{"id":3770,"date":"2023-07-11T15:46:00","date_gmt":"2023-07-11T05:46:00","guid":{"rendered":"https:\/\/aerogroup.com.au\/?p=3770"},"modified":"2025-05-02T15:46:53","modified_gmt":"2025-05-02T05:46:53","slug":"what-is-the-difference-between-a-trust-and-a-bare-trust","status":"publish","type":"post","link":"https:\/\/aerogroup.com.au\/zh\/what-is-the-difference-between-a-trust-and-a-bare-trust\/","title":{"rendered":"What is the difference between a trust and a bare trust?"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"3770\" class=\"elementor elementor-3770\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7acaa87 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"7acaa87\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;background_motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;background_motion_fx_translateY_effect&quot;:&quot;yes&quot;,&quot;background_motion_fx_translateY_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:3,&quot;sizes&quot;:[]},&quot;shape_divider_bottom&quot;:&quot;waves&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;,&quot;background_motion_fx_translateY_affectedRange&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:0,&quot;end&quot;:100}},&quot;background_motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-shape elementor-shape-bottom\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 1000 100\" preserveaspectratio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M421.9,6.5c22.6-2.5,51.5,0.4,75.5,5.3c23.6,4.9,70.9,23.5,100.5,35.7c75.8,32.2,133.7,44.5,192.6,49.7\tc23.6,2.1,48.7,3.5,103.4-2.5c54.7-6,106.2-25.6,106.2-25.6V0H0v30.3c0,0,72,32.6,158.4,30.5c39.2-0.7,92.8-6.7,134-22.4\tc21.2-8.1,52.2-18.2,79.7-24.2C399.3,7.9,411.6,7.5,421.9,6.5z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-226de93\" data-id=\"226de93\" data-element_type=\"column\" data-settings=\"{&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ef15036 ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-heading\" data-id=\"ef15036\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_harakiri_text_clip&quot;:&quot;none&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is the difference between a trust and a bare trust?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f33d6e7 ob-has-background-overlay elementor-widget elementor-widget-spacer\" data-id=\"f33d6e7\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_spacerat_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-38a73ce elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"38a73ce\" data-element_type=\"section\" data-settings=\"{&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d3bec7\" data-id=\"1d3bec7\" data-element_type=\"column\" data-settings=\"{&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-da6f20b ob-has-background-overlay elementor-widget elementor-widget-image\" data-id=\"da6f20b\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_photomorph_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"503\" src=\"https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/07\/Aero-Group-Tax-Tips-2288-\u00d7-1498-px-1-768x503.png\" class=\"attachment-medium_large size-medium_large wp-image-3744\" alt=\"\" srcset=\"https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/07\/Aero-Group-Tax-Tips-2288-\u00d7-1498-px-1-768x503.png 768w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/07\/Aero-Group-Tax-Tips-2288-\u00d7-1498-px-1-300x196.png 300w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/07\/Aero-Group-Tax-Tips-2288-\u00d7-1498-px-1-1024x670.png 1024w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/07\/Aero-Group-Tax-Tips-2288-\u00d7-1498-px-1-1536x1006.png 1536w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/07\/Aero-Group-Tax-Tips-2288-\u00d7-1498-px-1-2048x1341.png 2048w, https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/07\/Aero-Group-Tax-Tips-2288-\u00d7-1498-px-1-18x12.png 18w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-80efd2b ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"80efd2b\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">If you&#8217;re a medical professional considering setting up a trust for your assets, it&#8217;s important to understand the differences between a bare trust and a trust. In this article, we&#8217;ll provide an overview of these two types of trusts, including their advantages, disadvantages, tax implications, and examples of when they&#8217;re best used.<\/span><\/p>\n<h2><span style=\"color: #2c9199;\"><b>What is a Traditional Trust (Discretionary Trust)<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A traditional trust, also known as a discretionary trust, is a legal structure that allows you to transfer assets to a trustee who then manages those assets on behalf of the trust&#8217;s beneficiaries. The trustee has discretion over how to manage the assets and distribute them to the beneficiaries, which can provide some flexibility in terms of tax planning and asset protection.