You would firstneed to establish the trust by deed, preferably with a corporate trustee, say ABC Pty Ltd. Then ABC Pty Ltd astrustee for the A FamilyTrust (for example) would be the entity that wouldobtain aTrust TFN , apply for an ABN and register for GST. Having another company as a beneficiary of the trust can be beneficial in certain circumstances, but you have to then think about how the profits flow out of the company beneficiary. As with all business structures that are being established, you have to think carefully about asset protection issues - which entity is going to hold business assets and which entity is going to run the business. And of course, what are the likely tax implications. It's a commonmisconception to talk of a "business" being an asset of a trust. A business consists of a series of assets that are put to use in some enterprise or activity. I would recommend you seek appropriate professional advice.