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?
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.
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.