Hope this is posted to the right area. How much does it cost to set up a discretionary trust. I've read some of the recent postings but can't locate any which deal with set up costs. Thanks in advance.
Discretionary trusts
- Thread starter peter ralph
- Start date
I set one up last year with solicitor in Brisbane. Cost $800 with company set up $1100. At the time I did not shop around, nor did I know an accountant can set one up for you. Which leads to another question. Can a person set up a) a trust; and b) a pty ltd co; themselves given the knowhow?
Cheers Donna
Cheers Donna
Thanks guys.
Donna, I am from Brisbane too. Can you recommend anyone. My accountant charged me 1400 just to set up a company!!!
Donna, I am from Brisbane too. Can you recommend anyone. My accountant charged me 1400 just to set up a company!!!
I set up a company with a discretionary trust underneath for $2600.
Was trying all sorts of ways to save $$ but my accountant wouldn't budge - to get the best you simply have to pay a little more. In the long term however this will probably prove to be the best bet and the money well invested.
Sometimes you just have to bite the bullet.
Was trying all sorts of ways to save $$ but my accountant wouldn't budge - to get the best you simply have to pay a little more. In the long term however this will probably prove to be the best bet and the money well invested.
Sometimes you just have to bite the bullet.
Dear Peter,
You will find that many accountants/solicitors are using a new breed of company to basically provide a "no-frills" shelf company setup service.
If you are looking for the cheapest way to set this up then that is the way to go.
Examples
VIC -Castle Corporate Services -Jenny Hamley. (Actually does give good service. I have used her several times and would recommend her service.)
http://www.castlecorp.com.au/site/home.htm
-$896 inc GST for company incorporation.
-$165 inc GST plus stamp duty for Discretionary Trust formation. (QLD $1.50 per Deed (3 x $1.50 = $4.50)
NSW -Patricia Holdings
http://www.patricia.com.au
New one seems to be Patricia's QLD branch.
http://www.patriciaholdings.com.au/1.html
Disclaimer. At the end of the day these services are often used by accountants themselves to wholesale services to their customers. However they do not present a "entire" accounting service and this needs to be taken into account. At the same time it is also important to help those that help you. Remember the great help that Dale GG gives us on this site.
Cheers,
Sunstone.
You will find that many accountants/solicitors are using a new breed of company to basically provide a "no-frills" shelf company setup service.
If you are looking for the cheapest way to set this up then that is the way to go.
Examples
VIC -Castle Corporate Services -Jenny Hamley. (Actually does give good service. I have used her several times and would recommend her service.)
http://www.castlecorp.com.au/site/home.htm
-$896 inc GST for company incorporation.
-$165 inc GST plus stamp duty for Discretionary Trust formation. (QLD $1.50 per Deed (3 x $1.50 = $4.50)
NSW -Patricia Holdings
http://www.patricia.com.au
New one seems to be Patricia's QLD branch.
http://www.patriciaholdings.com.au/1.html
Disclaimer. At the end of the day these services are often used by accountants themselves to wholesale services to their customers. However they do not present a "entire" accounting service and this needs to be taken into account. At the same time it is also important to help those that help you. Remember the great help that Dale GG gives us on this site.
Cheers,
Sunstone.
Thanks for the responses. Much appreciated. Anpther question-where can I read up on the hybrid trusts you :guys: are all talking about. Any web sites etc. I want to become a little more informed before I see my accountant about setting one up. Or better still, ccan someone recommend someone in inner city Brisbane(preferably from experience or a friend's experience. Thanks in advance.
peter,
Sorry, not a web site.
I learnt a lot from Dale's manual- http://www.gatherumgoss.com/shopping.htm
Usual disclaimers apply. I'm not associated with Dale, but I did go into a discretionary trust because of Dale's advice.
Good luck.
Sorry, not a web site.
I learnt a lot from Dale's manual- http://www.gatherumgoss.com/shopping.htm
Usual disclaimers apply. I'm not associated with Dale, but I did go into a discretionary trust because of Dale's advice.
Good luck.
Peter,
For some basic info. regarding hybrid trusts, there is a free booklet you can order from Chris Batten's website: http://www.chrisbatten.com.au He also has another manual that sells for $99. I don't have it yet, so I can't tell you what it's like. The free one is good though, you should take the time to get it. Another site you can look at is http://www.taxlegal.com.au they have a lot of info. there about trusts, though the reading is pretty heavy.
Mark
'no hat, some cattle'
For some basic info. regarding hybrid trusts, there is a free booklet you can order from Chris Batten's website: http://www.chrisbatten.com.au He also has another manual that sells for $99. I don't have it yet, so I can't tell you what it's like. The free one is good though, you should take the time to get it. Another site you can look at is http://www.taxlegal.com.au they have a lot of info. there about trusts, though the reading is pretty heavy.
Mark
'no hat, some cattle'
Hi all,
Has anyone had any experience with or got any comment to offer on the service provided by the 'Incorporator Online Company Formation' (see http://www.incorporator.com.au )
Might it be more economical to set up the company for trustee purposes through this service - perhaps in consultation with accountant? They also offer it for use by accountants and/or solicitors on the premise that outsourcing the actual company formation admin can be more efficient if done by a dedicated resource.
Thanks,
David.
Has anyone had any experience with or got any comment to offer on the service provided by the 'Incorporator Online Company Formation' (see http://www.incorporator.com.au )
Might it be more economical to set up the company for trustee purposes through this service - perhaps in consultation with accountant? They also offer it for use by accountants and/or solicitors on the premise that outsourcing the actual company formation admin can be more efficient if done by a dedicated resource.
Thanks,
David.