<\/span><\/p>\n<h3><span style=\"color: #2c9199;\"><b>Advantages of a traditional trust include:<\/b><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Asset protection from potential lawsuits or creditors:<\/b><span style=\"font-weight: 400;\"> By setting up a discretionary trust, you can transfer your assets to a trustee who will manage those assets on your behalf. This can provide some protection against legal action or financial claims, as the assets are technically owned by the trust rather than by you personally.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Flexibility in terms of tax planning: <\/b><span style=\"font-weight: 400;\">If you have multiple beneficiaries with different income levels, the trustee can distribute income or assets in a way that minimizes the overall tax liability for the trust.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Distribution of income or assets to beneficiaries based on their income levels: <\/b><span style=\"font-weight: 400;\">With a discretionary trust, the trustee has discretion over how to manage the assets and distribute them to the beneficiaries. This means that income or assets can be distributed to beneficiaries based on their income levels, which can provide some tax advantages.<\/span><\/li>\n<\/ul>\n<h3><span style=\"color: #2c9199;\"><b>Disadvantages of a traditional trust include:<\/b><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Complex to set up and administer:<\/b><span style=\"font-weight: 400;\"> A discretionary trust can be more complex to set up and administer than other types of trusts, which can make it more expensive and time-consuming to maintain.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Higher tax rates for retained income:<\/b><span style=\"font-weight: 400;\"> If income is retained in the trust rather than distributed to beneficiaries, it can be subject to higher tax rates.<\/span><\/li>\n<\/ul>\n<h2><span style=\"color: #2c9199;\"><b>When to use a traditional trust:<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A traditional trust can be useful if you have multiple beneficiaries with different income levels, as it provides flexibility in terms of tax planning.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if you have three children with varying levels of income, you can distribute income and assets from the trust in a way that minimizes the overall tax liability for the trust.<\/span><\/p>\n<h3><span style=\"color: #2c9199;\"><b>Tax implications of a traditional trust:<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A discretionary trust is subject to income tax on all income it earns, but it can distribute income to beneficiaries to take advantage of their lower tax rates.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A discretionary trust can also be subject to capital gains tax when assets are sold, but it can take advantage of the 50% discount on capital gains tax if the asset has been held for at least 12 months.<\/span><\/p>\n<h3><span style=\"color: #2c9199;\"><b>What is a Bare Trust (Nominee Trust)<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A bare trust, also known as a nominee trust, is a type of trust where the beneficiary has immediate ownership of the trust&#8217;s assets and income as soon as they are transferred to the trustee. The trustee&#8217;s role is simply to hold the assets and distribute them to the beneficiary as required. This type of trust can be useful if you want to transfer assets to a beneficiary without losing control over them.<\/span><\/p>\n<p><\/p>\n<h3><span style=\"color: #2c9199;\"><b>Advantages of a<\/b><\/span><span style=\"color: #2c9199;\"><b> bare trust include:<\/b><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Immediate ownership and control over assets for beneficiaries: <\/b><span style=\"font-weight: 400;\">With a bare trust, the beneficiary has immediate ownership and control over the trust&#8217;s assets and income as soon as they are transferred to the trustee.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">&nbsp;This can be useful if you want to transfer assets to a beneficiary without losing control over them.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Protection of assets from potential creditors or legal claims:<\/b><span style=\"font-weight: 400;\"> Assets held in a bare trust are technically owned by the trust and not by the beneficiary, which can provide some protection against legal action or financial claims.<\/span><\/li>\n<\/ul>\n<h3><span style=\"color: #2c9199;\"><b>Disadvantages of a bare trust include:<\/b><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited flexibility:<\/b><span style=\"font-weight: 400;\"> With a bare trust, the beneficiary has immediate ownership and control over the trust&#8217;s assets, which means that there is little flexibility in terms of tax planning or distribution of income or assets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>No protection against potential legal claims or creditors of the beneficiary: <\/b><span style=\"font-weight: 400;\">Because the beneficiary has immediate ownership of the trust&#8217;s assets, those assets are vulnerable to potential legal claims or creditors of the beneficiary.