Trusts
We provide strategic advice on the establishment and management of trusts across various jurisdictions. Our team ensures compliance while protecting assets and serving the best interests of beneficiaries.
Trust laws in Australia are controlled by a combination of state-based legislation, federal tax legislation, and common law (equity) principles. Because trusts are generally governed by the state or territory where they are established, the primary legislation varies by jurisdiction, though they share similar principles.
Primary State/Territory Trustee Legislation
Victoria: Trustee Act 1958.
Western Australia: Trustees Act 1962.
New South Wales: Trustee Act 1925.
Queensland: Trusts Act 1973 (superseded by Property Law Act 2023 for new trusts from 1 August 2025).
Key Aspects of Control
Trustee Duties & Powers: These acts define the powers, duties, and standard of care expected of trustees.
Common Law & Equity: Long-standing legal principles, including fiduciary obligations to act in the best interests of beneficiaries, complement the statutory legislation.
Trust Deed: The individual trust deed or trust instrument acts as the binding rules for how a specific trust is run.
Tax Legislation (Federal): The Australian Taxation Office (ATO) regulates trusts under the Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997, which govern tax reporting and compliance.
Family Law: The Family Law Act 1975 enables courts to look at assets of a trust controlled by a party to a relationship.
Corporate Trustees: If a company acts as a trustee, it must comply with the Corporations Act 2001.
Key Regulatory Bodies
State Revenue Offices: Handle stamp duty on trusts.
Australian Taxation Office (ATO): Manages trust tax reporting and compliance.
Supreme Courts: Supervise the administration of trusts and handle disputes.