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ABN to volunteer fruits of labour through unregistered trust.
I have an ABN that I could trade with the public system which is “Trustee for (my name) estate” (see attached file) which also mentions that the entity type is “Discretionary Trading Trust” and not currently registered for GST.
My question is can I utilise this ABN to trade my fruits of my labour through my unregistered trust with the public and place the sustenance straight into the trust via invoice w Form 3346?
If I can use this will AT0 send through BAS each quarter to me and/or would they monitor the sustenance through the public entities business tax return?
Im more up to speed and feel more comfortable using a trust over a foundation as I’m studying more at the moment on trusts than foundations (nitty gritty details).
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5 Replies
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I hope this helps.
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Important Note: The Trustee must hold Legal Title and the Beneficiary must hold
Equitable Title. Neither party can hold both legal and equitable title at the same time.If a party does hold both Titles, it is not a Trust. Holding both is called an Allodial Title.Is this statement correct?
I had a look at the trust mark writes up and I’m trustee with the partner, I’m principal as well as primary beneficiary with the wife too, my offspring are secondary beneficiaries and also have tertiary beneficiaries if that statement above is correct mark would’ve picked up on that as well as known not to pop me down as primary beneficiary either wouldn’t he??
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Shareholders can also be beneficiaries.
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This is from the Weiss Concise Trustee Handbook page 10…
“Furthermore, there is no law prescribing the character of a trustee, and while it
has been held that a trust cannot be invalidated simply due to incompetence, the trustee
should be at least someone capable and fit for executing the powers and duties
honorably.56 (This is the basis for the general rule that beneficiaries are not desirable as
trustees, though there is no law to forbid such appointment.)”
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You Morag are most helpful and wonderful. Thank you and peace and blessings.
