LRBAs u2013 Does the Bare Trustee Need to Prepare Accounts?
This is a quite reasonable question. Remember that, under a bare trust LRBA, the bare trustee (usually a company) holds legal title to the asset, whereas the super fund makes all of the payments in relation to the asset (including loan repayments) and collects the income.
In fact, the nature of a bare trust is such that it does nothing and does not need to prepare accounts. The super fund is beneficially entitled to the asset and is legally obliged (via the agreements between it, the bare trustee and the lender) to maintain the asset. As such, the super fund must include bare trust transactions in its accounts.