How to close down discrepancy trust

[spon]

Hi i have a property investment trust from Chan and Naylor that we bought with the idea of buying investment properties. We are wanting to close it down, it doesn't have anything in the trust and never has, except the first $10 that we needed to open the trust up. What i am wanting to know is, can I do it by myself or do you need a solicitor. I am wanting to do it by myself, if somebody could please explain to me what i need to do to close down the trust and company so there will be no more tax issues in the future with out involving accountants or solicitors. Is this possible.

Thank you

 

[Terry_w]

Hi i have a property investment trust from Chan and Naylor that we bought with the idea of buying investment properties. We are wanting to close it down, it doesn't have anything in the trust and never has, except the first $10 that we needed to open the trust up. What i am wanting to know is, can I do it by myself or do you need a solicitor. I am wanting to do it by myself, if somebody could please explain to me what i need to do to close down the trust and company so there will be no more tax issues in the future with out involving accountants or solicitors. Is this possible.

Thank you

Read the deed and see what it says. Probably just have to vest the $10 - in accordance with the provisions.

 

[MRO]

Discrepancy trust - that is probably what the ATO calls them.

 

[Paul@PFI]

If the only thing that has ever happened with the trust is settling the deed it may only require the Co Directors to resolve to vest the trust. There should be a section on vesting or terminating the trust. Read it and follow those "rules". Documnet the decison on paper and date it etc and keep the deed and that resolution for a time.

Then you should approach tax de-registration. ie Cancel ABN , TFN etc. The ATO website has forms to cancel an ABN. Reason - Trust had no assets and has never traded. ATO will confim that in writing.

Then lastly ASIC Form 6010 to deregister the Co. ASIC website has paper copies on pdf. The Directors make a resolution that must be honest. A small lodgement fee applied. ASIC will gazette this and in due course it will be deregistsred. This will avoid annual co fees. ASIC will write to you to confim completion.