If the vesting date of the trust has passed (except for South Australia), you are unable to extend the vesting date of the trust. However, if the date has not passed, you may be able to extend the vesting date, without adverse consequences, however:
- it cannot be extended to a date that is more than 80 years from the date the trust commenced;
- the trust deed must allow the extension: you must ensure the terms of the trust deed are complied with in the event you change the vesting date (whether by an express power to bring forward the vesting date where the default vesting date is 80 years, or by varying the deed); and
- the vesting date may be an essential feature of the trust, in which case varying it should be carefully considered in case doing so will give rise to 'resettlement' issues.
Before, extending the vesting date, it is strongly recommended that you seek specialist legal advice.