How do I wind up a trust?

I understand that a Deed of Vesting has to be drawn up and signed by the trustees.

All assets have to be distributed according to the deed and debts dealt with.

De-registration of ABN/TFN and GST registration

Amended trust deeds forwarded to bank for all trustee accounts.

A tax return for that tax year must still be lodged.

Have I missed anything?

Any thoughts on this one? Even a confirmation/denial would do wonders right now.

charttv said:

I understand that a Deed of Vesting has to be drawn up and signed by the trustees.

All assets have to be distributed according to the deed and debts dealt with.

De-registration of ABN/TFN and GST registration

Amended trust deeds forwarded to bank for all trustee accounts.

A tax return for that tax year must still be lodged.

Have I missed anything?

Click to expand...

thanks for the list, i'll be doing this in the near future as well. I'm not sure you'll get many replies to this one as i doubt anyone on here has done this before.

Charttv, What is the 'deed of vesting'? Is this to void the trust deed and wind it up? Do you really need to de-register the ABN/TFN? I thought the ATO was fine with these as they just become inactive.

And can't you simply close the bank accounts in the trust's name? Why would the bank be interested unless you have a mortgage with them as guarantor for the trust? I thought all that would be sorted out anyway as i assume you are selling the assets in the trust before you wind it up?

Basically your trust deed should state what has to be done, in addition to the requirments you have stated .

To wind up a trust. Send email to accountant saying:

"Hi, i'd like to wind up xxxxxxx trust.

Thanks"