Hi Everyone,
Thanks to all the post on this site. I've learnt alot about investing from you guys. Keep it up.
Recently we've had our family trust setup under a coporate trustee and applied for an ABN, ACN and TFN for both the Trust and Trustee company. We are about to put down a deposit to purchase an IP under the Trust. I understand under the Purchaser's Name, it should be shown as ABC Pty Ltd as trustee for XYZ Family Trust. However, do we need to provide an ABN or ACN too. If so, is it the Trust or Trustee's ABN/ ACN that should go on the contract?
The property is in NSW. Anyone can verify this? Thanks in advance.
Regards
TonyI think there the ACN is generally inserted in the contracts. This is the company's ACN and is the same whether it is the company acting in its own right or acting as trustee. To avoid confusion some people but the trust's ABN down instead of the company ACN as this more clearly indicates the company is acting as trustee. But legally all you need is the trustee's name. No mention of the trust is needed at all.
Make sure you seek advice from your solicitor before signing the contracts.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terryw,
It seems that maybe either way is acceptable cause my accountant says it should be the Trust's ABN, my solicitor says its the Trustees ACN, my friend (who has a family trust) says its the Trust's ABN. To me, it seems logical to include the Trust's ABN since afterall the Trust owns the asset. The Trustee doesn't own the asset, their sole purpose is to act as trustee.
Maybe, I'll just go with my solicitor's advise.
TonyHi Tony
Technically neither is really needed. All a company needs to do in signing a document is to have the director sign (if single director company):
s127 Corporations Act
http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s127.htmlTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks for your input Terryw.
Thanks for your input Terryw.You must be logged in to reply to this topic. If you don't have an account, you can register here.
