Family foundation accounting is a service dedicated to a new type of legal entity that appeared in the Polish legal system in mid-2023. A family foundation does not conduct business in the classic sense, and its main purpose is to manage assets and provide benefits to beneficiaries. These features directly affect the method of keeping accounting records, the classification of business transactions and the scope of reporting and tax obligations. From the moment a family foundation is established, i.e. usually from the drawing up of the founding act, the obligation to keep accounting records arises.
Unlike companies, a foundation may only undertake so-called permitted activities, i.e. forms of economic activity enumerated in the regulations, such as renting, leasing, trading in securities or granting loans to companies in which it holds shares. The records of operations related to this activity should be kept in a separate and transparent manner, both for the purposes of tax settlements and reporting to supervisory authorities and beneficiaries.
Many aspects of accounting for this type of entity still raise practical doubts. BTTP Accounting offers comprehensive accounting, tax and reporting support for family foundations, taking into account their organizational, property and legal specificity. Our accounting office helps clients prepare the accounting policy of a family foundation, including the records of benefits for beneficiaries, the principles of settling hidden profits and the list of property contributed to the foundation, as well as the preparation of financial statements in accordance with the requirements of the Accounting Act. Our experience includes cooperation with foundations operating in various business and family models, which allows for flexible adjustment of services to the structure and strategy of each client.
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Katarzyna Byliniak
Director
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Krzysztof Burzynski
Partner, Tax Advisor