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Family trust election, revocation or variation 2017 https://www.ato.gov.au/Forms/Familytrustelection,revocationorvariation2017/ Last modified: 25 May 2017 QC 51226Family trust election, revocation

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How to fill out family trust election revocation

01

To fill out a family trust election revocation, follow these steps:

02

Begin by reviewing the trust document to understand the specific requirements and procedures for revoking a family trust election.

03

Prepare the necessary documents, such as a revocation form or a written revocation document. Make sure to include all required information, such as the trust name, date of the original election, and any other details specified in the trust document.

04

Sign and date the revocation document in the presence of a notary public or as required by the trust document.

05

Notify all interested parties, including trustees, beneficiaries, and any other individuals involved in the trust, about the revocation.

06

Make copies of the completed revocation document and keep them in a safe place for your records.

07

Consider consulting with a legal professional or estate planning attorney to ensure that the revocation is done correctly and in accordance with applicable laws and regulations.

08

Note: The above steps are general guidelines and may vary depending on the specific trust document and governing laws. It is recommended to seek professional advice for specific situations.

Who needs family trust election revocation?

01

Family trust election revocation may be needed by individuals or families who have previously made a family trust election but now wish to revoke it. The reasons for revocation can vary and may include changes in personal circumstances, changes in tax laws or regulations, changes in estate planning goals, or the need for a different type of trust structure. It is important to consult with a qualified legal professional or estate planning attorney to determine if a family trust election revocation is necessary and appropriate for your specific situation.

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What is family trust election revocation?

Family trust election revocation is the process of cancelling a previous election to treat a trust as a family trust for tax purposes.

Who is required to file family trust election revocation?

The trustee or authorized representative of the trust is required to file the family trust election revocation.

How to fill out family trust election revocation?

The family trust election revocation form must be completed with accurate information and submitted to the relevant tax authority.

What is the purpose of family trust election revocation?

The purpose of revoking a family trust election is to change the tax treatment of the trust and its beneficiaries.

What information must be reported on family trust election revocation?

The form typically requires details about the trust, its beneficiaries, and the revocation of the election.

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