澳大利亚信托概况 • Legal One Lawyers

澳大利亚信托概况

An overview of trusts in Australia

介绍

Introduction

信托是企业、投资和家庭理财计划中的一个基本要素。虽然信托很常见，但它们经常被误解。

Trusts are a fundamental element in the planning of business, investment and family financial affairs. Although trusts are commonplace, they are frequently misunderstood.

在日常交易中信托的例子有很多:

There are many examples of how trusts figure in everyday transactions:

股票经常由“被提名人”以信托形式持有Shares are frequently held in trust by “nominees”
现金管理信托和财产信托被很多人用于投资目的Cash management trusts and property trusts are used by many people for investment purposes
合资企业通常通过单位信托进行Joint ventures are frequently conducted via unit trusts
儿童账户中持有的资金一般会涉及信托Money held in accounts for children will generally involve trusts
养老基金是信托Superannuation funds are trusts
许多企业被结构化为“交易信托”Many businesses are structured as “trading trusts”
死者遗产的执行人担任受托人Executors of deceased estates act as trustees
有慈善信托、研究信托和动物信托There are charitable trusts, research trusts and trusts for animals
律师、房地产经纪人和会计师经营信托账户Solicitors, real estate agents and accountants operate trust accounts
破产时有受托人，债权证持有人也有受托人There are trustees in bankruptcy and trustees for debenture holders
信托经常用于家庭情况，以保护资产和协助税务规划Trusts are frequently used in family situations to protect assets and assist in tax planning
有一些依法成立的大公司，它们以受托公司的形式开展业务There are some large companies established by statute which carry on business as trustee companies
简而言之，信托无处不在。本文的目的是帮助理解信托的本质、受托人的角色和义务、信托的会计和所得税影响以及使用或参与信托结构的一些优势和陷阱。当然，本文仅提供一般性参考信息，不能取代专业法律、税务和会计建议。In short, trusts are everywhere and the purpose of this document is to assist an understanding of the nature of a trust, the role and obligations of a trustee, the accounting and income tax implications of trusts and some of the advantages and pitfalls in using or becoming involved in a trust structure. Of course, there is no substitute for specialist legal, tax and accounting advice when a specific trust issue arises and the general information given in this document needs to be understood in that context.

什么是信托?

What is a trust?

这可能是信托最容易被误解的方面。一个普遍的错误的观点是，信托是一个法律实体或个人，就像公司或个人一样。

This is probably the most misunderstood aspect of trusts. A frequently held, but erroneous view, is that a trust is a legal entity or person, like a company or an individual.

信托根本不是独立的法律实体或个人，它本质上是一种关系。在澳洲法院的“衡平法”下被认可和执行。并非所有国家都承认信托的概念。信托起源于英国。虽然信托概念可以追溯到英国几个世纪以前，但许多欧洲国家没有自然的信托概念。然而，由于与承认信托的国家进行贸易，其法律制度不得不设计出一种承认信托的方式。

A trust is not a separate legal entity or person at all – it is essentially a relationship that is recognised and enforced by the courts in the context of their “equitable” jurisdiction. Not all countries recognise the concept of a trust, which is an English invention. While the trust concept can trace its roots back centuries in England, many European countries have no natural concept of a trust. However, as a result of trade with countries which do recognise trusts their legal systems have had to devise ways of recognising them.

关系的性质对于理解信托概念至关重要。在英国法律中，普通法法院只承认法定所有人及其财产，但衡平法法院愿意承认法定持有人为其利益而持有财产的人的权利。The nature of the relationship is critical to an understanding of the trust concept. In English law the common law courts recognised only the legal owner and their property, however, the equity courts were willing to recognise the rights of persons for whose benefit the legal holder may be holding the property.

简单来说，信托是一种关系，其中A为B的利益持有财产。A被称为受托人，是受托为受益人B持有财产的合法所有者。受托人可以是个人、组个人或公司。可以有多个受托人，也可以有多个受益人。如果信托有效，只有一个受益人的情况下，受托人和受益人必须不同。

Put simply, then, a trust is a relationship which exists where A holds property for the benefit of B. A is known as the trustee and is the legal owner of the property which is held on trust for the beneficiary B. The trustee can be an individual, group of individuals or a company. There can be more than one trustee and there can be more than one beneficiary. Where there is only one beneficiary the trustee and beneficiary must be different if the trust is to be valid.

