribution Minutes Library for 2018/19 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2018/19 - Single-Use - $110
    • Trust Distribution Minutes Library for 2019/20 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2019/20 - Single-Use - $121
    • Trust Distribution Minutes Library for 2020/21 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2020/21 - Single-Use - $121
    • Trust Distribution Minutes Library for 2021/22 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2021/22 - Single-Use - $121
    • Trust Distribution Minutes Library for 2022/23 - Multi-Use - $363
    • Trust Distribution Minutes Library for 2022/23 - Single-Use - $132
    • Trust Distribution Minutes Library for 2023/24 - Multi-Use - $363
    • Trust Distribution Minutes Library for 2023/24 - Single-Use - $132
    • Trust Distribution Minutes Library for 2024/25 - Multi-Use - $363
    • Trust Distribution Minutes Library for 2024/25 - Single-Use - $132
    • Unit Trust - $165
    • Unit Trust - Add New Member Kit - $110
  • Superannuation

    Superannuation

    • Acknowledgement of Trust (already own asset) - $165
    • Commercial Lease - $275
    • Declaration of Trust (before you buy) - $110
    • Derivative Risk Statement for SMSF - $65
    • Investment Strategy for Self Managed Super 15/16 - $65
    • Investment Strategy for Self Managed Super 16/17 - $65
    • Investment Strategy for Self Managed Super 17/18 - $65
    • Investment Strategy for Self Managed Super 18/19 - $65
    • Investment Strategy for Self Managed Super 19/20 - $65
    • Investment Strategy for Self Managed Super 20/21 - $65
    • Investment Strategy for Self Managed Super 21/22 - $65
    • Investment Strategy for Self Managed Super 22/23 - $65
    • Investment Strategy for Self Managed Super 23/24 - $65
    • Investment Strategy for Self Managed Super 24/25 - $65
    • Pension Pack for Self Managed Super - $299
    • Product Disclosure Statement (general) - $66
    • Product Disclosure Statement (Pension only) - $99
    • Self Managed Superannuation Fund Deed - $165
    • SMSF - Minute to Appoint Administrator - $33
    • SMSF - Minute to Appoint an Auditor - $33
    • SMSF - Minute to Approve Financial Statements - $33
    • SMSF - Minute to Insure The Members - $33
    • SMSF - Update Rules - $165
    • SMSF Limited Recourse Borrowing Arrangement - $330
    • SMSF Restricted Commercial Property Assessment - $695
    • SMSF Restricted Residential Property Assessment - $315
    • Statutory Declaration - $0
  • Estate Planning

    Estate Planning

    • Codicil to change the Executor - $99
    • Confidentiality Agreement (Non Disclosure) - $99
    • Debt Recognition (including pre-Div 7A Loans) - $33
    • Enduring Power of Attorney - NSW - $55
    • Enduring Power of Attorney - SA - $55
    • Enduring Power of Attorney - WA - $55
    • Enduring Power of Attorney (Financial, Personal/Health) - QLD - $55
    • Enduring Power of Guardianship - NSW - $55
    • Enduring Power of Guardianship - WA - $55
    • Power Of Attorney By Company - $99
    • Will - Married or Defacto No Children - $95
    • Will - Married or Defacto with Children - $95
    • Will - Single No Children - $110
    • Will - Single With Children - $110
  • Commercial

    Commercial

    • Advanced Legal Health Check for Businesses - $18
    • Buy a House with Friends Agreement - $110
    • Commercial Lease - $275
    • Confidentiality Agreement (Non Disclosure) - $99
    • Co-Owners Agreement - $110
    • Dealing with Forgiven Debts (White Paper) - $55
    • Debt Recognition (including pre-Div 7A Loans) - $33
    • Declaration of Trust (before you buy) - $110
    • Demand and Statement of Claim for Debt - NSW - $88
    • Demand and Summons for Debt - VIC - $88
    • Demand and Summons for Debt - WA - $88
    • Div 7A Loan Agreement - $65
    • Div 7A Loan Agreement for UPE - $65
    • Forgiveness of Debt - $121
    • Loan Agreement (No Security) - $110
    • Release of Unpaid Trust Entitlement - $121
    • Statutory Declaration - $0
    • The new small business restructure roll-over rules in practice (White Paper) - $55
  • Employment

