Assurance and Accounting Services for Trusts
Brown Auditing Services offers auditing and accounting services for trusts across New South Wales. While trusts are commonplace in economic life, the accounting, income tax and legal implications of a Trust are broad and require specialists to ensure all compliance requirements are met.
What is a Trust?
A Trust is a relationship which exists where A holds property for the benefit of B. The trustee can be an individual, group of individuals or a company.
A trust is not a separate legal entity or person at all – it is essentially a relationship that is recognised and enforced by the courts in the context of their “equitable” jurisdiction.
Examples of Trust Activities
There are many examples of how trusts figure in everyday transactions:
- Shares are often held in trust by “nominees”.
- property trusts can be used by people for investment purposes.
- Joint ventures can be conducted using trusts.
- Money held in accounts for children will generally involve trusts
- It is common for businesses to be structured as “trading trusts”.
- Executors of deceased estates act as trustees
- Trusts are started to benefit charities, research, animals.
- Trusts are frequently used in family situations to protect assets and assist in tax planning
- Large companies sometimes conduct business as trustee companies.
Trusts are commonplace in economic life. The accounting, income tax and legal implications of a Trust are broad and require specialists to ensure all compliance requirements are met.
Brown Auditing Services works closely with Real Estates and Solicitors to assist them with their Trust Audit obligations. By executing audits in a timely manner, the chances of non-compliance with regulatory bodies can be lowered.
Our Clients Include:
- Ray White Parkes
- Ourhostest (Newcastle)
- Lordes Real Estate (Victoria)
- Adam & Associates