Hi all,

I'm new here. I've been reading the forum for information about setting up my own family trust with company as trustee to do business. I'm just wondering whether some experts here can answer the following questions:

Essentially, this is what I want to setup:

ABC PTY LTD As Trustee For SURNAME FAMILY TRUST Trading As XYZ

I have done the following:
- Register ABC PTY LTD as a Proprietory Limited Company
- Create a discretionary trust deed with ABC PTY LTD as the only trustee and myself, wife and children as beneficiary.
- I have register business name XYZ with ABC PTY LTD as the corporation applicant.
- I have apply ABN & TFN for ABC PTY LTD
- I need to apply ABN & TFN for SURNAME FAMILY TRUST
- I need to register GST to trade using XYZ as a retail trading and possibly some property / shares investment in the future.

What I need know:
Q1. What is the procedure/requirements in creating bank account so that I can receive funds made payable to "XYZ"?

Q2. What is the relationship between XYZ and the FAMILY TRUST? Since the business name registration does not know anything with regards to the family trust.

Q3. Can ABC PTY LTD buy assets on its own right (without representating the trust, e.g buying shares / investment for the benefit for its shareholder but not for the family trust, but trading for trust?). I was informed by an accountant that because ABC PTY LTD is a trustee for SURNAME FAMILY TRUST, therefore, whatever it does, it will always does it on behalf of the trust. I think this statement is wrong, but if someone out that can clarify what is actually true.

Q4. When applying for ABN in ATO website, since I have to apply for 2 ABNs, in regards to Trading Name:

a. For Entity: ABC PTY LTD: Do I fill in XYZ as Trading Name or leave blank?
b. For Entity: Trustee for SURNAME Family Trust: Do I fill in XYZ as Trading Name or leave blank?

Q5. I intend to add a different corporation as a beneficiary in the future to allow distribution of tax to the another corporation, e.g. DEF PTY LTD which is owned by another family trust to limit tax threshold to 30% and allow distribution of income in the future when I no longer work full-time. Is this a correct way of doing this? OR can I create another Family Trust with ABC PTY LTD as a trustee and assign this as the beneficiary to save another corporation cost?

Thank you in advance for your help.