SMSFs versus Trusts

Key Points The tax benefits of SMSFs are great but trusts offer simplicity and flexibility Trusts can still offer tax planning and other benefits Those that fit the trust ‘magic formula’ might prefer a trust on all counts Background The concept of a trust arose in Britain in the Middle Ages. Knights used them to enable their affairs to be managed by a friend during long absences. Trusts were also used to put assets beyond the reach of creditors. There are many types of trust but the basic elements are simple enough: One party (the ‘settlor’) transfers assets (the...

The concept of a trust arose in Britain in the Middle Ages. Knights used them to enable their affairs to be managed by a friend during long absences. Trusts were also used to put assets beyond the reach of creditors.

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