Set up a discretionary trust

https://help.myob.com/wiki/x/4rNqAg

Close

How satisfied are you with our online help?*

Just these help pages, not phone support or the product itself

0

1

2

3

4

5

Very dissatisfied

Very satisfied

Why did you give this rating?

It's hard to find information

Instructions are hard to follow

Content isn't detailed enough

It doesn't fix my software problems

Anything else you want to tell us about the help?

It's easy to set up new discretionary trust (also known as "family 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
Appointor's consent to act
Trustees' first minutes of meeting
Trustees' consent to act
Settlor's notice

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

Make sure you and your client are familiar with the legal, financial and tax obligations of a discretionary trust, and that the discretionary trust meets all regulatory requirements.

There are some costs involved in setting up a an discretionary trust. These costs will be included on the invoice for your MYOB billing profile, on generation of the trust establishment documents.

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.

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.
Proposed trust name	Enter the name of the trust.
State of registration	Select the State or territory the trust 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 trust.

Click Next step. Step 2/7: Settlor displays.
Enter an amount in the Settlement sum field. This is a nominal amount
Type the name of the settlor in the search field. As you type, a list of contacts appear. Click the contact's name to add them as the settlor.
Click Next step. Step 3/7: Appointor displays.
Type the name of the appointor in the search field. As you type, a list of contacts appear. Click the contact's name to add them as the appointor.
Click Next step. Step 4/7: Trustees displays.
Type the name of the trustee in the search field. As you type, a list of contacts appear. Click the contact's name to add them as a trustee.
Click Next step. Step 5/7: Beneficiaries displays.
Click + Add beneficiary and type the name of the beneficiary in the field. As you type, a list of contacts appear. Click the contact's name to add them as a beneficiary.
Click Next step. Step 6/7: Registrations displays.
Select the registrations you want to apply for and fill in their form details:
- Australian business number (ABN) and Tax file number (TFN)
- Goods and services tax (GST).
- Pay as you go withholding (PAYG)
- Fringe benefits tax (FBT)
Click Next step.
Check all information is correct and select I/We accept the above terms and conditions.
Click Create documents.

Related topics

Creating and establishing new entities

Register a new company

Set up a unit trust

Set up a self-managed super fund (SMSF)

Managing a trust

Page tree

Was this information helpful?

Why not?

How would you improve this page?

Thanks! Anything you'd like to add?

Get started

Clients

Client files

Tasks

Documents

Tax