Once a trust has been established an application for an Australian Business Number (ABN) and Tax File Number (TFN) should be made for the trust. An application for both an ABN and TFN can be made online through the Australian Business Register or with the assistance of an accountant or lawyer. This can take up to 28 days.
Answered by Lachlan McKnight
Lachlan is the CEO of LegalVision, an innovative and tech-driven law firm. LegalVision is disrupting Australia's legal industry and transforming the way in which Australian businesses access legal services. He previously worked as a corporate lawyer and investment banker in London, Paris, Amsterdam and Hong Kong. Lachlan specialises in banking and finance, capital raising and startups.
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