All Topics / Legal & Accounting / Name on Invoices to trusts.
Hi All,
When companies (eg Power) issue an invoice does it matter to what name they address it to for tax purposes?
Eg do they issue it to:
– Trustee Company Pty Ltd
– The trustee for the x family trust
– The x TrustAnd if you are taking out insurance, would it be to the trustee company (seeings that's what's holding the asset)?
Thanks
A trust is not a legal entity. So the names on contracts should be that of the trustee. But the ATO treats a trust as an entity for tax purposes so it could be X as trustee for Y.
For insurance it doesn't really matter I think, but you should inform the company that the trustee is acting as trustee – full disclosure. Not sure it would make any dfference though.
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
Hi Terry,
Thanks. I've checked with the accountants today and they have advised any of the above are fine (so long as they aren't in my personal name).
Also good idea – gave insurance a call today and they said all is A-OK (as all they need is the trustee 'legal' name anyway)…
Cheers
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