Hi
So we have transferred/sold our unit shares in a unit trust (that owned 4 investment properties) to the other trustees. Settlement has occurred some months ago but now the Trust Accountant is asking for all the receipts we incurred when we were managing 2 of the properties. The question is do we have to hand this over or should we keep the receipts for our own taxation purposes? i.e. do we need to keep these for 5 years (and if so would we need the receipts for the other two properties from the other trustees?).
There was no income produced the whole time we owned the trust, and we sold due to a breakdown in relations where we no longer speak.Thanks
I think you are confusing unit holders and trustees. If the unit holders are the trustees then there is no trust under trust law. Unit holders and trustees cannot be the same – an impossibility.
If you were the trustee then you would have a duty to hand over trust documents and books to the new trustee. How can you claim the receipts in your own tax returns?
Seek proper legal advice.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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