Home – New › Forums › Starting your journey › Trusts, companies, ABN ACN TFN

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  • June 2, 2015 at 4:35 am #991892
    MickB
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    Hi guys,

    My accountant just registered a discretionary trust for me, and then a corporate trustee of which my wife is the director. The company has an ACN issued.

    Just a question, does the company need an ABN and TFN too?

    The company is not carrying out business, but is rather just the entity as trustee for our trust. It won’t be carrying out business in its own regard, simply handling negotiations for our trust.

    June 2, 2015 at 8:20 am #1183943
    Divert To Mobile
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    Hi Mick,

    If I remember correctly an abn is only required if you or your entity is conducting business, so If the company isnt trading it shouldnt need an abn.

    Steve

    June 2, 2015 at 8:27 am #1183944
    The Profit People
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    Hi Mick,

    Yes, thats correct.

    The Trust only needs a ABN/ TFN and not the company.

    Cheers

    June 2, 2015 at 11:57 pm #1183945
    taxgain
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    Hi Mike

    The Trustee Company does not require ABN / TFN.

    thanks

    June 3, 2015 at 11:42 pm #1183946
    MickB
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    Thanks all. That is what I thought but just wanted to check I hadn’t forgotten to do something. Looks to be in order. Now just need to go get a new business bank account of the trust. Should be fun!

    December 17, 2015 at 2:46 am #1183947
    michaelmaloney
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    Glad to have stumbled upon this. I was looking for a similar solution for a question raised by a colleague for his trust unit. But I think he would need to get an ABN since he is conducting business. I am not sure though if he is listed as a director of the trust unit. If he isn’t, should it still require for an ABN?

    December 20, 2015 at 3:22 am #1183948
    NickKaro
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    Generally the operating entity has a TFN and ABN, the trustee company does not require its own ABN/TFN if it is only acting as trustee.

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