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I am not going to read part of your trust deed for you. That is something you have to do!

Do you want to use trust money to offset your own personal home loan? The trust would either have to lend you money or make a distribution and account for it all at the end of the year. what does the trust deed say about this, if anything?

The trustee can use it to receive income and pay expenses. Don't put any personal no trust money in there and operate it in accordance with the rules in the trust deed.

My point was that only lawyers should set up trusts because these are legal documents and relationships in equity (ie the branch of law) and a non lawyer wouldn't be covered by their PI insurance for this. A lawyer would, even if they set it up wrong.

Yes, I think the deed would be covered by the drafting lawyer's PI insurance. Yes, but what happens when the client asks the accountant who should be trustee? Who should be appointor?

Possibly is to the trust.

It is like walking into a restaurant - anyone can order food, but you have to tell then what you want to eat first. Just tell them you want to open an account for a trust, the trustee is AAA and the trust deed is here. I am a director of AAA. They should know how to open a bank account like...

What makes you sure about this! I wouldn't trust a 20 year old bank teller who doesn't really know what a trust is!

If you open a bank account in the name of the company you may have problems proving the it is held as trustee. so why no open as XXX Pty Ltd as trustee for ZZZ.

No. the trust is settled before the bank account is opened. The trustee has to hold property at all times but the $10 doesn't necessarily need to be deposited into the trust bank account - this could be dangerous if the bank account dropped to nil at some stage.

I can't advise as I have no idea of your set up. The trustee should probably be applying as trustee

I don't think I have advised that. I never apply for an ABN or TFN for client trusts I point them in the direction of the ABR website and/or their tax agent.

simple - go down to a bank and open the account. Take trust deed and trustee info and your ID.