All Topics / Legal & Accounting / Trust & Trustee Co – ABN & TFN?

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  • Profile photo of LeilaLeila
    Member
    @leila
    Join Date: 2004
    Post Count: 63
    January 8, 2005 - 5:43 pm

    Hi All,

    I’ve very recently set up a family trust and trustee company for property investment purposes. My question is: do both of these require an ABN and TFN?

    Thanks,

    Leila

    Profile photo of betterbizbetterbiz
    Participant
    @betterbiz
    Join Date: 2003
    Post Count: 47
    January 20, 2005 - 3:06 am

    Yes, the Trust will need a TFN.

    On the basis that the company was ONLY going to act as the trustee of the Trust, then I would have the company apply for a ABN. Since it was not trading in its own right then it won’t need a TFN.

    Depending on the type of property targetted, you may also need to register the Trust for GST. (ie where you will be dealing in other than private residential property. eg commercial or industrial property).

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