Boring post

Viewing 4 posts - 1 through 4 (of 4 total)

grant7
Member
@grant7
Join Date: 2006
Post Count: 59
February 1, 2006 - 3:32 pm
HI All,
Sorry but this is not a very interesting post (unlike the one before this) but I have two basic boring questions…
I recently setup a discretionary trust to buy properties with.
Do I need a ABN & TFN for the trust?
I have vacant land that I will build investment properties on (to rent out) sometime in the future. Is the interest on this land tax deductible at all – or only once the houses are built and up for rent?
Thanks
Grant
((PS. If Terryw is around did you see my query under your recent 80% nodoc post?))
cata
Participant
@cata
Join Date: 2005
Post Count: 559
February 1, 2006 - 9:07 pm
Hi Grant7
Yes the trust will need to be registered (at least with a TFN).
As for the intrest, I think it comes down to what the land will be used for eg. for investment then deductable. Check with your accountant.
CATA
Asset Protection Specialist
[email protected]
Property WA
Member
@property-wa
Join Date: 2005
Post Count: 132
February 2, 2006 - 1:25 am
Hi grant,
I agree with Cata on the TFN & ABN. For all our clients with Hybrid Trusts (much the same for this scenario) we apply for an ABN & TFN. And its actually quite easy to do at abr.gov.au. It walks you through it step by step.
Double check with your accountant for your particular trust (or the person who established) but I think you will find you need both.
cata
Participant
@cata
Join Date: 2005
Post Count: 559
February 2, 2006 - 7:00 am
Hi Grant7
Who set up the trust for you and why was it not done by them?
I do all this for my clients as part of the service.
The ABR website is a free service and should take you about 40 minutes.
CATA
Asset Protection Specialist
[email protected]