Set up a discretionary trust

https://help.myob.com/wiki/x/OYdqAg

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It's easy to set up new discretionary trust for your clients in Corporate Admin.

All you need to do is answer a few easy questions, pick your settlor, appointor, trustees and beneficiaries, and you're just about done!

We use the information you enter to provide you with pre-filled electronic copies of all the documents you need to set up the fund, including:

A trust deed

You'll also have the opportunity to apply for an ABN, TFN and register for GST in the same process.

There are some registration costs involved in establishing an trust, so make sure the fund meets all regulatory requirements before you generate these documents in Corporate Admin. These costs will be added to the monthly or quarter invoice for the billing profile

These costs will be billed to you directly on generation of the for the billing profile selected in your Corporate Admin settings. It's up to you to recuperate this cost from your client.

Make sure you and your client are familiar with the legal, financial and tax requirements of a discretionary trust. If you're not sure, check the ATO website for information on establishing a trust.

To create a new discretionary trust

In MYOB Practice, click Corporate Admin in the top menu bar. The Customer Lodgements page displays.
Click Create an entity.
Click Prepare form next to Set up a new discretionary trust. The Step 1/7: Trust details page displays.

Step 1/7: Trust details

In Step 1/7: Trust details, enter the following information in the relevant fields:

Field	Description
Date of creation	This field defaults to today's date. To change the date, click the calendar icon and choose a new date.
Trust name	Enter the name of the self-managed super fund. Don't include any "ATF" or "as trustee for" elements. For example if the 'Smurf Managed Super fund' is the trustee for 'The Smurf Family Trust', just enter "Smurf Managed Super fund" in this field.
State of registration	Select the State the super fund will be registered in.
MYOB client code (optional)	Enter a client code (Optional). This comes in handy when you have clients with similar or identical names. You can search for a client by name or code in most lists. For example, if you have two clients named Mark Webber, you can assign them unique codes, such as MW1 and MW2 to distinguish them.
Business address	Enter the business address for the fund.