    Employment

    • Confidentiality Agreement (Non Disclosure) - $99
    • Employment - Conduct Issues Letter - $33
    • Employment - Employee Expenses Policy - $55
    • Employment - Performance Issues Letter - $33
    • Employment - Request for Medical Information - $33
    • Employment - Termination Letter - $33
    • Employment - Transferring Employee Letter - $33
    • Employment Contract - $120
    • Independent Contractors Agreement - $110
    • Partnership Deed - $220
    • Statutory Declaration - $0
  • Company

    Company

    • Acknowledgement of Trust (already own asset) - $165
    • Adopt Committee Recommendations kit - $33
    • Appoint a Committee kit - $33
    • Appoint an Alternate Director kit - $33
    • Appoint Managing Director & Confer Powers kit - $33
    • Buy a House with Friends Agreement - $110
    • Change Registered Office kit - $33
    • Commercial Lease - $275
    • Company (ELodgement) - $716
    • Company (No Elodgement) - $99
    • Company Constitution Update - $99
    • Confidentiality Agreement (Non Disclosure) - $99
    • Co-Owners Agreement - $110
    • Debt Recognition (including pre-Div 7A Loans) - $33
    • Declaration of Trust (before you buy) - $110
    • Demand and Statement of Claim for Debt - NSW - $88
    • Demand and Summons for Debt - VIC - $88
    • Demand and Summons for Debt - WA - $88
    • Director‘s Indemnity Agreement - Compulsory Insurance - $197
    • Director‘s Indemnity Agreement - No Insurance - $197
    • Div 7A Loan Agreement - $65
    • Div 7A Loan Agreement for UPE - $65
    • Employment Contract - $120
    • Family Trust - Wind up/Vesting - $259
    • Forgiveness of Debt - $121
    • Independent Contractors Agreement - $110
    • Loan Agreement (No Security) - $110
    • Minutes for Members to Inspect Books - $33
    • Minutes for Resigning Director - $33
    • Opening Minutes for the Unit Trust - $33
    • Partnership Deed - $220
    • Power Of Attorney By Company - $99
    • Release of Unpaid Trust Entitlement - $121
    • Remove a Managing Director kit - $33
    • Remove and Replace a Director kit - $44
    • Replace Company Secretary kit - $44
    • Self Managed Superannuation Fund Deed - $165
    • Statutory Declaration - $0
    • Transfer of Shares Kit - $0
    • Unit Trust - $165
    • Unit Trust - Add New Member Kit - $110
  • CPD Webinars

    CPD Webinars

    • CPD Webinar - End Of Financial Year SMSF Planning 2025 - $110
    • CPD Webinar - End Of Financial Year Tax Rollup 2025 - $110
    • CPD Webinar - Small Business Restructures and Director Penalty Notices - $110
    • CPD Webinar - Tax and Cryptocurrency – A Square Peg in a Round Hole - $110
    • CPD Webinar - UPEs and Div 7A – Implications of the Recent Bendel Decision - $110
    • CPD Webinar - When Directors are Personally Liable - $110
    • Webinar On Demand - Foreign Trust Taxation Issues - $110
    • Webinar On Demand - Advising on Family Trusts in the 21st Century - $110
    • Webinar On Demand - AI in Professional Practices - Risks and Benefits - $110
    • Webinar On Demand - Drafting Estate Planning Documents to meet Litigation Risks - $110
    • Webinar On Demand - Employee Share Schemes - $99
    • Webinar On Demand - Family Law and Trusts - $110
    • Webinar On Demand - How Binding are Financial Agreements - $110
    • Webinar On Demand - Professional Advisers as Appointor of their Client’s Family Trust - $110
    • Webinar On Demand - Recent Changes in Family Law - $99
    • Webinar On Demand - Sexual Harassment Laws in Australia - $110
    • Webinar On Demand - Tax & Family Trusts - $99
    • Webinar On Demand - Testamentary Trusts 101 - $110
    • Webinar On Demand - Trust Distributions and Section 100A - $99
    • Webinar On Demand - When Directors are Personally Liable - $110
    • Webinar On Demand - Where Death Benefit Nominations Go Wrong - $110
  • All documents

