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Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44341
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I am a beneficiary of a fixed trust set up in 1983 to

Customer Question

I am a beneficiary of a fixed trust set up in 1983 to control, manage & administer the retirement village in which I occupy a Unit under an assignable lease. I have a fixed unit entitlement to the assets of the Trust. I recently discovered that the Trust became a Trading Trust in 2000.
1. What information am I entitled to demand from the Trustee w.r.t the purpose and operation/activities of the Trading Trust?
2. Is it possible for the Trading Trust to be a Discretionary Trust even though the recurrent charges to cover the operational costs of the retirement village are levied in proportion to the unit entitlement of the premises occupied by each beneficiary?
3. Am I entitled to demand and receive part or all of the Trust tax return?
4. Does the accumulation of net income into the unappropriated surplus of the Trust accounts, to be expended in the maintenance costs of the village constitute a 'distribution' of net income?
2. Am I entitled
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Evening

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

You should be given copies of financial statements and also minutes of all meetings.

Yes it can be a discretionary trust. Trading simply means it runs a business and earns income.

You have to look at what the trust deed says about what happens with the money.

I cannot see the rest of your question.

Expert:  Leon replied 1 year ago.

You have to look at the trust deed and all of this is contained in it also your entitlements.

If you do not have a copy the trustee is responsible to give it to you.

I hope this makes sense and is of assistance.

If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

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