法院将非常严格地执行受托人对受益人的义务性质，因此，虽然受托人是相关财产的合法所有者，但财产必须仅用于受益人的利益。受托人对受益人负有所谓的受托责任。法院将始终严格履行这一责任。

The courts will very strictly enforce the nature of the trustee’s obligations to the beneficiaries so that, while the trustee is the legal owner of the relevant property, the property must be used only for the benefit of the beneficiaries. Trustees have what is known as a fiduciary duty towards beneficiaries and the courts will always enforce this duty rigorously.

在家庭信托的背景下，受托人和受益人是非独立的，因此受托人的职责的性质往往被误解。例如，父母中的一方或多方可能是受托人，而子女是受益人。根据信托，子女享有法律可强制执行的权利，尽管很少有子女这样做。

The nature of the trustee’s duty is often misunderstood in the context of family trusts where the trustees and beneficiaries are not at arm’s length. For instance, one or more of the parents may be trustees and the children beneficiaries. The children have rights under the trust which can be enforced at law, although it is rare for this to occur.

信托的类型

Types of trusts

一般而言，在资产保护和投资背景下最常遇到的信托类型如下:

In general terms the following types of trusts are most frequently encountered in asset protection and investment contexts:

固定信托Fixed trusts
单位信托Unit trusts
全权全权信托Discretionary trusts
裸信托Bare trusts
混合信托Hybrid trusts
遗嘱信托Testamentary trusts
慈善信托Charitable trusts
退休金信托Superannuation trusts

所有信托的共同问题是收入和资本的获取。根据所使用的信托类型，受益人对收入和资本的权利可能不同。在全权信托中，收入和资本的权利通常完全由受托人酌情决定，受托人可能决定给予一个受益人资本，另一个受益人收入。这意味着这种信托的受益人不能简单地要求支付收入或资本。在固定信托中，受益人可能有固定的收入、资本或两者兼有的权利。

A common issue with all trusts is access to income and capital. Depending on the type of trust that is used, a beneficiary may have different rights to income and capital. In a discretionary trust the rights to income and capital are usually completely at the discretion of the trustee who may decide to give one beneficiary capital and another income. This means that the beneficiary of such a trust cannot simply demand payment of income or capital. In a fixed trust the beneficiary may have fixed rights to income, capital or both.

固定信托

Fixed trusts

从本质上讲，这些信托是受托人为特定受益人的利益按某些固定比例持有信托资产的信托。在这种情况下，受托人不必行使自由裁量权，因为每个受益人都自动享有其在信托资本和收益中的固定份额。

In essence these are trusts where the trustee holds the trust assets for the benefit of specific beneficiaries in certain fixed proportions. In such a case the trustee does not have to exercise a discretion since each beneficiary is automatically entitled to his or her fixed share of the capital and income of the trust.

单位信托

Unit trusts

这些通常是固定信托，受益人和各自的权益由其持有的“单位”确定，这与公司向股东发行股票的方式非常相似。受益人通常被称为单位持有人。财产、投资信托(如管理基金)和合资企业通常被结构化为单位信托。受益人可以通过将他们的单位转让给买方来转让他们在信托中的权益。然而，在信托法方面，单位/单位持有人的数量没有限制，但出于税收目的，税收待遇可能因信托的规模和活动而有所不同。

These are generally fixed trusts where the beneficiaries and their respective interests are identified by their holding “units” much in the same way as shares are issued to shareholders of a company. The beneficiaries are usually called unitholders. It is common for property, investment trusts (e.g. managed funds) and joint ventures to be structured as unit trusts. Beneficiaries can transfer their interests in the trust by transferring their units to a buyer. There are no limits in terms of trust law on the number of units/unitholders, however, for tax purposes the tax treatment can vary depending on the size and activities of the trust.

全权信托

Discretionary trusts

这些信托通常被称为“家庭信托”，因为它们通常与家庭成员的税务规划和资产保护有关。在酌情信托中，受益人（有时被称为“对象”）对信托收入或其财产没有任何固定权益，但受托人有权决定他们是否有权获得收入或资本，以及如果有权获得，则有权获得多少These are often called “family trusts” because they are usually associated with tax planning and asset protection of family members. In a discretionary trust the beneficiaries (who are sometimes referred to as “objects”) do not have any fixed interests in the trust income or its property but the trustee has a discretion to decide whether any of them is to be entitled to income or capital and, if so, to how much.

