Family Trusts: Structure, Advantages & Disadvantages

This assignment delves into the world of family trusts in Australia. It examines the structural framework of these trusts, highlighting their key advantages, such as asset protection and tax planning opportunities. Conversely, it also explores potential disadvantages, including complexities in administration and scrutiny from tax authorities. The assignment draws upon various legal and financial resources to provide a comprehensive understanding of family trusts and their implications for individuals and businesses.

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Contents
1. Introduction..............................................................................................................................3
2. Why Family Trust?...................................................................................................................4
3. Advantages and Disadvantages................................................................................................5
4. Tax Features and benefit with family trust...............................................................................7
5. Asset protection features and benefit with family trust............................................................8
6. Current political developments affecting family trusts............................................................9
7. Things to consider while setting up family trusts...................................................................10
8. Case studies and lesson to be learnt.......................................................................................14
9. Conclusion and recommendation...........................................................................................15
10. Bibliography.......................................................................................................................17
10.1. Articles/ Books/ Reports.............................................................................................17
10.2. Cases............................................................................................................................17
10.3. Others..........................................................................................................................18

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1. Introduction
In Australia, there are different kinds of business structures which can be opted for pursuing the
business and one of these is trust1. A trust can be defined as a fiduciary relationship present in
which one is known as the settlor, who gives the other party, which is trustee, the right of
holding the title to assets or property for benefitting a third party, which is known as a
beneficiary. The debts of the company are the responsibility of the trustee. The trust form of
business structure is established for providing lawful safeguards to the assets of the settlor, for
making certain that these assets are distributed as per the wishes of settlors, to reduce paperwork
and save time, and in particularly instances, for avoiding or reducing the estate taxes of
inheritance2. The trust law was introduced back in 1970 by Malcolm EJ Morgan in the nation,
who was an accountant profession wise3. The Australian trust law follows the English trust law
and is amended through the commonwealth and State or Territory legislations.
The rationale for choosing the trust depends upon the numerous advantages which are available,
particularly in terms of tax benefits to the trust form of business structure4. However, this does
not mean that the trusts do not have any disadvantages; some of these disadvantages would be
discussed later on in this discussion. In the key characteristics of the trust is the requirement of
drawing up a formal trust deed in which is stated, the manner in which a particular trust would be
operated, its operations, the need for trustee to fulfil the administrative tasks in formal manner
1 Jason Mattock, Doing Business in Australia for China: How to Invest in Australia for Chinese (Australia China
Business Alliance, 2014)
2 Greg Rostron, What is a discretionary trust and what are the benefits? (2017)
<http://www.findlaw.com.au/articles/4606/what-is-a-discretionary-trust-and-what-are-the-ben.aspx >
3 Revolvy, Australian trust law (2017) <https://www.revolvy.com/main/index.php?s=Australian%20trust%20law>
4 Michael Janda, Trusts and tax minimisation explained (28 July 2017)
<http://www.abc.net.au/news/2017-07-28/trusts-and-tax-minimisation-explained/8752480 >

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and annually, and the expensive set-up of the trust. But the most important aspect, which pulls
people towards trust form of business structure, is asset protection. The rules for the trusts
depend upon the type of trust which one opts for. In Australia, there are a range of trusts which
includes unit trusts, managed investment trusts, special disability trusts, charitable trusts, and
family trusts5. In the following parts, a discussion has been carried on these different aspects of
trusts, where the focus is laid on the family trusts.
2. Why Family Trust?
A trust is deemed as a family trust when the trust’s trustee makes a “family trust election”. In
order to make this election, the trust has to be controlled completely by a “family group”. The
term family trust is used to refer to a discretionary trust which is set up for holding the assets of
the family or for conducting the business of the family6. In general, these are established for tax
purposes or for asset protection7. The Australian family trusts generally are established by the
member of the family to benefit the members of a family group. They could be the subject of
family trust election, through which different tax advantages are provided which is passed by the
trust through the family control test and the trust income is distributed between the beneficiaries
of the trust and these are the people within such family group8.
These trusts also assist in protecting the assets of the family groups from the liabilities of one, or
a higher number of family members, particularly in the events like insolvency or bankruptcy of
5 Australian Taxation Office, Specific rules for some trusts (2017) <https://www.ato.gov.au/general/trusts/specific-
rules-for-some-trusts/>
6 Philip de Haan and Aimee Riley, Discretionary trusts and asset protection (20 February 2017)
<http://www.wolterskluwercentral.com.au/tax/income-tax/discretionary-trusts-asset-protection/>
7 Andrew Mirams, Why You Should Set Up A Family Trust (16 January 2017) <https://propertyupdate.com.au/why-
you-should-set-up-a-family-trust/>
8 Clear Docs, Family Trusts explained and Family Trust Elections explained (2017)
<https://www.cleardocs.com/extra-family-trust.html>

