Discretionary Trust Formation

Cube Accounting will form a discretionary trust per your instructions upon receipt of the entity order forms and set-up fees.

The trust must have at least one trustee who must be ordinarily a resident of Australia.

Once the trust established, the trust will need to apply for a Tax File Number (TFN), an Australian Business Number (ABN), and register as an employer (if applicable) with the Australian Taxation Office (ATO).

A bank account can be opened for the Trust. The bank will require a copy of the Trust Deed. Bank account forms need to be signed by all signatories of the proposed account.

 

Ongoing Administration

If the trust employs staff, it will need to register with the ATO as an employer and deduct and remit appropriate PAYG withholding from salary payments. We can manage this process for you (we perform similar services for a number of entities).

The trust will need to submit annual income tax returns to the ATO.

If the trust turnover is over $75,000 p.a. the trust will also have to register for Goods & Services Tax (GST), and have to complete quarterly or monthly (depending on the size of the trust) Business Activity Statements (BAS). Once the trust has lodged its first income tax return, it may also be required to pay an installment for income tax on their BAS.

If your trust is required to register for GST, there are certain requirements in regards to the form of invoices must take (which can be discussed at a later date if required).

 

Bank Account Details 

Once the Trust is created, please proceed to open a bank account for the Trust. When you have the bank details, you must instruct us at your earliest convenience. This will facilitate GST refunds.

 

Details required

• Fill in Discretionary Trust Order Form (next page)
• Fill in Tax Registration Form (next page)

We will require payment before commencing the formation of the entities. Thank you for choosing Cube Accounting.