根据信托法，全权信托的受托人理论上可以决定不向受益人分配任何收入或资本，但出于税收方面的考虑，通常不会采取这种做法。全权信托的吸引力在于，受托人在处置资产和收入方面拥有更大的控制权和灵活性，因为受益人的利益本质决定了他们只有权在受托人行使酌情权时得到考虑。For the purposes of trust law, a trustee of a discretionary trust could theoretically decide not to distribute any income or capital to a beneficiary, however, there are tax reasons why this course of action is usually not taken. The attraction of a discretionary trust is that the trustee has greater control and flexibility over the disposition of assets and income since the nature of a beneficiary’s interest is that they only have a right to be considered by the trustee in the exercise of his or her discretion.

裸信托

Bare trusts

“裸信托”是指受益人对受托人（或称“名义持有人”）具有完全控制权的信托形式，通常适用于只有一个受托人、一个具备法律行为能力的受益人且没有特定职责的情况。裸信托的一个常见例子是名义股东持股，即股东代表希望保持匿名的人持有股份。Where there is only one trustee, one legally competent beneficiary and no specified obligations, the beneficiary has complete control of the trustee (or “nominee”) and this is known as a bare trust. A common example of a bare trust is a nominee shareholding – where the shareowner holds shares on behalf of someone else who does not want to be identified.

混合信托

Hybrid trusts

这些信托既具有酌处性特点，又具有固定性特点。固定的资本或收入权利通过受托人有权发行的“特别单位”来处理。

These are trusts which have both discretionary and fixed characteristics. The fixed entitlements to capital or income are dealt with via “special units” which the trustee has power to issue.

遗嘱信托

Testamentary trusts

正如其名所示，这些信托只有在立遗嘱人死亡时才会生效。通常情况下，信托条款由遗嘱人在遗嘱中规定，并且往往是在立遗嘱人希望为尚未成年或残疾的子女提供保障的情况下设立的。

As the name implies, these are trusts which only take effect upon the death of the testator. Normally, the terms of the trust are set out in the testator’s will and are often established where the testator wishes to provide for their children who have yet to reach their adulthood or are handicapped.

慈善信托

Charitable trusts

此类信托为设立慈善信托提供了载体，并允许其享受税收优惠待遇，同时纳税人向这些信托捐赠的款项也可享受税前扣除。These Trusts provide a vehicle for the establishment of philanthropic Trusts that are allowed concessional taxation treatment and deductions to taxpayers for gifts to such Trusts.

我们可做两种慈善信托契约:

We offer Deeds for two kinds of Charitable Trusts:

私人慈善基金会–这类信托是私人性质的慈善组织，不需要向公众募捐，也无需由一个大多数成员对社会具有普遍责任的委员会进行管理。它可以有一个受托人或一个由多个受托人组成的委员会，但要求其中至少有一位受托人对社区具有普遍责任，并且不能与创始人或主要捐赠者有关联。此信托的资金、财产或利益必须仅分配给拥有可扣税捐赠资格的慈善机构，或用于设立此类机构。这类信托被称为规定私人基金（Prescribed Private Funds）。Private Charitable Foundation – this type of Trust is a private charity which is not required to seek donations from the public or be controlled by a committee a majority of whom have a degree of responsibility to the general community. It can have one Trustee or a committee of Trustees provided the Trustee or one of the Trustees is a person who has a general responsibility to the community and is not associated with the founder or a major donor. This Trust must only distribute money, property or benefits to charities which have deductible gift recipient status or to establish such recipients. These Trusts are called Prescribed Private Funds.
具有捐赠扣除资格的慈善信托–这类信托是公共性质的慈善组织，必须向公众募捐。此信托需满足严格的条件才能获得并保持可扣税捐赠资格，且必须在澳大利亚境内为真正的慈善目的设立。受托人必须是一个大多数成员对社会具有普遍责任的委员会，或者是一个董事会成员满足该要求的公司（建议委员会或董事会至少由5人组成）。必须向澳大利亚税务局（ATO）申请获批为可扣税捐赠接收者（Gift Deductible Recipient）。这类信托被称为公共慈善信托（Public Charitable Trusts）。Charitable Trusts with Gift Deductible Status – this type of Trust is a public charity which is required to seek donations from the public. There are strict requirements for such a Trust to obtain and maintain Gift Deductible Status. It must be established for genuine charitable purposes within Australia. The Trustee must be a committee of persons a majority of whom have a general responsibility to the community or a company the directors of which satisfy that requirement (a committee or board of at least 5 is recommended). Application must be made to the Australian Tax Office (ATO) for approval as a Gift Deductible Recipient. These Trusts are called Public Charitable Trusts.

