The family trust is a trading trust. The family trust owns a car Toyota Hilux, for the purposes of this question, is not a car.
The trustees are two individuals (Mum & Dad). The trust paid for vehicle registration, insurance and repairs and maintenance and fuel expenses.
The business address of the family trust is the home address of the beneficiary. The vehicle is parked at the home address of the beneficiary (it is also the business address).
The vehicle is available for the private use of the beneficiaries. The beneficiaries are also the trustees.
The beneficiaries are not employees of the family trust. The beneficiaries do not receive any wages from the family trust. The family trust's net profit distributes to the beneficiaries at the year-end.
Is the Trust liable to fringe benefits tax on the provision of the vehicle to the beneficiaries/trustees.
Thanks
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