Why change Unit Trust Name?
QUESTION: If the Unit Trust name doesn’t really do anything why change it? It is not registered anywhere. It is just a nickname to help the Accountant, who may be looking after 100s of other Unit Trusts, identify mine a bit quicker? Why change Unit Trust Name?
ANSWER: There are many reasons why you may want to update or change your Unit Trust Name:
1. correct spelling errors (e.g. Smitth Unit Trust)
2. business partner, Tim Crowe, has died (e.g. Tan & Crowe Unit Trust)
3. you got rid of your business partner Fred Tan (e.g. Lee and Tan Unit Trust)
4. name is not as clever as you first thought (e.g. Scrooge McDuck Unit Trust)
5. name may upset the ATO (e.g. Get out of Tax Unit Trust)
6. you may not want to be so obvious that the Unit Trust is also a ‘Service Trust‘ for your main business (e.g. Williams Service Trust)
Any stamp duty or taxation issues?
There are no taxation issues when you update the Unit Trust name. With every document, you build on our website you get a letter on our law firm’s letterhead. The letter confirms there are no taxation issues when you correct the Unit Trust name.
We are Australia’s only law firm providing legal documents online. Benefit from:
1. law firm PI insurance
2. legal professional privilege
3. free legal advice as you build document online
4. document sample with explanatory notes
5. law firm letter confirming we authored the document.
Telephone us. We can help you answer the questions to correct the Unit Trust name.
Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
National taxation and trust law firm
39 Stirling Highway, Nedlands, WA
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