Brisbane- Tax Accountant with trust/property experience urgently required

Good afternoon,

We are looking at finding an accountant who could look over our family trust and provide a signed letter stating that the trust is non-trading and solvent.
We have been doing our own bookkeeping but would like someone who is available and understand this paperwork in Brisbane area to help.
At the stage that property is unconditional and settlement approaching.
TIA (asking for family member)

 

How would they know whether this is the case or not?

 

Hi Terry, was just about to message your company.
We are getting our heads around the situation. Long story short there is a family trust which was set up and then self-managed by one of the buyers.
The bank, before settlement, is requiring a letter to confirm that the trust is solvent and non-trading. Really would like guidance on any accountants that may help us through the books and provide this letter and happy to pay for the service.
Again helping my family member, but want to know if I could perhaps get your help or someone who can help?

 

i am not an accountant and neither is my company an accounting firm.

 

Thanks for the help Terry- always enjoy your tax tips and wisdom on this forum!

 

As a guide we get these requests but only provide what we know to be facts and only if we act for the entity. Its one of the things that comes with entities. Other issues can also include ASIC agent services. Just dealing with one right now where the lender wants change to the trustee company directors. They wont lend to one Director and guarantee issues. Easy enough to make that change now the lender has made its decision. A common issue is where the lendes says "letter that says company isnt trading". We provide a letter that says that the sole activity of the company is to act as trustee for a trust. The trust has activity. What is it ? etc. We find many people fail to tell their lender the company is trustee for a trust and the trust has activity and liabilities.... Or passive income from investments etc.

I generally find taxpayer trust bookkeeping to be either fine or very poor. Trust accounting is VERY important and why we wont assist tax only. I dont know of any retail software that correctly caters to disc trusts. This can leave some issues of concern. eg Retained earnings etc Generally speaking lenders HATE DIY accounting and expect to see a firm acting. They want to see all matters are to a standard of proficiency and all lodged etc

 

Thank you Paul for your words. Would this be something that can be rectified in a short period of time- ie 2 weeks and would we be able to contact you personally to talk this through?
Thank you so much for all your words

 

self managed trusts and companies are something that are a red flag to me. the person doesn't generally see the value in a relationship with an accountant until they need one. i don't take on such sort of clients as they rarely see the value in what we do.

 

Thanks for all responses. have advised the family member of the points and pointed them to get more professional help in future. Thanks for all the help.
Good lesson to learn to have all dealings with a professional as required.