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Great Southern Bank – trust bank account
Hi guys
I’ve decided to open another bank account with Great Southern Bank, for my trust, and close my CBA trust bank account.
This is the Great southern Bank form for unregulated trusts.
I have a few questions others may have, and will add the form for people to see:
Q – 10 – ACCOUNT REQUIREMENTS:
They are giving the options of “Business bank accounts: , but also “Accounts for communities (if charity – or non for profit)”
Could I try request it as non for profit? And possibly provide no tfn or abn? It is estate and asset protection.
I guess they will definitely want a tfn? But not the abn.
I know with CBA they only do a business bank account.
Q – 3 TRUST DETAILS – Principal Business Activity:
I’m guessing this is where I put estate and asset protection?
Q – TRUST TAX AND FORIGN … is the trust an Australian resident for tax purposes:
Will I have to select yes here, I’m guessing I couldn’t open a bank account for it otherwise, or would it be okay for the trust itself not to be a resident?
Q- current residential address: I have a PO Box but I’m guessing I would have to use a home address to open a bank account, and gave the po box for mailing. has anyone used a PO box for the residential address and got away with it?
Q- 7 TRUSTEE DETAILS – Is the trustee a resident of another jurisdiction for tax purposes (almost end of page):
I am just curious as what this is, or if can I use this in some way?
Q – 9 , 13 : It asks “role” after each signature? Trustee?
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This discussion was modified 1 year, 4 months ago by
Laura Adams.
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This discussion was modified 1 year, 4 months ago by
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5 Replies
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This my take…
Trust is not for profit (nfp)(it says that in trust deed) and ngo (non governmental org.). Trust is discretionary…i.e. trustee has full discretionary powers.
main purpose….asset/ estate protection.
i would put N/A for is it a resident for tax purposes.
trustee can give their i.d. beneficiery details not needed…they get their names when they take photocopy of trust deed. i (as trustee) didnt have to give my tfn..it was optional..i chose not to.
I would try the postal address first (if thats the address on trust deed) and see what they say. If they need a physical address, them just give them yours….u can then maybe update it later once account opened?
dont worry or stress about it too much…just fill out the form to the best of your ability giving as minimul/maximal info as you want…at the end of the day, the clerk is just trying to complete the form for you before they send it off to their “complianace” team to make sure all in order..if there is a tweek or a bit extra they need u can change after…just go in with a good positive attitude. ..just assert its for. asset protection if they ask..which it is…its just a tool to help you navigate the best you can this system and ensure ..theres nothing illegal or wrong about it.
good luck with it and let us know how you go
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The bastards declined pur application
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Hi Laura,
More than a year ago we opened a bank account with Commonwealth Bank for our private trust. We went in person and got our account set up. Here is a link: website: https://www.commbank.com.au/business/small-business/documents/unregulated-trust-checklist.html
We had no issues setting it up. They asked to see our ID’s and Trust Deed. No TFN or ABN was required since they knew it was for a unregulated trust.
Cheers
Melissa
commbank.com.au
Unregulated trust checklist - CommBank
Take the right documents to a branch with a small business specialist to get your account set up soon as possible.
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Thanks Melissa 🙂
Did you sign with an all rights reserved signature? I’m wondering if that’s what may have clued them in.
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No we didn’t. In hindsight I wish we did but so far I don’t see the difference.
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