Ongoing compliance requirements

Ongoing compliance in a trust structure will include the usual tax and revenue related lodgments, as well as compliance with business name registration rules.

Trustees should also have regard to their rights, powers and duties on an ongoing basis. Other practical ongoing considerations for trust structures include:

• • identifying trust property so that it is clear what assets the trustee is holding on trust and what assets (if any) it holds legally and beneficially in its own right; and
• • exercising caution when it is proposed to amend the trust arrangements in a way which change the essential nature and character of the original trust relationship.

See Ongoing compliance requirements.