退休金信托

Superannuation trusts

在澳大利亚，所有退休公积金（Superannuation Funds）均以信托的形式运作。信托契约（或在某些情况下，由特定的议会法案）规定了计算每位成员权益的依据，有时也包括对成员所需缴纳的贡献金额。然而，受托人通常保留对某些事项的酌情决定权，例如基金的投资以及死亡福利受益人的选择。

联邦政府通过立法，规定所有希望获得税收优惠的基金必须遵守特定标准，这些基金被称为“合规基金”（Complying Funds）。例如，“保留”条件（Preservation Conditions）便是其中一个显著例子，要求成员的权益必须满足特定资格（如年满65岁）后方可支付。

All superannuation funds in Australia operate as trusts. The deed (or in some cases, specific acts of Parliament) establishes the basis of calculating each member’s entitlement, and sometimes the contributions that have to be made for a member, while the trustee will usually retain discretion concerning such matters as the fund’s investments and the selection of a death benefit beneficiary. The Federal Government has legislated to establish certain standards that all funds (for which tax concessions are sought,) must comply (and which are called “complying funds”). For instance, the “preservation” conditions, under which a member’s benefit cannot be paid until a certain qualification has been reached (such as reaching age 65), are a notable example.

分期付款担保信托(退休金)

Instalment Warrant Trusts (Superannuation)

自管退休公积金（Self-Managed Superannuation Funds，简称SMSFs）现在可以通过分期付款担保安排（Instalment Warrant Arrangement）向金融机构或其他方借款。Self Managed Superannuation Funds now have the ability to borrow funds from financial institutions and others under an instalment warrant arrangement.

在金融机构与退休公积金的受托人之间的交易是通过设立第二份信托契约与独立受托人合作完成的。这份信托契约（实体）是与融资方建立借款机制的工具。The transaction between the Financial Institution and the Trustee of the Superannuation fund is conducted by way of the establishment of a second Trust Deed with an independent Trustee. This Deed (Entity) is the mechanism for the borrowing facility with the Financier.

建立信托

Establishing a trust

虽然信托可以在没有书面文件的情况下建立，但最好由称为信托声明或和解协议的正式契约来证明。信托声明涉及财产所有者宣布自己为该财产的受托人，以受益人的利益为目的。和解协议涉及财产所有者将财产转让给第三方，条件是他们以受托人的身份持有该财产，以受益人的利益为目的。

Although a trust can be established without a written document, it is preferable for it to be evidenced by a formal deed known as a declaration of trust or a deed of settlement. The declaration of trust involves an owner of property declaring themselves as trustee of that property for the benefit of the beneficiaries. The deed of settlement involves an owner of property transferring that property to a third person on condition that they hold the property on trust for the beneficiaries.

在信托契约中，转移财产的人被称为“设立人”，他将财产“设立”给受托人。

The person who transfers the property in a settlement is said to “settle” the property on the trustee and is called the “settlor”.

在实际操作中，用于建立信托的原始金额相对较小，通常只有10美元左右。在建立信托后，更多实质性的资产或资金被转移或借给信托。这么做的原因是为了减少印花税，通常印花税是根据最初由设立契约所影响的财产价值来缴纳的。

In practical terms, the original amount used to establish the trust is relatively small, often only $10 or so. More substantial assets or amounts of money are transferred or loaned to the trust after it has been established. The reason for this is to minimise stamp duty which is usually payable on the value of the property initially affected by the establishing deed.

