Home Forums Starting your journey Assets protection by Trust/ doing business under trust’s Abn or Company’s Abn

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  • #1000240
    Linh Hoang
    Member
    • Total posts: 2

    Hi everyone,

    I wish to get advices from your guys.
    I’ve just set up a Family trust and a company as a Trustee for the Trust. My question are:

    1. For saving tax through the Trust, do I have to do business with an ABN under Trust? What happens if I use the ABN of the company?

    2. Should I register an ABN under The trust or the company in order to do business? Btw Business name should be registered under Trust or company?

    3. about assets protection, I am confused that how Trust protect property? For example, (in case the business at risk) could a house will be protected If:
    – the house is hold by the Trust
    – the house is hold Under individual name of the company Director ( the trustee company)
    – the house is hold under Individual name of any beneficiaries of trust?

    Thanks so much
    Hope your guy have a great weekend.

    #1223539
    bb1
    Participant
    • Total posts: 4,472

    I’m more concerned that you have setup the structures, and are now asking these questions. Those questions should have being asked when deciding the structure.

    If you set them up yourself, go talk to an accountant urgently.

    If an accountant set them up for you go talk to a new accountant urgently.

    #1223541
    Paul – FS Concierge
    Moderator
    • Total posts: 3,116

    Hi and welcome to Flying Solo [USER=118137]@Linh Hoang[/USER] ,

    An Accountant would have provided all of this advice before setting up your entities and still will now.

    The good news is that for most people, they are simple questions that Accountants provide advice on everyday.

    The issue is that if you receive bad advice and act on it, it may cost you dearly, in money and stress, in future.

    This is why it is so important to get good Accountant advice now.

    Cheers

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