Trust Question

[ShadowPeo]

Just to clarify this question is about a trust, not a SMSF Trust, but this was the best place to ask the question I think as much of the talk in here has to do with trusts.

Hoping someone with a greater understanding than myself can answer it. I own several collectors vehicles, would it be possible for a trust to own these vehicles, and then lease them to me on a yearly basis and then claim the expenses, whilst my primary vehicle is 100% tax deductable due to what it is, the collectors ones are not, but I would like to make them tax deductable (and protected) if possible

 

[malachii]

Short answer is yes - but talk to your accountant.

We own several collector vehicles in a trust that then leases the vehicles to a company that does classic vehicle hire (weddings, formals etc). As long as it is done at "arms length" and all leases and expenses are done at market value it should be OK.

But as I said - talk to your accountant. Every situation is different.

malachii