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the family members. The family trusts provide a method through which, the assets of the family
are passed on to the future generations. Lastly, the family trusts provide a manner of accessing
such tax treatment which is favourable and which helps in making certain that all the family
members use the income tax as “tax free thresholds”. There are a number of other possible
benefits in the family trust mode, which includes the avoidance of issues like the challenges to
will upon the death of a family member.
3. Advantages and Disadvantages
There are a number of advantages in setting up a family trust. The first one in this regard is the
creditor protection. The assets which are held in trust, in general, are protected from the
beneficiaries’ creditors or that of the trustees in a personal manner. In majority of situations, a
trust protects the family from the liabilities of the parents, which are personally owed. Another
key advantage of family trust is protection against relationship property claims. At times when
the personal assets are given by a parent to their children, through a will, such assets may at
times become available to the partners of the children. Though, where the assets are owned by
the trust or are given to the trust upon the death of the parent, the children can continue to obtain
the benefits of such assets, and as these assets do not become a part of the personal property, they
cannot be subjected to the claims of the partner of the children9.
The property is also protected, both from and for the beneficiaries through family trust creation.
Where there is a concern regarding the ability of the children to manage their financial affairs
and a reluctance is caused to give the assets to the children upon death, best option is to set up a
family trust, which can be used by the children in a particular manner and which could in turn
9 Gibson Sheat, Family Trusts -Advantages and disadvantages (2017)
<http://www.gibsonsheat.com/Articles/Trusts/Family+Trusts+-Advantages+and+disadvantages.html>

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help in protecting the long term value of the assets of the family. Creation of family trust also
helps in protecting the assets of the family for future generation, particularly from the possible
changes in the tax law regime. The family trusts could provide the protection from different
kinds of taxes like the wealth tax, which could be introduced in future, or taxes like inheritance
tax or death duties. The will of a person can still be rewritten by the court where the court fees its
necessary; though, the same cannot be done for trusts. Also, the modern trust deeds allow for
right of variation so as to deal with the changes which are brought in the law. Lastly, the family
trusts are kept confidential due to them not being registered publically10.
Apart from these numerous advantages of creating a family trust one must not forget the
different disadvantages of opting for such mode of business structure. The first disadvantage is
the loss of ownership of assets. When the personal assets are transferred to trust, they become the
assets of the trust and the trust has complete control over such assets. Even though an ounce of
control can be retained as the power is held regarding the appointment and removal of trustees,
of by being trustees themselves, it is crucial to keep in mind that the transferred assets are not the
assets of the individual. And in case the person treats the assets as their own, the trust has the
option of challenging it as a sham11.
When a trust is formed, there is a need for time and costs to be allowed for meeting with the
yearly administrative and accounting requirements of the trusts. There are also high costs
involved when it comes to establishing a trust in terms of cost of formation and cost for transfer
of assets. These costs are also dependent upon the complexity of the trust, along with the nature
of the assets which are being transferred to the trust. There is also a need to keep in mind the
future changes in the law which could remove of cause effect to some of the key objectives of
10 Ibid
11 Ibid

