Trust Bank Account, ABN and Tax file

Hi Guys,

I am urgently in need of setting up a Trust bank account, ABN and tax file for my trust.

Firstly, for the bank account, is this something that I can do myself directly with a bank?

I understand that ABN and tax file should be done through an accountant, I am still waiting to hear back from an accountant

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

Thanks Terry, will do that to open an account

Other than ABN and tax file for my trust, anything else I would need at this stage? As you mentioned before, these 2 should be done via an accountant, right
 
You can apply for a ABN / TFN online and not with an accountant. IT is a bit complicated and it may take some time. Its free. It will be issued later (usually). You then give the TFN to the bank afterwards.

You will need to pass the 100pt ID test for the Trustee company and its Directors.
 
You can apply for a ABN / TFN online and not with an accountant. IT is a bit complicated and it may take some time. Its free. It will be issued later (usually). You then give the TFN to the bank afterwards.

You will need to pass the 100pt ID test for the Trustee company and its Directors.

Hi Paul,

I have been advised by you guys here not to apply for ABN and TFN myself, and use an accountant instead

https://abr.gov.au/
Is this the link to apply for ABN and TFN?
 
Another dumb question, I have xxx PTY LTD, as the trustee for XXX Family trust

Clearly, it is XXX PTY LTD that is applying for the trust account, ABN and TFN?
 
Hi Paul,

I have been advised by you guys here not to apply for ABN and TFN myself, and use an accountant instead

https://abr.gov.au/
Is this the link to apply for ABN and TFN?

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

Hi Terry,

I have Corporate Trustee & Discretionary Family Trust,
Therefore, I have a XXX PTY LTD as the trustee for XXX family trust

Based on this, would it be XXX PTY LTD applying for the trust account, ABN and TFN?
 
This is for ABN?
https://abr.gov.au/

This is for tax file?
https://www.ato.gov.au/

Terry, is it XXX PTY LTD applying for it?

As you know XXX PTY LTD is the trustee for XXX family trust

At ABR you can apply for ABN and Tax file number together. You can apply yourself - however I suggest you use a tax agent. With a tax agent - you will obtain an ABN immediately and TFN will come within 14 days.

Re your bank account you will need a signed and executed trust deed, and certificate of incorporation of the company. Maybe best not to do this yourself as you may fall for the off the shelf deeds, be sure your deed is air tight with legal liability coverage.

When you apply for ABN/TFN you will be asked to enter trustee details including the company.

Cheers Ivan
 
AFAIK, you have to deposit a small amount of money ($10?) provided by the Settlor to establish the trust too.

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.
 
Based on this, would it be XXX PTY LTD applying for the trust account, ABN and TFN?

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.
 
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.

The bank will take care of all that.....straight from their checklist for Trusts....
 
I will bring my copy of trust deed into the bank, and setup a trust bank account
I am sure that the bank will know which title it should go under

As for setting up ABN TFN and GST, I will have House Of Wealth Mike to help me in this regard, furthermore, I will need his expert advice on tax and other variables
 
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!

terry, you advise earlier that I can walk into a branch with my trust deed and setup a trust account, and now I should not trust them?

Should I get Mike to help me setup a trust account as well?
 
terry, you advise earlier that I can walk into a branch with my trust deed and setup a trust account, and now I should not trust them?

Should I get Mike to help me setup a trust account as well?

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 this - but don't assume what they do will necessarily be correct, check it.
 
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 this - but don't assume what they do will necessarily be correct, check it.

Hi terry,

If I use a tax agent to apply for ABN, TFN and GST, the applciation fee is tax deductible?
 
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