Trustee Company

Discussion in 'Accounting & Tax' started by dev_melb08, 20th Jun, 2017.

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  1. dev_melb08

    dev_melb08 Well-Known Member

    Joined:
    9th Jun, 2017
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    Melbourne
    I registered a company as I wanted to register a property under Company name as I was having issue with bank for which I was trying to apply loan under Unit Trust structure.

    But now I have changed lender which will work well under unit trust structure, challenge is that the company I opened, I had requested ABN and TFN which makes it trading company now. I know I can cancel ABN number, but not sure about TFN.

    Should I use this company at all or should I open a new Trustee company for Unit trust.

    Is there a better way to use the existing company that I have opened and use it as trustee company, which saves hassle of cancelling everything and waste of money.
     
  2. Terry_w

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

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    Australia wide
    Having a TFN or an ABN doesn't make a company a trading company.

    Sounds like you need legal and tax advice.
     
    Paul@PAS likes this.
  3. Paul@PAS

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

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    Now it costs more than doing it properly from day one.
     
    Terry_w likes this.