Case Study Anthony loves golf and wants to set up his own Golf academy (Go Golfing) instructing clients how to improve their game. He is uncertain of the chances of success and not certain as to how much time he has to devote to the business. In addition, he unsure how much money he will need to establish the academy. Anthony wants to trial his business idea for 6 months before he quits his job and commits full time to this business venture.

Two years later as the business continues to succeed Anthony wants to establish a legacy and make provision for a charity for disadvantaged kids to access playing golf. He has heard about a trust account and wants to know how they operate and whether it is a suitable option.

Q5a. Describe how a trust operates.

Q5b. What type of trust is best suited to Anthony's requirements? Explain your answer.

Q5c. A trust will change Anthony's tax obligations. Who is responsible to meet the tax obligations of a trust?