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the formation of the trust. So apart from the immediate benefits which can be obtained by
forming a trust, there is a need to consider the long term effects of trust formation and the impact
of it to make a decision regarding if a trust form of business structure is advantageous or
disadvantageous as a business structure12.
4. Tax Features and benefit with family trust
A key advantage of the family trust is the trustee’s ability for selecting the person from whom
the net income of the trust would be distributed yearly. The net income of the trust can be
distributed between the beneficiaries in such a manner where the total income tax which is
payable on it could be minimized. For the tax purposes, a family trust is one where a valid family
trust election is made by the trustee and merely including the wordings family trust in the name
of the trust does not create a family trust. The valid family trust election is made by the trustee
only when they are satisfied regarding the relevant tests, as well as, have made an election in a
written manner and in an approved form. Upon this election being made, the same cannot be
revoked or varied save for in special situations13.
The Family Trust Election allows the trust to obtain certain tax concessions. The family trust
distribution tax, as a trade off, is imposed when the distributions are made out of the family
group. The family trust distribution tax is applicable to the distributions which are made from
the family trusts in case the trustee distributes capital or income, or confers a present entitlement,
makes a concessional loan or allows or provides otherwise regarding the usage of capital or
income of trust for less than the market value of it, to an entity or to a person which is out of the
12 Ibid
13 Australian Taxation Office, Family trusts – concessions (2017) <https://www.ato.gov.au/General/Trusts/In-
detail/Family-trusts---concessions/>

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family group of the trust. This tax is payable by the family trust’s trustee at the highest marginal
rate, in addition to the levy of Medicare14.
The Trustee beneficiary reporting rules are such rules which require the trustee to advise the
Australian Taxation Office, i.e., ATO regarding some specific details. These details are related to
each of the trustee beneficiary which is entitled to the part of a tax preferred amount of the
particular trust, or includes in their assessable income, a part of net income of tax, under the
“untaxed part”. This particular advice is required to be provided by the due date of lodgement of
family trust’s tax return15.
There is also the advantage of capital gain tax as there is an applicability of 50% discount factor
which is applied on capital gains for the assets which are retained for a period of more than one
year. There are also the income tax advantages as there is an ability to select the person who
would bear the net income of the year and to whom the same would be distributed every year16.
In addition to these, the state income tax, the transfer tax and the federal estate taxes also have to
be considered in a careful manner17.
5. Asset protection features and benefit with family trust
Asset protection is amongst the different advantages which are available to the family trust, as
per which, the valuable assets are put beyond the reach of the possible creditors. By doing so, the
family trusts are able to “save the day” time and again18. In majority of the cases, the assets are
14 Ibid
15 Ibid
16 The Dover Group, Chapter 05 – Family Trusts (2017) <https://www.dover.com.au/dover-way/part-19-legal-
entities-and-structures/chapter-05-family-trusts/>
17 Phil M. Fowler, Taxation of Family Trusts (2017) <http://thefinancebase.com/taxation-family-trusts-2820.html>
18 Joe Gardiner, Advantages and Disadvantages of Family Trusts (11 July 2016)
<https://www.linkedin.com/pulse/advantages-disadvantages-family-trusts-joe-gardiner>