从税收的角度来看，设立人的身份至关重要，通常不应是能够在信托下受益的人，也不应是年轻受益人的父母。税法中有一些特殊规则可能会影响这种情况。

The identity of the settlor is critical from a tax point of view and it should not generally be a person who is able to benefit under the trust, nor be a parent of a young beneficiary. Special rules in the tax law can affect such situations.

信托有效运作的另一个关键因素是“指定人”的角色。这个角色允许被指定的人或实体指定(通常解除)受托人，因此，他们被视为信托的真正控制者。对于小型养老金基金(成员少于5人)来说，这个角色通常是不必要的，因为立法通常确保所有成员都必须是受托人。

Also critical to the efficient operation of a trust is the role of the “appointor”. This role allows the named person or entity to appoint (and usually remove) the trustee, and for that reason, they are seen as the real controller of the trust. This role is generally unnecessary for small superannuation funds (those with fewer than five members) since legislation generally ensures that all members have to be trustees.

信托基金

The trust fund

原则上，信托基金可以包括任何财产，从现金到大型工厂，从股票到一份合同，从经营业务到一笔债务。信托契约通常具有广泛的投资权力，但一些契约可能禁止某些形式的投资。

In principle the trust fund can include any property at all – from cash to a huge factory, from shares to one contract, from operating a business to a single debt. Trust deeds usually have wide powers of investment, however, some deeds may prohibit certain forms of investment.

关键点是，无论基础资产的性质如何，受托人处理资产时都必须考虑到受益人的最佳利益。未能按照受益人的最佳利益行事将导致违反信托责任，这可能导致对受托人的损害赔偿。

The critical point is that whatever the nature of the underlying assets, the trustee must deal with the assets having regard to the best interests of the beneficiaries. Failure to act in the best interests of the beneficiaries would result in a breach of trust which can give rise to an award of damages against the trustee.

而且，受托人必须将信托资产与其自身资产分开。

A trustee must keep trust assets separate from the trustee’s own assets.

受托人的责任

The trustee’s liabilities

受托人个人对信托的债务负有责任，因为信托资产和负债在法律上属于受托人。因此如果可能产生重大债务，通常使用有限责任公司(私人)作为受托人。

A trustee is personally liable for the debts of the trust as the trust assets and liabilities are legally those of the trustee. For this reason if there are significant liabilities that could arise, a limited liability (private) company is often used as trustee.

然而，受托人有权使用信托资产来偿付这些债务，因为受托人对此享有弥偿权和留置权。

However, the trustee is entitled to use the trust assets to satisfy those liabilities as the trustee has a right of indemnity and a lien over them for this purpose.

这解释了为什么企业受托人的资产负债表将信托负债显示在贷方，而将赔偿权作为公司资产显示在借方。在全权信托的情况下，通常认为信托负债一般不能追索受益人的个人资产，但对于固定或单位信托而言，情况可能并非如此。

This explains why the balance sheet of a corporate trustee will show the trust liabilities on the credit side and the right of indemnity as a company asset on the debit side. In the case of a discretionary trust it is usually thought that the trust liabilities cannot generally be pursued against the beneficiaries’ personal assets, but this may not be the case with a fixed or unit trust.

受托人的权力和职责

Powers and duties of a trustee

受托人必须以受益人的最佳利益行事，并必须避免利益冲突。信托契约将详细规定受托人可以投资的对象、受托人可以经营的业务等。受托人必须根据契约行使权力，这就是为什么契约往往冗长和复杂，以便受托人拥有最大的灵活性。

A trustee must act in the best interests of beneficiaries and must avoid conflicts of interest. The trust deed will set out in detail what the trustee can invest in, the businesses the trustee can carry on and on. The trustee must exercise powers in accordance with the deed and this is why deeds tend to be lengthy and complex so that the trustee has maximum flexibility.

谁可以成为受托人?

Who can be a trustee?

任何具有法律能力的人，包括公司，都可以担任受托人。两个或更多实体可以共同担任同一信托的受托人。Any legally competent person, including a company, can act as a trustee. Two or more entities can be trustees of the same trust.

一家公司可以作为受托人(只要其章程允许)并因此可以协助提供有限责任、永久存续(公司不会“死亡”)和其他优势。公司的董事控制信托的活动。受托人的决定应作为正式会议记录的主题，特别是在重要事项的情况下，例如全权信托下的受益人的权利。

A company can act as trustee (provided that its constitution allows it) and can therefore assist with limited liability, perpetual succession (the company does not “die”) and other advantages. The company’s directors control the activities of the trust. Trustees’ decisions should be the subject of formal minutes, especially in the case of important matters such as beneficiaries’ entitlements under a discretionary trust.

