FAQ 76 What is a Piggy Bank Trust?

The piggy bank trust is a discretionary trust with a personal trustee. It can have a personal trustee because it does not conduct any activities which interact with the public.
It’s purpose is for ASSET protection.
It protects the shares of trustee companies and funds which it loans to other investment entities by owning these.

If it is decided to adopt the use of a piggy bank trust then this should put this in place BEFORE setting up any trustee companies or companies. It makes it easier to specify the shareholder as the piggy bank trust from the outset.

FAQ 55 Describes the setup process.
If it is decided to use a piggy bank trust at a later date then it will be necessary to contact ASIC to amend the shareholder details held in the company records.