Get set up with BankLink today and we can help you make next year's annual financial statements and tax returns even easier.
What is BankLink?
BankLink is a service to help streamline accounting processes, making it easier for trusts, business and individuals to collate the information required to prepare financial statements and file a tax return.How does it work?
BankLink electronically delivers bank transaction data from participating banks directly to us, so we can prepare and file the trust's financial statements and tax return.What are the advantages to you?
BankLink offers an automated process for collating the trust's bank transactions throughout the year. It means you don't need to manually collate and forward copies of bank statements to us when it's time to prepare and file the trust's annual financial statements and tax return accounts.It can also provide you with peace of mind that the information required by Inland Revenue on the trust's financial transactions is complete and accurate.
How do you get set up?
Getting a family trust set up to use BankLink is easy. All you need to do is complete the enclosed BankLink authority form and ensure it's signed by the trust's bank account signatory. Send it to us with your 2011 annual financial statements and tax return checklist and we'll take care of everything from there.What does it cost?
- Initial set up fee - a one-off payment of $17.25 (including GST) per bank account, (including multiple suffixes) to get the trust set up for BankLink.
- Monthly fee of $2.39 (including GST)
- Transaction fee of $0.0518 (including GST) per transaction.
We only invoice the trust for the fees that are incurred directly from BankLink. We don't add anything else. BankLink fees will be charged to the trust when we invoice for disbursements throughout the year.
BankLink may change these fees in the future. Public Trust does not receive a commission or any other direct financial benefit as a result of a trust signing up to use BankLink.
Other FAQs
What are the benefits of getting set up sooner?
We recommend getting set up with BankLink as soon as possible. It means there will be less information for you to provide at the end of the year.
Does it allow other people access to the trust's money?
No. Setting up BankLink does not allow anyone else to operate or transact on the trust's bank account. It only allows for the trust's financial transactions to be viewed by Public Trust.
Is the trust's bank data safe?
Yes. BankLink works within the security provisions of the banks and other financial institutions. BankLink collects data from the trust's bank and sends it to us via an encrypted data file.
Will the trust still get its normal bank statements?
Yes.
Who can I talk to if I have any other questions?
If you have any questions about BankLink or what it means for a family trust, you're welcome to talk to one of our tax specialists. Just call us on 0800 371 471.