RESEARCH ASSIGNMENT 9
transferred to the family trust and this disallows the creditors from accessing them in case the
transferor goes bankrupt or the transferor gets into some sort of financial difficulty19. The reason
for this is that the transferor gets no interest in the property which has been transferred and also
has no interest in the family trust which is recognized in the eyes of law. This feature is the
reason why wealthy individuals opt to hold their assets in family trust20. In Dwyer v Ross21, it was
stated that the protection is raised as the trustee of the family trust is the owner of assets, instead
of the beneficiaries. And as a result of this, the bankruptcy of the beneficiary would not impact
upon the assets of the trustee.
6. Current political developments affecting family trusts
Due to the very nature of trust, whereby the rich are benefitted, a political debate is brewing in
the nation. As per the Australia Institute, in trusts, $3.1 trillion is being held and 51% of the
revenue flows from them and goes to the richest 0.43% of the population. The debate has been
raised as the family trusts allows the high income earners, to distribute the money to their family
members on low tax rates and incomes and by doing so, they are able to reduce their personal
liability of tax. The labour party has taken a position in this regard whereby they have made a
promise to crack down on the family trusts in case they were elected and as a measure, they have
promised to raise a value of $17 billion over a period of ten years22. Mr. Bill Shorten, the labour
19 Chan & Naylor, Asset Protection (2017) <https://www.chan-naylor.com.au/services/asset-protection/>
20 My Monet Calculator, Which Business Structure Provides The Greatest Asset Protection? (2017)
<http://www.mymoneycalculator.com.au/which-business-structure-provides-the-greatest-asset-protection>
21 (1992) 34 FCR 463
22 Leigh Sales, Labor promises to tackle the family trust tax problem (31 July 2017)
<http://www.abc.net.au/7.30/labor-promises-to-tackle-the-family-trust-tax/8761430>

RESEARCH ASSIGNMENT 10
leader has made a promise to introduce an “across-the-board” minimum 30% tax for the family
trust distributing funds to people over the age of 18 in case he comes to power23.
Such promises were earlier proposed by the Coalition and were abandoned. The views have
been changed and now the view of Coalition, as denoted by Scott Morrison, the treasurer is that
the labour party’s $17 billion was a plan meant to shut down the family trust tax loopholes by
directly assaulting the small business. And hence, coalition challenged the release of Bill Shorten
to the full details of this policy. Even though a group of experts have suggested that the best
manner of closing the loopholes is to attribute the income from trust to such individual who has
control over it, irrespective of its final beneficiaries, this is not likely to be of use, owing to the
complexities in accounting and legal structure which has taken centuries in its making and could
take more than a single policy announcement, to be picked apart. There is thus, only a need of a
single policy which does the purpose24.
7. Things to consider while setting up family trusts
There are certain requirements which have to be kept in mind while setting up any trust. In the
English case of Knight v Knight25, three key certainties were given as the requirement for
establishing a trust. These three were intention, subject matter and objects, which became
embodied as the three key principles. These key certainties help in determining if the assets can
23 Adam Gartrell, Shorten's family trust tax plan a 'direct assault' on small business: Morrison (30 July 2017)
<http://www.smh.com.au/federal-politics/political-news/shortens-family-trust-tax-plan-a-direct-assault-on-small-
business-morrison-20170730-gxlky9>
24 Andrea Micheals, Tax debate: let's drop the rich vs poor rhetoric (14 August 2017)
<https://indaily.com.au/opinion/2017/08/14/tax-debate-lets-drop-rich-vs-poor-rhetoric/>
25 (1840) 49 ER 58

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be disposed off in the wills or whether the wordings are too ambiguous for allowing the
beneficiaries for collecting what appears to be on face of the will as being “their”26.
The first requirement is of the intention to create a trust. The intention of the settler is required
for determining if a trust exists and also to determine the width of application and terms of such
trust. As per the general maxim, the substance of the equity is looked at, instead of its form; in
other terms, it could also be articulated as the equity looking into the intention, instead of the
form. Hence, there is no requirement of a special formula or formal words, so long as it could be
proved that there is a clear intent of creating the trust. There has to be an intention and it needs to
be essential in terms that a trust would be formed and the creation would not merely be
permissive. So, a real intention is needed and if there is no intention, a trust would not be
created27.
Where a dispute is raised regarding intention, the person who states that the trust was in
existence is required to prove that the intention was present for creation of trust. The construction
of language is looked into for this matter as a general approach. The language of the settler is
looked into by the court and the words are given plain meaning, till the time a technical term is
covered. And for purpose of taking out the meaning of a particular aspect, the entire document
which led to the creation of trust has to be taken into consideration. The majority of trusts are in
writing, particularly the ones which relates to land. In case of the trusts which are created
through will, the context of this document has to be taken into consideration28.
26 Judith Bray, Key Cases: Equity & Trusts (Routledge, 2nd ed, 2013)
27 Iain McDonald and Anne Street, Equity and Trusts (Oxford University Press, 5th ed, 2016)
28 Mohamed Ramjohn, Text, Cases and Materials on Equity and Trusts (Routledge, 4th ed, 2008)

