From publicaccountant.com.au: Family trusts provide small business owners with flexible wealth structuring and asset protection, allowing them to control assets without direct ownership.

Corporate trustees are recommended for better long-term benefits despite their higher initial costs, as they offer greater asset protection and clarity between trust and personal assets.

Ongoing compliance with tax regulations, particularly under the Australian Taxation Office’s scrutiny of trust distributions, is crucial for maintaining the advantages of family trusts.