First time out on this Forum and I would apreciate a bit of guidance with my family trust that was set up a couple of years ago, to hold a small amount of shares in the company I work for. My understanding of the mechanics of the trust are pretty basic, but my kids are now all out working and paying Tax on their own incomes, so the benifit of spreading any Trust income arround is small.
My shares are about to be sold (pretty much whether I like it or not), but the good news is the company has done well and they are now worth a couple of Bucks.
When this large wad of money arrives in the Trust Bank account, it will be well in excess of anything I can distribute across the family members at low tax rates, but it appears that if I simply leave it in place we will end up paying a huge ammount of Tax on it.
We presently rent our house and would like to buy ASAP. Can we simply use the Money that arrives in the Trust to buy a property and then Live in it ....... would we have to pay rent to ourselves..?
would appreciate any advice and insight....
Many thanks .... MV