Purchasing as Trustee

Discussion in 'Accounting and Tax' started by orlandoi, 26th Jun, 2008.

  1. orlandoi

    orlandoi Member

    Joined:
    27th Jun, 2007
    Messages:
    1
    Location:
    MELBOURNE
    Hi All,

    Does anyone know if there is any legal difference between As Trustee For (ATF) and In trust For (ITF) when purchasing items as a trustee?

    The reason I ask is that I have just opened a bank account with the commbank as a corporate trustee and they use In Trust For (ITF) instead of As Trustee For (ATF) which i am more used to.

    Thanks,

    Orlando.
     
  2. Pat

    Pat Member

    Joined:
    12th Oct, 2007
    Messages:
    212
    Location:
    Melbourne, Victoria
    Hi,

    ITF is usually where a parent holds for a minor, all these docs should be ATF.