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Business and my Non-Registered Trust
Hi Friends,
I have looked through all the Q&A’s and I haven’t been able to find an answer to my questions so I’m hoping you can help me here. 🙂
Q1: I need to send the NAT3346 form to some of our new customers (it wasn’t emailed to them with the first invoice), to make sure they have a copy on hand.
How would I word my explanation for sending it months after the invoice (using the correct language) for the NAT3346 form and should I attach the paid invoice with it for reference or just send the NAT3346 form.
For example: How would I word, “as a first-time customer I am required to send you this form, don’t send this to the ATO, you need to keep this on file for 5 years”?
Q2: Does it matter if the email I use to send invoices/ correspondence for our PRIVATE non-registered trust is a corporate email that we use for our PUBLIC company. Or should I have a separate email (ie, proton)?
Q3: Is there any limit to how much we can receive into the non-registered trust for sustenance / productivity of labour, in a single payment or across the span of a year?
Q4: We have vendor finance (in our personal title case names) which we pay weekly, can we pay this weekly/monthly from our non-registered trust? It is a private agreement; however, we make the payments to the vendor into his PUBLIC corporate bank account.
Q5: Our PUBLIC company is buying second-hand parts/ heavy vehicles and dismantling them and re-selling. Can we purchase the items in our PUBLIC company and then invoice from our PRIVATE non-registered trust when we sell them or does it have to be one or the other?
Q6: Do I need to create a purchase order (for our internal records) for big items (over $5000) when buying it in the non-registered trust?
Q7: If I need to make a larger purchase in our non-registered trust and the seller won’t accept the NO GST/ NAT3346 form and charges me the GST, does it matter if I pay GST items when using our non-registered trust. For example: farm equipment etc.
Q8: Has anyone used a program such as Xero for “invoicing” and keeping track of ingoing and outgoings from your non-registered trust? I don’t know if these programs feed directly to ATO or if my information would stay private.
Q9: We originally set up our first trust with someone who potentially hasn’t guided us correctly on how to successfully use our non-registered trust. Is there any way to change settlors of our trust so we can work with Mark instead of previous settlor?
Q10: Do we need to create meeting minutes each time a decision is made within the non-registered trust? Or is this just for our own internal record?
Q11: I read somewhere in the Q&A’s that to do business with some in the public entity from our private non-registered trust, we need a contract specifying our terms of engagement. Is this for any business between their public and our private or is it in the case of a contractor working on long-term projects? Most of our business done with public entities are one-time engagements, does this require terms of engagement? Or do we just give the invoice/ NAT3346 form and that’s it?
Q12: Our business works both in the public entity (corporate face for marketing and customers who need ABN etc) and the private entity. However, all our business expenses are put through our public company.
Is it ok to use our non-registered trust bank account to pay for anything and everything that is personal expense. Ie, groceries, farm equipment, travel, livestock etc?
Q13: Our debit cards from Westpac for our non-registered trust has our title case name and then the trust name underneath. Is this correct?
Q14: How can I check with the banks / what questions do I ask to make sure my non-registered trust was set up accurately? (Mark didn’t set this particular trust up for me?)
Q15: Is there any advantage to having bank accounts set up with more than one bank for our non-registered trust when using it for business. To avoid larger payments coming into the same bank/ same week or does this kind of thing not get flagged in a non-registered trust? Ie, Westpac and Commonwealth?
Q16: Westpac recently called us up asking if we would like an overdraft on our non-registered trust account. Should this be alarming to me? Are our accounts not private?
I’m sorry it is so long, I’m hoping someone can help 🙂
Many Thanks
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1 Reply
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These are really good questions, did you get any answers for them from any q&a sessions
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This reply was modified 2 years, 1 month ago by tee.
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This reply was modified 2 years, 1 month ago by