Who pays the cost of company??

[Melbear]

Hi

I've got a trust/company structure. I believe as the company is a 'trustee' only that it is exempt from lodging a tax return?

If that is the case, can the trust (or who does) claim the admin costs for the company when compiling its tax return?

 

[AVD]

Hi Mel!

If you are talking about the ASIC fee of $212 then the trust includes this as an expense as secretarial services or similar.

If you mean setting up a trustee company if this was done after the trust was set up then it depends on how the invoice was worded to who can claim. You can claim it in the individual name if it was worded in a particular way otherwise it would also be included in the trust return.

Hope this has helped a little!

Alysha

 

[Melbear]

Hi Alysha

Spose I should have just emailed you the question

The ASIC fees, and also the setup costs (trust and co set up at same time).

Might just email you.

 

[kris]

The setup costs might have to be written off over 5 years rather then a straight deduction in the year its incurred.

 

[Mry]

Kris, only if the trust is operating a business, not when it is in receipt of passive income. If it is a passive trust, the costs are not deductible, but it is best to try and split the bill into tax advice and setup costs.