TFN for Trust

Discussion in 'Accounting & Tax' started by RickProp, 28th Jun, 2017.

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  1. RickProp

    RickProp Well-Known Member

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    Hi,

    I am applying for a TFN for a trust I have recently established. It seems a simple question but the ATO website is contradictory. It states:

    Name of the Discretionary Investment Trust:

    Then it has a box to enter a name. The box is already populated with "The trustee for". So question is do I replace that with the actual name of the trust i.e. "XYZ Trust" or do I simply add XYZ trust to it so it becomes "The trustee for XYZ Trust" (this seems what it is trying to achieve but I am unsure).

    Thanks for your help.
     
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I would not change it.

    The Trustee For The XXX Trust is conventional. This is one of many issues you can get wrong with a trust establishment. DIY isnt always do it well.
     
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    The second.

    The ATO treats the trust as a separate tax payer, but the trust is not a legal entity so they address letters etc to "the trustee of XX)
     
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  4. Ross Forrester

    Ross Forrester Well-Known Member

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    I second that.
     
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  5. RickProp

    RickProp Well-Known Member

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    Thanks everyone