All Topics / General Property / Trust account

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of MarkyMarkMarkyMark
    Member
    @markymark
    Join Date: 2003
    Post Count: 132
    May 20, 2004 - 7:33 am

    Hi all,
    I need to set up an account for my Trust to receive rents etc into. I just wanted to find out what financial institution and account types others are using for this?

    Not sure what fees are involved in this either.

    Any comments etc would be great.

    Thanks,

    MarkyMark

    Profile photo of baloobaloo
    Participant
    @baloo
    Join Date: 2003
    Post Count: 122
    May 20, 2004 - 8:23 am

    We use a Macquarie CMT for our Trust account.

    Profile photo of alpinaalpina
    Participant
    @alpina
    Join Date: 2003
    Post Count: 46
    May 21, 2004 - 12:14 am
    Originally posted by Baloo:

    We use a Macquarie CMT for our Trust account.

    Hi markymark,

    why macquarie CMT? would this be the best option for a smsf too?

    julie

    Profile photo of The Mortgage MasterThe Mortgage Master
    Member
    @the-mortgage-master
    Join Date: 2004
    Post Count: 5
    May 21, 2004 - 12:47 am

    MarkyMarky

    Why not use you own personal account – unless you use a company trustee.

    Tom Murphy
    Mortgage Adviser
    If I can’t do your loan no one can.

    Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225
    May 21, 2004 - 1:28 am

    It is always a good idea to keep trust moneys in a seperate account.

    I think you will find that your bank can open such an account and the charges are identical to a normal account.

    Some companies have the charges for the trust account charged to another account).

    In your situation, does the account need to be audited each year ?

    Pisces

    Profile photo of MarkyMarkMarkyMark
    Member
    @markymark
    Join Date: 2003
    Post Count: 132
    May 21, 2004 - 2:18 am

    I am the trustee of the trust at this point, and I really think that keeping the money totally separate is the best thing to do. I want to keep it simple.

    I dint see why I would need to be audited every year. But I would like to be able to welcome an audit if it did come.

    Macquarie Bank have a cash management Trust account. There is a management fee which is 1.16% of earnings attached to this account.

    Does this sound ok. The idea of a % of earnings has a bad ring to it.

    MarkyMark

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    May 23, 2004 - 7:59 am

    I just use a normal St George Business Cheque account. didn’t go for the big earning interest one as I knew we wouldn’t have more than $5K in it for long, if ever. At the moment they have 6 months bank fee free deals on all new accounts [:)]

    Cheers
    Mel

Viewing 7 posts - 1 through 7 (of 7 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.