Trusts and Relocating to Australia
Our team have specialist trust taxation knowledge and expertise in both UK and Australian trust taxation.
If you are thinking about relocating to Australia and have a Trust, please talk to us before you move to Australia. This applies both if you are a Trustee or a Beneficiary, and is also the case whether the Trust is tax resident in:
The UK;
Jersey;
Guernsey;
Isle of Man;
Cyprus or elsewhere.
Most of the Australian tax planning opportunities arise before relocating to Australia, so why not get in touch to find out more about how we could help you with your trust?
We can also assist with Australian tax advice if you are moving to Australia and have other trust like structures, for example a Donation Partage in France or a Liechtenstein Foundation.
The Australian tax law taxes distributions to Australian tax resident, trust beneficiaries heavily. Also, it is very easy for a foreign (non-Australian) trust to become an Australian tax resident trust if the trustees or anyone acting effectively as a trustee, relocates to Australia. This can often result in undesirable tax outcomes in Australia.
Furthermore, your trust may cease to be a UK tax resident trust, as a result of your relocation to Australia, giving rise to a deemed disposal of the Trust’s assets for UK capital gains tax (CGT) purposes.
Most of the Australian tax planning opportunities arise before relocation to Australia. So, please contact us well in advance of any relocation to Australia, so that we can advise you.
If you need assistance with your trust before relocating to Australia, please get in touch.