[risingsun]

was there a part 1..or is it easy to find on utube?

[risingsun]

could not view…said video contains “incitement to hatred”!….anyway to get around this?

cheers

[risingsun]

im no expert, but i think so…i.e. remove yrself as beneficiery….u as trustee will have full control of assets in trust.

[risingsun]

sorry dont have an answer to yr question, but i would be keen on knowing a bit about foundation..as sole trader tradie.i too thinking of going down that route…are you setting it up as a community service or just operating as usual but under the guise of foundation? is it with peter duff?.. is it fairly straight fwd? Sorry about not answering yr question and then hitting you with mine! cheers any pointers appreciated

[risingsun]

i think Mark has said its as simple as going to the registry office and changing title from u to trust name

[risingsun]

Sorry..just real quick side question anyone having difficulties with the website on desktop? Can use on phone, but, maybe its my computer (?) But desktop glitchy..can log in but then get a privacy message which cant get past. Again, sorry to put here .thanks

[risingsun]

ignore message is working again now..sorry and thanks

[risingsun]

Thanks for replying👍 appreciate it!

[risingsun]

Thanks for posting…had never heard of him before…seen he has a good playlist of videos from about 2012 on u tube..have started watching. Tried signing into his website..worked once, but struggle to log in now. Is the guy still around/on the scene so to speak? Cheers

[risingsun]

Im no expert, but wouldnt u set up a pma (private membership association)….the pma, of which you administrate can invoice your employers trust. Dont want to speak to much out of turn as im still learning myself and dont want to give you some false info, but do some digging around that…i think they use a guy called peter duff to set up pma’s …if you find a satisfactory answer, please post. Thanks and best of luck.

[risingsun]

Did you manage to resolve yr issue..?hope it all worked out.

[risingsun]

so u continued to use commonwealth or did you try another bank? are u happy with how it all ended up? cheers

[risingsun]

thanks…as always, appreciate it

[risingsun]

Dear Morag…thank you so much for the links….really appreciate it…….😀

[risingsun]

hello cherax thanks foir reply… i hear you and am going to go set up both too i think. at least once they are set up they can be tweaked and fine tuned along the way.

re PMs i just happen to find an old “know yr rights” booklet lying in under some other books and started reading the section on foundations again. amongst other things it says that a private foundation doesnt have to open a bank a/c it can invoice entities and be paid in cash/gold/digital…whatever it chooses…..thats where i got that from. also, as mentioned if foundation can hold property…say office space or living quarters for principals…is that not an asset.

anyway, thanks again…me too, still learning!…cheers

[risingsun]

much appreciated…thank you

[risingsun]

Thanks..we’re u already a customer there or new? If new what I’d was required? Thanks again

[risingsun]

hello …i am going to get a trust and was going to go to commonwealth, as already existing customer…but thinking about other options…please let us know if u try another bank/s and what their response was…it would b interesting to see if u got varied answers or what they required. my 2nd option was going to be bendigo then an outsider ing. then maybe a credit union. anyway any further findings would be well appreciated. thanks and good luck

[risingsun]

thanks for replyin Laura..appreciate it and posting yr findings..its is helpful😀

[risingsun]

quick question Laura…were you already a customer at Commonwealth beforehand which perhaps made it a bit smoother? also, if you got yr new account ok, was it just added to your Commbank App as a business account? was thinking that if i went to a new bank i would have to provide a lot more personal info and might be a bit trickier as opposed to going in as an exsiting customer. any thoughts appreciated.

[risingsun]

Sure is.. appreciate u taking the time to post😘 have a great week and well done

[risingsun]

i hear you…….thanks for reply…if u make any progress with it or have any other ideas let us know..appreciate yr response..cheers

[risingsun]

so NR trust holds digital assets…any “surplus” can be donated to yr foundation……is that what u are doing? or u putting surplus into trust bank account?

[risingsun]

hi..thank you..yes, it will be an unregistered trust that is desired. ..most defintely! i see ..so all my little questions regarding what one can/cannot do, i.e. parameters of the trust will be made clear…sounds good…thanks again for answering

[risingsun]

hello mjh , again, thank you for sending me all the trust pdfs…i have read them and they have been of help…i just have a few more questions, if i may….

re digital assets….there was one question (#22) in QandA 1 that talked about them..i didnt quite understand it..what does BC stand for? as i previously said, it is my comprehension that one can sell them (digital assets) to the trust (the trust can purchase them by way of promissory note) for market value or less. once in the trust, it is up to the trustee to manage, as with any asset, as best he/she sees fit for the benefit of the trust…

when it comes to distributions….i just wonder what the finer details are…? are beneficieries allowed to receive distributions in order to cover basics..ie food, rent, clothing etc? are they allowed a trust debit card in order make these required purchases? i read somewhere that it was just trustee that could have debit card?

what about distributions if the trustee has managed to grow the assets, due to the productivity of his/her labour,..how can these be distributed (is it whenever the trustee see fit?) are they liable for tax..after all it was through productivity of labour that they grew Then…can the trustee him/herself take distributions?

transfer of assets…lets say the trust has digital assets and one day decides to purchase a property using said assets…is this considered just a transfer of assets..no gain has been made.

lastly, regarding roles…i wonder if it would be more beneficial to be executive manager (having day to day control of trust) and beneficiery, opting for an independant trustee, or be trustee onself with wife as beneficiery….maybe im getting a bit complicated here, but any thoughts appreciated.

thanks again for any advice.

[risingsun]

Thanks Janet…uve given me a bit of bed time reading!..will check yr replies out tomorrow…thank you for taking the time to reply!..