信托法

Trust legislation

澳大利亚所有州和地区都有自己的立法，规定了受托人的基本权力和责任。这些立法不适用于合规的退休金基金(因为联邦立法在该领域优先于州立法)也不适用于任何其他信托，只要信托契约旨在排除该立法的适用。例如，它通常适用于裸信托，因为没有信托契约。它还适用于信托契约未涉及与信托相关的特定事项的情况——例如，如果契约未排除某些投资权限和限制，则立法将对此做出规定。

All states and territories of Australia have their own legislation which provides for the basic powers and responsibilities of trustees. This legislation does not apply to complying superannuation funds (since the Federal legislation overrides state legislation in that area), nor will it apply to any other trust to the extent the trust deed is intended to exclude the operation of that legislation. It will usually apply to bare trusts, for example, since there is no trust deed, and it will apply where a trust deed is silent on specific matters which are relevant to the trust – for example, the legislation will prescribe certain investment powers and limits for the trustee if the deed does not exclude them.

所得税和资本利得税问题

Income tax and capital gains tax issues

因为信托本身不是一个人，其收入不像个人或公司那样被征税，除非它是《1936年所得税评估法案》定义中的公司、公共或贸易信托。实质上，信托收入的税务处理取决于每年6月30日午夜时，谁有权获得该收入，谁没有权获得。。

Because a trust is not a person, its income is not taxed like that of an individual or company unless it is a corporate, public or trading trusts as defined in the Income Tax Assessment Act 1936. In essence the tax treatment of the trust income depends on who is and is not entitled to the income as at midnight on 30 June each year.

如果信托的全部或部分净收入用于纳税，或属于普通受益人，则该信托将像其他收入一样纳税。如果有权获得净收入的受益人处于“法律上无行为能力”状态（例如婴儿），则该收入将按照相关个人税率向受托人征税。对于受益人“目前无权获得”的收入，通常将按47%的统一税率征税，因此，务必确保在每年6月30日之后尽快做出相关决定，且必须在年底后的2个月内做出决定。对于经营企业的信托机构来说，6月30日之前无法完成账目结算，因此两个月“宽限期”尤为重要。对于全权信托机构来说，如果将收入分配给税率相对较低的受益人，则可以最大限度地减少总税额。If all or part of the trust’s net income for tax purposes is paid or belongs to an ordinary beneficiary, it will be taxed in their hands like any other income. If a beneficiary who is entitled to the net income is under a “legal disability” (such as an infant), the income will be taxed to the trustee at the relevant individual rates. Income to which no beneficiary is “presently entitled” will generally be taxed at the flat rate of 47% and for this reason it is important to ensure that the relevant decisions are made as soon as possible after 30 June each year and certainly within 2 months of the end of the year. The two month “period of grace” is particularly relevant for trusts which operate businesses as they will not have finalised their accounts by 30 June. In the case of discretionary trusts, if this is done the overall amount of tax can be minimised by allocating income to beneficiaries who pay a relatively low rate of tax.

“当前权益”的概念是指受益人可以要求立即支付其权益。值得注意的是，作为信托受托人的公司无需就其负责管理的信托收入缴纳公司税。The concept of “present entitlement” involves the idea that the beneficiary could demand immediate payment of their entitlement. It is important to note that a company which is a trustee of a trust is not subject to company tax on the trust income it has responsibility for administering.

关于资本利得税，(CGT)，持有资产至少12个月的信托通常有资格获得50%的资本利得税减免。这种折扣实际上“流向”了个人受益人。公司受益人不会获得50%折扣的优惠。用于商业而非投资的信托也可能根据小型企业资本利得税优惠享受额外的税收优惠。

In relation to capital gains tax (CGT), a trust which holds an asset for at least 12 months is generally eligible for the 50% capital gains tax concession on capital gains that are made. This discount effectively “flows” through to beneficiaries who are individuals. A corporate beneficiary does not get the benefit of the 50% discount. Trusts that are used in a business rather than an investment context may also be entitled to additional tax concessions under the small business CGT concessions.

