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Taxation for Australian Businesses: Understanding Australian Business Taxation Concessions by Rod Caldwell

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CHAPTER 12 Running a business through a family discretionary trust

Key area we will cover in this chapter

  • li1.png Family discretionary trusts

Defined terms we will introduce

  • Trust: (an old English concept) created by a trust deed similar to a will
  • Trustee: the person who controls the distribution of the trust income (business taxable profits) and the trust corpus (capital, as in capital gain)
  • Beneficiary: any family member up to three generations either side of a nominated individual, usually the business owner
  • Discretionary: the ability to apply income to anyone nominated beneficiary (family member)
  • Personal excursion income (PSI): income ...

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