• Issue no. 17 – Trusts

    Schedule:

    • The postscript (a) indicates the date the original issue was placed on the register
    • The postscript (u) indicates the date the original issue was updated
    • The postscript (w) indicates the date the issue was withdrawn from the register
    • Withdrawn issues have been placed in the NTLG-GST Issues Register Archive (Issue 17 archive)
    Date Question Further information

    22/03/01(u)

    14/06/05(w)

    17.1 A very common method of business operation that will involve making taxable supplies is through a trust. For GST purposes, the trust is the entity making the supply and that entity will have an ABN and GST registration.

    The public face of the entity is the trustee, often a company. The trustee is the person with the legal capacity to carry on the business. Even though the trust is the entity for taxation purposes, that trust is not a 'person' for other purposes.
     

    GSTA TPP 047 replaces this issue. The original issue has been archived.

    22/03/01(u)

    14/06/05(w)

    17.2 When a trustee company acts for a trust, there is an issue with the application of the tax invoice requirements, particularly the obligation to show 'the ABN of the entity that issues [a tax invoice]'.

    The only name on the invoice will be say KC Nominees Pty Ltd. As an interim measure, the ACN of the company must also be shown. Eventually, the ABN of KC Nominees Pty Ltd must be shown.
    The entity making the supply, from the context of the GST legislation is The KC Family Trust, but this is not the entity that will issue the tax invoice.
     

    GSTA TPP 048 replaces this issue. The original issue has been archived.

    24/07/01(u)

    14/06/05(w)

    17.3 Distributions in specie - please provide some guidance on distributions in specie particularly where distributions are made to beneficiaries and where rights are surrendered by beneficiaries upon a distribution.

    GSTA TPP 049 replaces this issue. The original issue has been archived.

    19/02/04(a)

    14/06/05(w)

    17.4 Transfer of assets as a result of change in trustee

    GSTA TPP 050 replaces this issue. The original issue has been archived.

      Last modified: 04 Aug 2016QC 16309