自20世纪90年代末以来，全权信托和小单位信托受到一系列技术性很强的措施的影响，这些措施涉及免税额和税收损失的处理。在这个领域，专业的税务建议至关重要。Since the late 1990s discretionary trusts and small unit trusts have been affected by a number of highly technical measures which affect the treatment of franking credits and tax losses. This is an area where specialist tax advice is essential.

为什么要信托，哪种信托?

Why a trust and which kind?

除了信托可能带来的任何税收益处外，信托在应对变化的情况下提供的灵活性也可能带来益处。

Apart from any tax benefits that might be associated with a trust, there are also benefits that can arise from the flexibility that a trust affords in responding to changed circumstances.

信托可以提供一些对债权人的保护，并能够适应雇主/雇员关系。在家庭事务中，灵活控制和有限责任方面，加上潜在的税收节省，使得全权信托非常受欢迎。

A trust can give some protection from creditors and is able to accommodate an employer/employee relationship. In family matters, the flexibility, control and limited liability aspects combined with potential tax savings, make discretionary trusts very popular.

然而，在平等的商业企业中，各方更喜欢固定的比例而不是有灵活性的处理方式，通常会选择单位信托结构，但通过这种结构可能失去有限责任，这通常证明使用公司实体作为单位持有人是合理的，即公司作为全权信托的公司受托人。

In arm’s length commercial ventures, however, the parties prefer fixed proportions to flexibility and generally opt for a unit trust structure, but the possible loss of limited liability through this structure commonly warrants the use of a corporate entity as unitholder, ie. a company or a corporate trustee of a discretionary trust.

信托有优点也有缺点，客户必须了解信托的优缺点，以及信托如何随着环境变化而发展。There are strengths and weaknesses associated with trusts and it is important for clients to understand what they are and how the trust will evolve with changed circumstances.

发生亏损的信托

Trusts which incur losses

关于信托，最基础的理解之一是损失被“困”在信托中。这意味着信托不能将损失分配给受益人个人使用。对于通过全权委托或单位信托运营的企业来说，这是一个重要问题。

One of the most fundamental things to understand about trusts is that losses are “trapped” in the trust. This means that the trust cannot distribute the loss to a beneficiary to use at a personal level. This is an important issue for businesses operated through discretionary or unit trusts.

设立程序

Establishment procedures

下列程序适用于以结算方式设立的信托(最常见的信托形式)

The following procedures apply to a trust established by settlement (the most common form of trust):

设立人决定建立一个信托基金。Settlor determined to establish a trust.
选择受托人。如果受托人是一家公司，则组建公司。Select the trustee. If the trustee is a company, form the company.
设立人人向受托人赠与金钱或其他财产，并签立信托契约。Settlor makes a gift of money or other property to the trustee and executes the trust deed.
开设一个信托银行账户。Open a trust bank account.
建立账簿和法定记录，并遵守相关的印花税要求。Establish books of account and statutory records and comply with relevant stamp duty requirements.

持续管理

Continuing administration

对于酌情信托，必须在每年6月30日税务年度结束之前召开正式会议，以确定分配给受益人的基础。为此，最好先准备初步账目。

For discretionary trusts it is necessary to hold a formal meeting to establish the basis of distribution to beneficiaries prior to the close of the income tax year at midnight on 30 June each year. For this purpose it is desirable that preliminary accounts be prepared.

需要准备年度账目和纳税申报表。如果受托人是一家公司，则必须召开董事会和年度会议，并提交年度申报表。

Annual accounts and tax returns need to be prepared If the trustee is a company, directors’ and annual meetings must be held and annual returns lodged.

确保所有投资、财产交易和重大决策都记录在案，并准备适当的会议记录。

Ensure that all investments, property transactions and significant decisions are documented and appropriate minutes prepared.

如果您决定需要设立信托，应该寻求法律和财务建议，以确定最适合您的信托类型。无论您是在考虑资产保护和/或遗产规划，您还必须在设立信托之前考虑税务规划以及相关的责任问题。

Should you decide you need a Trust, you should seek legal and financial advice to ascertain the most suitable trust for you. Whether you are considering Asset Protection and/or Estate Planning you must also consider Tax Planning prior to creation of the Trust as well as Duties implications.

介绍