Family Trust

Who this is for

If you are the primary income earner for your family, and want to distribute it amongst your family members (beneficiaries) so you pay less tax then you might want to consider setting up and managing a family trust.

Basically, family trusts help reduce your higher tax rate by distributing the income to beneficiaries (e.g. family members) who may be on a much lower individual tax rate.

The major benefit is that the tax benefits you gain can ultimately be used to support your other family members at their stages life such as your children’s education.

Family trusts are something that ITP WA strongly recommends as it truly embodies the value of work-life balance that comes about when you know how to properly use tax knowledge to your advantage.

However, trusts can be a bit trickier and time-consuming so we strongly suggest you speak with one of our tax professionals to:

  1. Help you decide if setting up a family trust is a good option for you
  2. Help you set up a family trust
  3. Lodge your family trust’s tax return

Contact us to book your free 15 minute consultation.

What you will receive

As part of the consultation, we will first deeply understand your income activity, and the tax nature of any of the beneficiaries in your family (e.g. children, spouse, relatives etc…).

We will then work with you to uncover ways a family trust fund may be set up so you and your family can benefit most from a tax perspective.

You and your beneficiaries will also be educated on the commitments required for the family trust to work properly.

We then remove the excessive paperwork you have to deal with, by having you hand it over to us, so we can accurately manage, produce and lodge your Family Trust’s tax on your behalf.

Contact us to book your free 15 minute consultation.

Results you can expect

  • Increased tax refunds (more money in your hands) due to proper tax lodgement of a Family Trust tax return.
  • Additional funds to dedicate to other family commitments that are important, such as children’s education.

How it will work

• Book an initial consultation with us so we can get an understanding of your income activities and family beneficiaries as they relate to tax.
• Help you to properly create, record and lodge your Family Trust tax return
• Agree and authorize us to compile and lodge your Family Trust tax on your behalf

We will then work with you and your family to:

  • Gather any related paperwork needed to properly compile and lodge your Family Trust tax
  • Fill-in any missing gaps that may arise during the process
  • Educate you and your beneficiaries, on the personal tax commitments that may arise due to the Family Trust
  • Perform quality checks and pass your Family Trust tax return by you before formally submitting your tax return on your behalf
  • Lodge your Family trust tax return on your behalf, which is usually done within 24 hours of receiving your full information and approval.

Additional Features

  • As a bonus part of the ITP policy, we will liaise and respond with the Tax Office on your behalf for any queries that may arise in the future.
  • We also have the option to process your tax return remotely, which means you don’t even have to leave your home to do your tax!


For lodging your Family trust tax return, payment can be made for our services upfront, or you can have it deducted from your tax refund which we collect on your behalf.

For other associated services related to setting up a Family Trust, adhoc advice, or lodging other Personal tax returns on behalf of your beneficiaries, we will invoice you directly for an agreed fee (fixed fee or hourly charge).

Time-frame for lodgement

We will typically lodge your Family Trust tax return within 24 hours of receiving your full information and approval.

Associated services and resources for Personal Tax

  • Tax Tips
  • Bookkeeping Services
  • Installment Activity Statements (IAS)
  • Business Activity Statements (BAS)
  • Tax Return Checklists
  • Tax Tips