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In Dean v Cole29, the will of the testator left nearly all of the personal and real property to his
wife through the use of wordings “...trusting to her that she will ... divide in fair just and equal
shares between my children” and that some sum of estate was at complete disposal of the widow.
When the document was read as whole, the court interpreted that the testator did not have the
intent of creating a trust as the trust for the entire property was not consistent with these
statements as some parts were at widow’s disposal. Hence, “trusting to her” was not a binding
trust to make equal divisions but to indicate the confidence in the wife. The intention is thus a
state of mind and the relevant circumstances surrounding it. And when the trust is created
through a trust instrument, the instrument has to be analysed for analysing the intention. Where
there is uncertainty due to issues like mistake, fraud or duress, a trust would not be created.
The next requirement is for the certainty of the subject matter. There is a need for the trust to
have a subject matter. A trust is regarding the property and in a valid trust, there has to be
certainty regarding which property is the central matter of the trust as it becomes the subject
matter of benefits and obligations. There is a need for the trustee to be able to identify the
property, along with the rights of the beneficiaries in a fixed trust regarding the trust property.
The amount or shares and the nature of property can give rise to the doubts30.
With regards to the nature of property, any sort of ascertainable property could become the
subject matter of trust, which includes tangible or intangible property, personal property, real
property and the like. Though, an expectation cannot be deemed as trust property. In Re Rules
Settlement31, a woman was under the different objects of power of appointment which was held
by other. She was of the opinion that she would get money from appointment and attempted to
29 (1921) 30 CLR 1
30 At 26
31 [1915] VLR 670

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settle this money. The Collector of Imposts made an attempt to assess from the stamp duty, the
settlement instrument based on the property being the subject of power of appointment. It was
held by the Full Court of Victoria that the stamp duty was not payable as there was no property
to settle, and just an expectancy of the same.
The quantum of interest is another crucial point when it comes to certainty of subject matter.
Apart from determining the intent and type of property, it is important to know that there is a
certainty of interest which is taken by the beneficiaries. And in absence of such certainty, the
expression would be void. The key issue here is the interpretation with certainty by the court. In
case, the settler had given certain criteria for interest calculation of beneficiaries, the court would
use that particular criterion. This particular approach has to be applied in a fair and generous
manner32. Re Golay33 was a case in which a deposition on trust regarding the reasonable income
was included in the will. And in this case, the court was of the opinion that this required an
objective determination.
Certainty of the object is the last requirement where the general rule relates to “the beneficiary
principle”. The principle here is that the trust has to favour the beneficiaries who are identified
and who can be ascertained or for a recognized charitable purpose34. The principle given under
Morice v Bishop of Durham35 proves to be of help in this regard, which requires each trust to
have a definitive object.
32 At 26
33 [1965] 2 Al ER 660
34 At 26
35 (1804) 9 Ves 399; 32 ER 656