    All documents

    • Acknowledgement of Trust (already own asset) - $165
    • Adopt Committee Recommendations kit - $33
    • Advanced Legal Health Check for Businesses - $18
    • Appoint a Committee kit - $33
    • Appoint an Alternate Director kit - $33
    • Appoint Managing Director & Confer Powers kit - $33
    • Buy a House with Friends Agreement - $110
    • Change Appointor and/or Guardian of Family Trust - $110
    • Change of Name of Family Trust - $110
    • Change Registered Office kit - $33
    • Change Trustee of Family Trust - $110
    • Codicil to change the Executor - $99
    • Commercial Lease - $275
    • Company (ELodgement) - $716
    • Company (No Elodgement) - $99
    • Company Constitution Update - $99
    • Confidentiality Agreement (Non Disclosure) - $99
    • Co-Owners Agreement - $110
    • CPD Webinar - End Of Financial Year SMSF Planning 2025 - $110
    • CPD Webinar - End Of Financial Year Tax Rollup 2025 - $110
    • CPD Webinar - Small Business Restructures and Director Penalty Notices - $110
    • CPD Webinar - Tax and Cryptocurrency – A Square Peg in a Round Hole - $110
    • CPD Webinar - UPEs and Div 7A – Implications of the Recent Bendel Decision - $110
    • CPD Webinar - When Directors are Personally Liable - $110
    • Dealing with Forgiven Debts (White Paper) - $55
    • Debt Recognition (including pre-Div 7A Loans) - $33
    • Declaration of Trust (before you buy) - $110
    • Demand and Statement of Claim for Debt - NSW - $88
    • Demand and Summons for Debt - VIC - $88
    • Demand and Summons for Debt - WA - $88
    • Derivative Risk Statement for SMSF - $65
    • Director‘s Indemnity Agreement - Compulsory Insurance - $197
    • Director‘s Indemnity Agreement - No Insurance - $197
    • Disclaimer - Email - $55
    • Div 7A Loan Agreement - $65
    • Div 7A Loan Agreement for UPE - $65
    • Employment - Conduct Issues Letter - $33
    • Employment - Employee Expenses Policy - $55
    • Employment - Performance Issues Letter - $33
    • Employment - Request for Medical Information - $33
    • Employment - Termination Letter - $33
    • Employment - Transferring Employee Letter - $33
    • Employment Contract - $120
    • Enduring Power of Attorney - NSW - $55
    • Enduring Power of Attorney - SA - $55
    • Enduring Power of Attorney - WA - $55
    • Enduring Power of Attorney (Financial, Personal/Health) - QLD - $55
    • Enduring Power of Guardianship - NSW - $55
    • Enduring Power of Guardianship - WA - $55
    • Family Trust - $165
    • Family Trust - Streaming & Bamford Update - $165
    • Family Trust - Update to Allow Change of Appointor and Guardian - $165
    • Family Trust - Update to allow Sole Trustee - $55
    • Family Trust - Update to Exclude Foreign Persons (NSW) - $198
    • Family Trust - Wind up/Vesting - $259
    • Forgiveness of Debt - $121
    • Independent Contractors Agreement - $110
    • Investment Strategy for Self Managed Super 15/16 - $65
    • Investment Strategy for Self Managed Super 16/17 - $65
    • Investment Strategy for Self Managed Super 17/18 - $65
    • Investment Strategy for Self Managed Super 18/19 - $65
    • Investment Strategy for Self Managed Super 19/20 - $65
    • Investment Strategy for Self Managed Super 20/21 - $65
    • Investment Strategy for Self Managed Super 21/22 - $65
    • Investment Strategy for Self Managed Super 22/23 - $65
    • Investment Strategy for Self Managed Super 23/24 - $65
    • Investment Strategy for Self Managed Super 24/25 - $65
    • Loan Agreement (No Security) - $110
    • Minutes for Members to Inspect Books - $33
    • Minutes for Resigning Director - $33
    • Opening Minutes for the Unit Trust - $33
    • Partnership Deed - $220
    • Pension Pack for Self Managed Super - $299
    • Power Of Attorney By Company - $99
    • Product Disclosure Statement (general) - $66
    • Product Disclosure Statement (Pension only) - $99
    • Release of Unpaid Trust Entitlement - $121
    • Remove a Managing Director kit - $33
