Trust Accounts Act 1973 - Queensland

Service summary

Scope of this legislative Instrument:

The Act requires accountants receiving monies in trust to have a trust account. It requires accountants who have a trust account to lodge a security with the Department. The Act sets out detailed requirements for the keeping of trust accounts, requires the audit of such accounts once a year and provides for the inspection of trust accounts by the Department and the Queensland Law Society Inc. It also provides for the return of unclaimed monies held in a trust account, not only by a solicitor or accountant but by any other trustee under any Act or law.

The Department is the supervising entity for accountants trust accounts. The Queensland Law Society is the supervising entity for solicitors trust accounts.

The Act has been extended to funeral benefit businesses and the supervising entity for their trust accounts is the registrar of funeral benefit businesses under the Funeral Benefit Business Act 1982.

The following Subordinate Legislation should be examined:

  • Trust Accounts Regulation 1999

Service type

Regulatory Obligation

An obligation defined in law. A business must comply with relevant services.

Appeal

Appeal process

Lodgement

Compliance Mechanisms and Penalties:

Breaches of the Act are dealt with through the Courts and may result in fines and/or imprisonment. For solicitors, breaches may be liable to be dealt with on a disciplinary basis under the Legal Profession Act 2004.

Review or Appeal Mechanisms:

A number of decisions under the Act have appeal rights.


Administering agency

Department of Justice and Attorney-General
Strategic Policy, Legal and Executive Services
Strategic Policy

Contact details

Assistant Director, Strategic Policy
Department of Justice and Attorney-General
Strategic Policy, Legal and Executive Services
Strategic Policy

Mailing address:
GPO Box 149
Brisbane
Queensland 4001

Phone:

07 3239 3299

Fax:

07 3239 3046

Website:

http://www.justice.qld.gov.au Opens in a new browser window

Supporting information

Disclaimer

The information contained on the Australian Business Licence and Information Service (ABLIS) web site, or via packages or other sources is intended for general guidance only.

To the full extent permitted by law, the Federal, State, Territory and Local Governments make no representations or warranties (expressed or implied) in relation to the information, including its accuracy, currency or completeness.

The business information provided does not constitute professional or legal advice, nor is the use of any third party resource an endorsement of the information contained, the associated organisation, product or service. It is recommended that you obtain appropriate professional and /or independent legal advice to ensure that the material provided here is relevant to your particular circumstances.

To the full extent permitted by law the Federal, State, Territory and Local Governments, their employees and agents do not accept any liability for any reason, including without limitation, liability in negligence, to any person for the general information which is provided herein, or in respect of anything, including the consequences of anything done, or not done, by any such person in whole or partial reliance upon the information.