Is anyone using a private trust for business

[morag-janet-of-the-hill-family]

Have you got a Trust drawn up by Mark that is in the private realm?

[dinnion-kane-hudson]

Hi Morag, 🙂 yes I do have one from Mark and opened a bank account, just wanted a bit of advice and clarification before I started 🙂

[morag-janet-of-the-hill-family]

Trust-and-business-Q-and-A-2.pdf 76 KB PDF - Click to view

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[dinnion-kane-hudson]

Thanks morag That is super helpful, however our accountant has told us she can’t do our accounts anymore lol, understandable they don’t know any of the private ways, do you just do it all yourselves?

[morag-janet-of-the-hill-family]

Yes that is the best way and it is empowering as well. If your organisation is too large then you will need to enlist some one who is willing to work in the private and who has the ability to do your accounts for you to the standard you require.

[dinnion-kane-hudson]

Yeah I do 🙂

[anandrah]

see my thread about Wise and Trusts. It’s an excellent setup for a buisness. Many free tools and resources also available therein

[empowerlee]

I have an engineering business and am currently invoicing the company using the narrative “Consultancy” from my Private Trust, is there a better way to do this, to avoid any issues when the pirates investiagte the books as they periodically do?

[morag-janet-of-the-hill-family]

Have you seen these documents?

Trust-and-business-Q-and-A-6.pdf 76 KB PDF - Click to view

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Trusts-and-GST-Legislation-Australia.rtf 19 KB Rich Text Format - Click to view

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[empowerlee]

Hi Morag, yes I have seen all the QandA docuemnts but it doesnt specifically answer this question. I sent this question to Mark on the last Q&A zoom but he didnt get round to my question 🙁

[morag-janet-of-the-hill-family]

Darn, but he said there would be another one this Wednesday didn’t he. If you get in early and cut and paste your question in he should get to it.