Subdivision Project - CGT Question

Trustee is the legal person. Trust is not an entity.

Trustee has a duty to keep trust money separate. You should not put trust money in your own account.

 

I get that, but specifically in the example of Company X as trustee for Unit Trust Y, what should be the:

- name of the bank account?
- name of any invoices/expenses/receipts generated?

 

The trustee should be on title to all trust property and enter all contracts. Referring to the trust is not legally required.

 

So say your conveyancing fees or civil engineering fees, they can be billed to either:

- Company X or
- Company X as trustee for Trust Y

Is that the same as the bank account details, that the "name" of the bank account can be either:


- Company X or
- Company X as trustee for Trust Y

(or is one preferrable over the other)?

 

I dont do conveyancing.

I answered this above.

 

You realise you've just asked the same question again right?

 

I just wanted some clarification on who the invoice for things such as town planning, engineering, etc. should be made out to.

From this

It seems like the invoices can be made out to "Company X" and don't need to be made out to "Company X as trustee for Trust Y".

But when talking about Terry's original answer, I'm confused as the contract to purchase the land needs to be made as "Company X as trustee for Trust Y"? So I'm not sure why for other contracts/invoices, stating Company X only is adequate and refferring to the trust not legally required.

 

Comtract for land merely needs the trustees name

 

One of the key issues for developer invoices will be an ABN and the name/s and addresses of the relevant parties. If its for $1k or more and there is no ABN the GST cant be claimed

Tax invoice rules must be complied with.