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Discretionary Trust Setup in MYOB

RachMatt
2 Posts
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RachMatt

2Posts

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Discretionary Trust Setup in MYOB

Hello All, I am setting up a Discretionary Trust in myob Essentials for the first time, is there some important tips and information someone can give me please?

 

Kind regards,

 

Rachel

1 REPLY 1
Ultimate Partner IanChait
884 Posts
Ultimate Partner
Australia
IanChait
Ultimate Partner

884Posts

645Kudos

167Solutions

Re: Discretionary Trust Setup in MYOB

Hi @RachMatt

 

There's not much you need to do differently.

 

In the Equity Section you don't have Share Capital, instead it is Settled Sum for the amount that the settlor used to set it up.

 

Instead of Drawings, you use Beneficiary Loan Accounts.

 

 At the end of the financial year, the profit will be distributed to beneficiaries. The entry would be Dr Retained Income and Cr the Beneficiaries Loan Accounts. The Trust may have a company as the Corporate Trustee, and transactions may be in the name of the Comany. If they are for the Trust, they get recorded in the Trust Accounts.

 

The Corporate Trustee does not normally trade itself, so you should not need a set of accounts for it.

 

Hope this helps.

 

 

 

 

 


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

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