<\/span><\/li>\n<\/ul>\n<h2><span style=\"color: #2c9199;\"><b>When to use a bare trust:<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A bare trust can be useful if you want to transfer assets to a beneficiary without losing control over them, or if you want to ensure that the beneficiary has immediate access to the assets. For example, if you want to transfer ownership of a property to your child but still retain control over it, you can set up a bare trust where you act as the trustee and your child is the beneficiary.<\/span><\/p>\n<p><\/p>\n<h2><span style=\"color: #2c9199;\"><b>Tax implications of a bare trust:<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A <\/span><b>bare trust is not subject to income tax,<\/b><span style=\"font-weight: 400;\"> as the beneficiary is the owner of the assets and income as soon as they are transferred to the trust. However, if the beneficiary is a minor, <\/span><b>any income earned on the assets will be subject to penalty rates of tax until the beneficiary turns 18<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In summary, both traditional trusts and bare trusts have their advantages and disadvantages, and ultimately, the type of trust you choose will depend on your individual circumstances and goals. It&#8217;s important to work with a qualified accountant or financial advisor to ensure that you choose the right type of trust for your needs and that you understand the tax implications involved.<\/span><\/p>\n<p><\/p>\n<p><span style=\"font-weight: 400;\">If you&#8217;re considering setting up a trust, it&#8217;s always <\/span><b>a good idea to seek the advice of an experienced accountant<\/b><span style=\"font-weight: 400;\"> or financial advisor who can help you choose the right structure and navigate the legal and tax implications. With the right guidance, a trust can be a powerful tool for protecting and managing your assets. Reach out to Aero Accounting Group and let our expert accountants guide you to setting up your trusts correctly.&nbsp;<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-40e7aa8 ob-has-background-overlay elementor-widget elementor-widget-image\" data-id=\"40e7aa8\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_photomorph_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1536\" height=\"768\" src=\"https:\/\/aerogroup.com.au\/wp-content\/uploads\/2023\/08\/Minimise-your-taxes-Maximise-your-profits-min.png\" class=\"attachment-1536x1536 size-1536x1536 wp-image-5566\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3cf03dc ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"3cf03dc\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bcde89d ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-heading ob-harakiri\" data-id=\"bcde89d\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_harakiri_text_clip&quot;:&quot;none&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h4 class=\"elementor-heading-title elementor-size-default\"><strong><span style=\"color: #2c9199;\">Need help?<\/span><\/strong><\/h4>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-7a4bee5 ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor ob-harakiri\" data-id=\"7a4bee5\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"elementor-text-editor elementor-clearfix\">\n<p>Not sure if your current accountant is a good long-term fit?<a href=\"https:\/\/aerogroup.com.au\/zh\/contact-2\/\">&nbsp;Contact us at Aero Accounting Group<\/a>&nbsp;today and we&#8217;ll help you minimise your taxes and maximise your profits<\/p>\n<\/div>\n<\/div>\n<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36a1048 ob-has-background-overlay elementor-widget elementor-widget-spacer\" data-id=\"36a1048\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_spacerat_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Grow and learn with Aero Group. Get to know what a unit trust and a bare trust is and when to use which trust to your benefit<\/p>","protected":false},"author":2,"featured_media":3741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,35,38,36,34],"tags":[],"class_list":["post-3770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aero-group","category-business-owner-tax-return","category-for-business","category-free-second-look-assessment","category-property-investor-tax-return"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.9 (Yoast SEO v22.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is the Difference Between a Trust and a Bare Trust?<\/title>\n<meta name=\"description\" content=\"Have you always wondered what is the difference between a trust and a unit trust? Wondered which works better for you? 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