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8. Case studies and lesson to be learnt
There are a number of cases which present different lessons with them. For instance, in the case
of Rinehart v Welker36, an agreement was attempted to be enforced by Gina Rinehart attempted
to enforce the agreement, the effect of which was that her family would be able to arbitrate the
disputes which related to the disputes regarding the trusteeship she her in the discretionary trust
of the family. Some of the children tried to remove her from the post of trustee and also argued
that this agreement was against the public policy since the jurisdiction of the court was outset
regarding the trustees’ removal. Even though the Court of Appeal stated that the reason
regarding drafting meant that the arbitration agreement could not be applied in this dispute, the
majority held that such agreement could be given effect to. This case not only highlights that
arbitration can be used in trusts to solve the disputes, but also that the terms of the trust drawing
are crucial as these are referred to, in cases of disputes.
Another significant ruling, which turns one of the benefits of the trust into a disadvantage, was
that of Harris v Harris37. In this case, the Full Family Court stated that the property of a
discretionary family trust could be included for the purposes of the matrimonial assets of the
separating spouses. This means that the attempt of the property of the trust to not be used by the
spouse of the children upon separation would not always hold to be true38. The Richstar case, i.e.,
Richstar Enterprises Pty Ltd (ACN 099 071 968) v Carey (No 6)39 is another important case
when it comes to the family trusts. In this case, the Court used their powers regarding the
36 [2012] NSWCA 95
37 [2011] FamCAFC 245
38 HopgoodGanim, Family Law Alert: Clarification on the treatment of discretionary trusts in property settlements
(08 Feb 2012)
<http://www.hopgoodganim.com.au/page/Publications/Family_Law_Alert_Clarification_on_the_treatment_of_discr
etionary_trusts_in_property_settlements_-_8_Feb_2012/>
39 [2006] FCA 814

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discretionary trust property. And French J considered the degree of control which the beneficiary
had over the trust and also explored the concept of the trust being the alter ego of the
beneficiary40.
9. Conclusion and recommendation
The previous parts of this discussion highlighted the different aspects revolving around family
trusts. The discussion highlighted the nuisances of trusts and the different reasons for which the
trust form of business structure is selected by the people. Trust form of business structure helps
in continuing the estate of the party even after their death. Particularly in the matter of family
trusts, the individuals are able to transfer their property to trust, which is held by the family, thus
their children get the assets, without having to make it their personal property and bear high
taxes. The capital tax advantage available to the trusts further helps in reducing this tax liability.
The income taxes are also reduced under family trusts as a trustee is selected who would bear the
tax liability yearly. Instead of facing a risk of the will of the individual being disputed after their
death, by opting for a trust form of business structure, they can continue their estate in
perpetuity. The discussion also highlighted the other key advantage of the family trusts, which is
asset protection, as by opting for this form of business structure, the assets of the beneficiary are
protected from the creditors.
This discussion also highlighted some shortfalls and certain issues which can be raised under
family trusts. The key one in this regard, which leads to the first recommendation is that when
the trust is being created, the three key certainties, i.e., intention, subject matter and objects have
40 James Tan, Richstar – The Court’s Powers to Dismantle Discretionary Trust Structures (2017)
<https://www.corneyandlind.com.au/resource-centre/commercial/richstar-the-courts-powers-to-dismantle-
discretionary-trust-structures/>

RESEARCH ASSIGNMENT 16
to be properly embodied in the trust. Also, there is a need for the overhauling of the entire system
of trusts, particularly owing to the political debate which has been highlighted in the previous
segment. Hence, it is recommended to drawn up an effective policy, which helps in stopping the
ones who are mis-utilizing this business structure for avoiding their tax liabilities. Another
important recommendation is to enhance the asset protection through “Testamentary Trust”. The
last key recommendation is that while the trust is being formed up, there is a need to properly
cover every aspect which surrounds the family trust so as to draw up an effective which is not
disputed later on, as was found regarding the arbitration clause regarding one of the case laws
highlighted above. Till the times these recommendations are adopted, and possibly even after
that, family trusts remains amongst the top choices when it comes to selection of a business
structure, particularly for taxation benefits.

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10.Bibliography
10.1. Articles/ Books/ Reports
Bray J, Key Cases: Equity & Trusts (Routledge, 2nd ed, 2013)
Mattock J, Doing Business in Australia for China: How to Invest in Australia for Chinese
(Australia China Business Alliance, 2014)
McDonald I, and Street A, Equity and Trusts (Oxford University Press, 5th ed, 2016)
Ramjohn M, Text, Cases and Materials on Equity and Trusts (Routledge, 4th ed, 2008)
10.2. Cases
Dean v Cole (1921) 30 CLR 1
Dwyer v Ross (1992) 34 FCR 463
Harris v Harris [2011] FamCAFC 245
Knight v Knight (1840) 49 ER 58
Morice v Bishop of Durham (1804) 9 Ves 399; 32 ER 656
Re Golay [1965] 2 Al ER 660
Re Rules Settlement [1915] VLR 670
Richstar Enterprises Pty Ltd (ACN 099 071 968) v Carey (No 6) [2006] FCA 814
Rinehart v Welker [2012] NSWCA

