Yeah don't need a trust but there are lots of benefits in having a trust, hence why accountants recommend them and there are over 800k of them in AustraliaBenefits of a Family Trust:
1. Family Trust protects assets and saves tax
A trustee holds assets in its name. But it holds the assets for the benefit of someone else. That someone else is called a beneficiary. A Family Trust is a popular vehicle set up by accountants and financial planners. It is great for both wealth creation and asset protection:
1. each year pay trust income to family members on low marginal tax rates
2. protect assets from creditors (asset protection)
3. succession planning – no CGT or stamp duty when you die
4. the trust can loan money to family members to buy investments – delivering tax breaks (or you can lend money to your family trust)
5. invest in insurance bonds to access lower aged care fees
6. hold shares in a company
7. hold units in a unit trust.
Only down side is that their are fees and reporting requirements but those costs are tax deductable
