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Corporate Trustee - Need ABN?

Discussion in 'Accounting, Tax & Legal' started by sg_melb, 17th Dec, 2008.

  1. sg_melb

    sg_melb New Member

    17th Dec, 2008
    Melbourne, VIC
    Hi All,

    I've read through a number of posts to find out whether a corporate trustee (conducts no other activities than being trustee) is required to have an ABN.

    I have a TFN for the Trust - ATO addressed letter to "Trustee for Family Trust".

    If Trustee doesn't require ABN, it shouldn't require a TFN, right?

    Thanks in advance.

  2. Sacko

    Sacko Well-Known Member

    20th Aug, 2007
    Central Coast, NSW
    Not sure on the ABN for a Corp Trustee part as we set our Family Trust up with myself and the wife as the Trustees. [We did however get both an ABN and TFN for the Trust].

    As I understand it, the Trust needs a TFN so the ATO can track that the distributions made by the Trust to the beneficiaries are being declared on their individual tax returns.

    It is also my understanding that an ABN is required if the Trust acts as business eg in derives it's income from share / option trades (I don't know what the ATO's definition of trading vs investing is).

    Hope this helps