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
    terryw@froggy.com.au

    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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