All Topics / The Treasure Chest / How Do You Setup Trust Banking?

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  • Profile photo of JustinJustin
    Member
    @justin
    Join Date: 2003
    Post Count: 18
    June 30, 2003 - 7:07 am

    Hi All,
    We are in the process of finalising a corporate trustee and discretionary trust to hold our property. I was wondering how others manage their money for these entities. Do you use a business account for the company, or do you have an account for the trust itself that holds deposit funds, renovation funds etc? I have talked to two national banks who both want me to use a business account, is this the best way?
    Cheers,
    Justin x

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    July 1, 2003 - 12:57 am

    I think with a corporate trustee, you have to have separate accounts. Probably a business account, (as the banks want you charge you extra fees). With an individual trustee, you can just have an account in the persons name, ie normal savings account.

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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