Trusts require a company set up. That is a trust can only be a shareholder of a company. If the company declares a dividend the trust will get it's share of the dividend along with any other shareholders according to the number of shares held. The trustees' only task is to divvy that up to the trust beneficiaries.
The trustees may or may not be directors of the company. On the wind up of the company the trust gets only the value of assets less liabilities, again in proportion to the number of shares. If the company is insolvent, the trust gets nothing. The trust cannot claim any right to any assets owned by the company including motor vehicles. Of course a director who uses a company motor vehicle for private purposes can elect to purchase it from the company, but it has nothing to do with the trust.
If trust beneficiaries have private motor vehicles on the company's books the same thing applies, they will have to purchase them and the company's accountants should prepare for an ATO audit.
As far as the company is concerned, it's trust shareholder has the same rights as any other shareholder, no more and no less.
As far as taxing trusts the company tax rate 25c or 30c should apply, if the trust is a recipient of franking credits, otherwise there is no net tax paid at all.