    • Remove and Replace a Director kit - $44
    • Replace Company Secretary kit - $44
    • Self Managed Superannuation Fund Deed - $165
    • SMSF - Minute to Appoint Administrator - $33
    • SMSF - Minute to Appoint an Auditor - $33
    • SMSF - Minute to Approve Financial Statements - $33
    • SMSF - Minute to Insure The Members - $33
    • SMSF - Update Rules - $165
    • SMSF Limited Recourse Borrowing Arrangement - $330
    • SMSF Restricted Commercial Property Assessment - $695
    • SMSF Restricted Residential Property Assessment - $315
    • Statutory Declaration - $0
    • The new small business restructure roll-over rules in practice (White Paper) - $55
    • Transfer of Shares Kit - $0
    • Trust Distribution Minutes Library for 2008/09 - $99
    • Trust Distribution Minutes Library for 2009/10 - $99
    • Trust Distribution Minutes Library for 2010/11 - $99
    • Trust Distribution Minutes Library for 2011/12 - $99
    • Trust Distribution Minutes Library for 2012/13 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2012/13 - Single-Use - $110
    • Trust Distribution Minutes Library for 2013/14 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2013/14 - Single-Use - $110
    • Trust Distribution Minutes Library for 2014/15 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2014/15 - Single-Use - $110
    • Trust Distribution Minutes Library for 2015/16 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2015/16 - Single-Use - $110
    • Trust Distribution Minutes Library for 2016/17 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2016/17 - Single-Use - $110
    • Trust Distribution Minutes Library for 2017/18 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2017/18 - Single-Use - $110
    • Trust Distribution Minutes Library for 2018/19 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2018/19 - Single-Use - $110
    • Trust Distribution Minutes Library for 2019/20 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2019/20 - Single-Use - $121
    • Trust Distribution Minutes Library for 2020/21 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2020/21 - Single-Use - $121
    • Trust Distribution Minutes Library for 2021/22 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2021/22 - Single-Use - $121
    • Trust Distribution Minutes Library for 2022/23 - Multi-Use - $363
    • Trust Distribution Minutes Library for 2022/23 - Single-Use - $132
    • Trust Distribution Minutes Library for 2023/24 - Multi-Use - $363
    • Trust Distribution Minutes Library for 2023/24 - Single-Use - $132
    • Trust Distribution Minutes Library for 2024/25 - Multi-Use - $363
    • Trust Distribution Minutes Library for 2024/25 - Single-Use - $132
    • Unit Trust - $165
    • Unit Trust - Add New Member Kit - $110
    • Webinar On Demand - Foreign Trust Taxation Issues - $110
    • Webinar On Demand - Advising on Family Trusts in the 21st Century - $110
    • Webinar On Demand - AI in Professional Practices - Risks and Benefits - $110
    • Webinar On Demand - Drafting Estate Planning Documents to meet Litigation Risks - $110
    • Webinar On Demand - Employee Share Schemes - $99
    • Webinar On Demand - Family Law and Trusts - $110
    • Webinar On Demand - How Binding are Financial Agreements - $110
    • Webinar On Demand - Professional Advisers as Appointor of their Client’s Family Trust - $110
    • Webinar On Demand - Recent Changes in Family Law - $99
    • Webinar On Demand - Sexual Harassment Laws in Australia - $110
    • Webinar On Demand - Tax & Family Trusts - $99
    • Webinar On Demand - Testamentary Trusts 101 - $110
    • Webinar On Demand - Trust Distributions and Section 100A - $99
    • Webinar On Demand - When Directors are Personally Liable - $110
    • Webinar On Demand - Where Death Benefit Nominations Go Wrong - $110
    • Will - Married or Defacto No Children - $95
    • Will - Married or Defacto with Children - $95
    • Will - Single No Children - $110
    • Will - Single With Children - $110
  • Bulletin

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Family Trust - Wind up/Vesting

Family Trust - Wind up/Vesting

Price ($AUD): $259
Platinum Price ($AUD): $220 [?]

Estimated Time to Build: 12 - 15 Minutes
Jurisdiction: Australia Wide
Printing and Binding (Optional) [?]:
• Regular Binding - $41.8

Click to Start
  • Overview
  • Checklist
  • Sample
  • Legal Tutor
  • Author
  • Family Trust - Vesting

    Winding Up Family Trust

    In certain circumstances it may be desirable for a Trustee of a discretionary trust to exercise its power to vest the discretionary trust prior to the vesting date set out in the Trust Deed. Such circumstances normally relate to the trust being of no further use (ie. the major trust asset has been sold or is contemplated being sold).

    The Family Trust - Vesting document allows for an "inspecie distribution" (100% or partial) of a particular asset or assets to certain beneficiaries and/or to liquidate the trust assets and distribute the balance of the proceeds of the sale to certain beneficiaries after discharging the Trust's liabilities.

    Before vesting your fund you should obtain legal and accounting advice regarding the consequences of the vesting. In particular there are tax implications and stamp duty/transfer duty implications that vary from state to state. The Trustee should also obtain advice on its obligations with the Trust creditors and the Trust beneficiaries.

  • Download the Family Trust - Wind up/Vesting Checklist

  • Sample is not available for this document.

    • Trust Amendments
      • How do I know if the Trust has been amended before?
      • Where do I find the date of any Deed of Amendment or Deed of Variation?
      Trustee's Details
      • What is an ACN?
      • What if I don’t have an ACN?
      • Where do I find out who is the Trustee?
      Controller's Details
      • Who is the Controller?
      • My trust deed refers to the “Guardian”?
      Settlor's Name
      • Where do I find name of the Settlor?
      New Vesting Date
      • What date should I use?
      Inspecie Distribution
      • Can the Trustee distribute?
      • What is an “Inspecie Distribution”?
      • What does “Liquidation of Assets” mean?
      • What if I want to make a 100% Inspecie Distribution?
      • What does Joint Tenants mean?
      • What does Tenants in Common mean?
      • Get Advice!
      Liquidation of Assets
      • What does “Liquidation of Assets” mean?
      • Get Advice!
      Jurisdiction
      • Why is this important?

      Trust Amendments

      • How do I know if the Trust has been amended before?

        Generally you will have another document that says eg: “Deed of Amendment to the Johnson Family Trust” or “Deed of Variation to the Johnson Family Trust”. You need to note all variations that have been made to the Trust Deed. If you are not sure, you may need to seek legal advice.

        This hint is provided by Law Central Legal.


        #

      • Where do I find the date of any Deed of Amendment or Deed of Variation?

        The date of the Deed of Amendment or Deed of Variation is generally on the front of the Trust. If not, it may be on the last page where the signing clauses are.

        This hint is provided by Law Central Legal.


        #

      Trustee's Details

      • What is an ACN?

        Under the Corporations Act 2001, every company in Australia has been issued with a unique nine-digit number known as an Australian Company Number (ACN), which must be shown on a range of documents. The purpose of the ACN is to ensure adequate identification of companies when transacting business. New companies are issued with numbers by the Australian Securities & Investments Commission (ASIC) upon registration.

        A company’s ACN should appear on all of its “public documents” and “eligible negotiable instruments,” including but not limited to the following:
        • all documents required to be lodged with ASIC;
        • statements of account, including invoices;
        • receipts (which are not machine-produced);
        • orders for goods and services;
        • business letterheads;
        • official company notices;
        • cheques, promissory notes and bills of exchange; and
        • written advertisements making a specific offer which is capable of being accepted (such as by the completion of an order form).

        This hint is provided by Law Central Legal.


        #

      • What if I don’t have an ACN?

        If you do not have an ACN, then you can insert your Australian business number (ABN) into the ACN/ABN field.

        The Australian business number (ABN) is a unique 11 digit identifier that makes it easier for businesses and all levels of government to interact.

        It is not compulsory to have an ABN, but it is an essential component for businesses to operate within the goods and services (GST) system.

        This hint is provided by Law Central Legal.


        #

      • Where do I find out who is the Trustee?

        Check the Trust Deed. The Trustee will either be listed on the first page or in the schedule at the back of the Trust Deed.

        This hint is provided by Law Central Legal.


        #

      Controller's Details

      • Who is the Controller?

        This is the person or entity named in the Trust Deed whose permission the Trustee is required to obtain under the terms of the Trust Deed to appoint a day other than the day specified in the Trust Deed as the vesting day.

        Check the terms of the Trust Deed to see whose consent the Trustee is required to obtain. This person or entity is usually (but not always) referred to as the "Guardian".

        This hint is provided by Law Central Legal.


        #

      • My trust deed refers to the “Guardian”?

