Hi Dear,
Facts: ABC Pty Ltd was established earlier, the company owns a car. After a year JS Family trust was established, ABC Pty Ltd is the trustee for the JS family trust.
Questions:
Could the car be treated as asset in JS family trust book? Since VIC road would not register the car under trust's name, it has to be under trustee's name. Trustee has no other business but as at trustee for the trust.
Thank you very much!
Danielle
Hi @Danielle19
Thanks for your patience while we looked into this for you.
Yes you can move the car into the trust assets but there's likely to be income tax and/or GST consequences.
We don't know enough details to tell you what the outcome would be for you. We recommend asking our Private Rulings area for further advice. If they provide a ruling then it'll be specific to your query.
Hi @Danielle19
We'll find out for you
Hi @Danielle19
Thanks for your patience while we looked into this for you.
Yes you can move the car into the trust assets but there's likely to be income tax and/or GST consequences.
We don't know enough details to tell you what the outcome would be for you. We recommend asking our Private Rulings area for further advice. If they provide a ruling then it'll be specific to your query.
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