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10.3. Others
Australian Taxation Office, Family trusts – concessions (2017)
<https://www.ato.gov.au/General/Trusts/In-detail/Family-trusts---concessions/>
Australian Taxation Office, Specific rules for some trusts (2017)
<https://www.ato.gov.au/general/trusts/specific-rules-for-some-trusts/>
Chan & Naylor, Asset Protection (2017) <https://www.chan-naylor.com.au/services/asset-
protection/>
Clear Docs, Family Trusts explained and Family Trust Elections explained (2017)
<https://www.cleardocs.com/extra-family-trust.html>
Fowler PM, Taxation of Family Trusts (2017) <http://thefinancebase.com/taxation-family-trusts-
2820.html>
Gardiner J, Advantages and Disadvantages of Family Trusts (11 July 2016)
<https://www.linkedin.com/pulse/advantages-disadvantages-family-trusts-joe-gardiner>
Gartrell A, Shorten's family trust tax plan a 'direct assault' on small business: Morrison (30 July
2017) <http://www.smh.com.au/federal-politics/political-news/shortens-family-trust-tax-plan-a-
direct-assault-on-small-business-morrison-20170730-gxlky9>
Gibson Sheat, Family Trusts -Advantages and disadvantages (2017)
<http://www.gibsonsheat.com/Articles/Trusts/Family+Trusts+-
Advantages+and+disadvantages.html>

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Haan PD, and Riley A, Discretionary trusts and asset protection (20 February 2017)
<http://www.wolterskluwercentral.com.au/tax/income-tax/discretionary-trusts-asset-protection/>
HopgoodGanim, Family Law Alert: Clarification on the treatment of discretionary trusts in
property settlements (08 Feb 2012)
<http://www.hopgoodganim.com.au/page/Publications/Family_Law_Alert_Clarification_on_the
_treatment_of_discretionary_trusts_in_property_settlements_-_8_Feb_2012/>
Janda M, Trusts and tax minimisation explained (28 July 2017)
<http://www.abc.net.au/news/2017-07-28/trusts-and-tax-minimisation-explained/8752480 >
Micheals A, Tax debate: let's drop the rich vs poor rhetoric (14 August 2017)
<https://indaily.com.au/opinion/2017/08/14/tax-debate-lets-drop-rich-vs-poor-rhetoric/>
Mirams A, Why You Should Set Up A Family Trust (16 January 2017)
<https://propertyupdate.com.au/why-you-should-set-up-a-family-trust/>
My Monet Calculator, Which Business Structure Provides The Greatest Asset Protection? (2017)
<http://www.mymoneycalculator.com.au/which-business-structure-provides-the-greatest-asset-
protection>
Revolvy, Australian trust law (2017) <https://www.revolvy.com/main/index.php?s=Australian
%20trust%20law>
Rostron G, What is a discretionary trust and what are the benefits? (2017)
<http://www.findlaw.com.au/articles/4606/what-is-a-discretionary-trust-and-what-are-the-
ben.aspx >

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Sales L, Labor promises to tackle the family trust tax problem (31 July 2017)
<http://www.abc.net.au/7.30/labor-promises-to-tackle-the-family-trust-tax/8761430>
Tan J, Richstar – The Court’s Powers to Dismantle Discretionary Trust Structures (2017)
<https://www.corneyandlind.com.au/resource-centre/commercial/richstar-the-courts-powers-to-
dismantle-discretionary-trust-structures/>
The Dover Group, Chapter 05 – Family Trusts (2017)
<https://www.dover.com.au/dover-way/part-19-legal-entities-and-structures/chapter-05-family-
trusts/>