Pharmacy Trust (Discretionary Trust)

Trust registration documents for the establishment of a pharmacy business.

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Discretionary Pharmacy Trust

Are you looking to own a pharmacy in Australia? There are strict requirements for owning pharmacy businesses in Australia. The Pharmacy Board of Australia provides guidance in relation to the professional responsibilities of pharmacy operators. Each jurisdiction in Australia, has different legislation regarding the establishment of pharmacies.

What is a pharmacy trust?

A pharmacy trust can be either a discretionary trust or a unit trust. Regardless of which structure is used, the deed must comply with the strict requirements of the relevant Pharmacy Act.

Generally, the Pharmacy Guild in the respective jurisdiction may impose the following restrictions:

Proprietary Interest – The relevant Pharmacy Act defines who can own or have a proprietary interest in a pharmacy business and will outline who can control or influence the way in which pharmacy business can be conducted.
Limited Beneficiaries - In order to own a pharmacy business in a discretionary trust, it is generally a requirement that the beneficiaries be limited to narrow beneficiaries.
Restriction on amendment – Depending on the jurisdiction of establishment, some authorities impose restrictions on the Trustee from being able to amend certain clauses within the deed.
Structuring requirements— The Pharmacy Guild generally accepts the following structures for pharmacy owners: an individual, a partnership, a company, a discretionary trust, and a unit trust.

Pharmacy Discretionary Trust Deed
Bank Kit
Minutes of meeting

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from $POA

Documents included with the Discretionary Pharmacy Trust Package

Pharmacy Discretionary Trust Deed
Bank Kit
Minutes of meeting

Are there any restrictions other than the terms of the deed?

When establishing a pharmacy business, it is essential to review the legislation to ensure that a registered pharmacist has no other obligations. This may include the relevant act restricting who can be a director or shareholder pursuant to the Corporations Act.

Should I seek legal advice?

The summary displayed on this page is for information purposes only. Summary for discretionary pharmacy trust should be considered general in nature, and should not be a substitute for professional legal advice. You must always seek your own independent legal, financial and accounting advice about your unique situation.

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