        That is fine. This person or entity is usually (but not always) referred to as the "Guardian". You just need to check your Trust Deed to see whose permission is required under the terms of the Trust Deed to appoint a day other than the day specified in the Trust Deed as the vesting day.

        Enter the details of the Guardian here.

        This hint is provided by Law Central Legal.


        #

      Settlor's Name

      • Where do I find name of the Settlor?

        Check your Trust Deed. The Settlor will either be listed on the first page or in the schedule at the back of the Trust Deed.

        This hint is provided by Law Central Legal.


        #

      New Vesting Date

      • What date should I use?

        The new vesting date must be a date earlier than the vesting date set out in the Trust Deed. Ideally it should be a date not long after the day contemplated by the parties signing this Vesting Deed.

        This hint is provided by Law Central Legal.


        #

      Inspecie Distribution

      • Can the Trustee distribute?

        Check the Trust Deed to see if it contains a discretion for the Trustee to payout capital and income.

        Check the Trust Deed to see if it allows the Trustee to distribute Trust property Inspecie.

        This hint is provided by Law Central Legal.


        #

      • What is an “Inspecie Distribution”?

        An "Inspecie Distribution" is a distribution of an asset in its present or actual form as opposed to selling the asset and distributing the cash proceeds.

        This hint is provided by Law Central Legal.


        #

      • What does “Liquidation of Assets” mean?

        "Liquidation of Assets" means to sell the assets and distribute the residue monies held by the Trust after discharging the Trust liabilities for each beneficiary.

        This hint is provided by Law Central Legal.


        #

      • What if I want to make a 100% Inspecie Distribution?

        Then you only need to enter the information on this page (and not the next page dealing with liquidating the assets). Make sure you deal with all of the assets of the Trust on this page.

        This hint is provided by Law Central Legal.


        #

      • What does Joint Tenants mean?

        If you are a joint tenant it means:
        - you and the other owners jointly own the whole property;
        - there are no specified shares in the property;
        - the principal of survivorship applies. If one owner dies, the other owner or owners automatically acquire that person's interest in the property; and
        - no part of the property can be sold, given away or willed without the agreement of all the owners.

        This hint is provided by Law Central Legal.


        #

      • What does Tenants in Common mean?

        If you are a tenant in common, each co-owner has a distinct and defined share of the property, eg 50%, rather than owning the whole property together. The shares do not have to be equal eg can be 75%/25%.

        As a tenant in common you can deal with or transfer your share to someone else.
        This means that your share in the property forms part of your estate and you can leave it to someone else in your Will.

        This hint is provided by Law Central Legal.


        #

      • Get Advice!

        You should consult with your lawyer and accountant regarding the tax and stamp duty/transfer duty consequences of the distribution and your obligation to consider the beneficiaries when making this distribution.

        In relation to the tax consequences, capital gains tax events E5 or E7 is likely to apply.

        In relation to the stamp duty or transfer duty consequences, the relevant conveyancing rates may be applied unless an exemption under the relevant State legislation is applicable. See a lawyer on this matter prior to signing this deed.

        This hint is provided by Law Central Legal.


        #

      Liquidation of Assets

      • What does “Liquidation of Assets” mean?

        "Liquidation of Assets" means to sell the assets and distribute the residue monies held by the Trust after discharging the Trust liabilities for each beneficiary.

        This hint is provided by Law Central Legal.


        #

      • Get Advice!

        You should consult with your lawyer and accountant regarding the tax and stamp duty/transfer duty consequences of the distribution and your obligation to consider the beneficiaries when making this distribution.

        In relation to the tax consequences, capital gains tax events E5 or E7 is likely to apply.

        In relation to the stamp duty or transfer duty consequences, the relevant conveyancing rates may be applied unless an exemption under the relevant State legislation is applicable. See a lawyer on this matter prior to signing this deed.

        This hint is provided by Law Central Legal.


        #

      Jurisdiction

      • Why is this important?

        Before vesting your fund you should obtain legal and accounting advice regarding the consequences of the vesting. In particular there are tax implications and stamp duty implications that vary from state to state. The Trustee should also obtain advice on its obligations with the Trust creditors and the Trust beneficiaries.

        This hint is provided by Law Central Legal.


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  • This document has been prepared by Law Central Legal

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