Account names when opening Bank Account for Company/Trust Investment Structure

Greetings All,

I am in the process of setting up my investing structure using a discretionary trust with a Company as trustee. The information on this site has been very helpful – so I want to thank-you all who have answered questions over the years.

I hope I am not repeating a question that has already been asked… I just wanted clarification on the nitty gritty of what goes on the bank account name & how many bank accounts I need to open up.

My thoughts were that I had to open up two bank accounts with the names as follows:

Account 1:        “Company’s name” Pty Ltd

Account 2:        “Company’s name” PtyLtd As Trustee for “Trust name”.

Is this correct?

By opening up Account 2 does this activate the trust into existence?

Just to double check –  I don’t need another bank account in the name of “Trust’s name”. Is opening up a trust bank account like this impossible as the trust is not a legal identity and therefore cannot sign for anything?

My understanding that the way I will be (generally) using these accounts for transactions is that:

Account 1:        will not be used to purchase that much – maybe for example a company stamp, ASIX annual registration.   

Account 2:        will be used the most to pay for most things such as conveyance’s fees, any purchases for the property etc.

When I am going to purchase a property under this structure, I sign as “Company” Pty Ltd ATF “Trust” on the purchase contract and will it be this whole statement that will go on the property title or will it just be the “Company’s name” Pty Ltd (without the ATF part) that will appear on the title?

Thanks again and I hope the questions are clear. Any comments will be very much appreciated.

Cheers Jenny.