In order to be entitled to an ABN a trust must be carrying on an enterprise and have three essential elements:
A trustee is the person who holds the property for the benefit of another person, object or purpose. The trustee must deal with the property in accordance with the terms of the trust. These may be set out in a document known as a trust deed. However, the terms of the trust can also be implied. There are statutory requirements that require the creation of certain trusts to be evidenced in writing for the trust to be valid. For example, the conveyance of land must be evidenced in writing.
For ABN purposes, a trust can include any of the following: