Q&A

Question: Does a discretionary trust need a bank account?

Yes. Once the discretionary trust has been established and you have paid any relevant stamp duty and applied for an ABN, then a bank account should be opened for the trust in the name of the trustee. Once the bank account is opened the first deposit in the account should be the settlement sum, which should be deposited before any other deposits are made or any other transactions are entered into by the trust.