Unit 1: Introduction to Trusts - 2024

Learn about the legal nature of trusts, key parties and concepts, plus characteristics to differentiate between types of trusts.

In this unit, we cover:

• Introduction to the case study

• How did trusts come to be?

• Legal nature of trusts

  • What is a trust?

  • Requirements for a trust at law

  • Key components and concepts

  • The trust deed

  • Role of Settlor

  • Role of Trustee

  • Residency of trusts

• Types of trusts

  • Inter vivos trusts

    • Fixed trusts (unit & non-unit)

    • Discretionary trusts

    • Hybrid trusts

  • Trusts created by will

  • Trusts created by law or equity

  • ATO’s view on fixed vs non fixed trusts - PCG 2016/16

• Brief introduction to the taxation framework for trust income

Date recorded: 7 November 2024