All Topics / Legal & Accounting / Name on Invoices to trusts.

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  • Profile photo of anthonyqanthonyq
    Participant
    @alpha22
    Join Date: 2011
    Post Count: 27
    March 4, 2012 - 7:12 am

    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 Trust

    And if you are taking out insurance, would it be to the trustee company (seeings that's what's holding the asset)?

    Thanks

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 4, 2012 - 12:14 pm

    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 Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of anthonyqanthonyq
    Participant
    @alpha22
    Join Date: 2011
    Post Count: 27
    March 5, 2012 - 11:51 am

    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

Viewing 3 posts - 1 through 3 (of 3 total)

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