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
An obligation defined in law. A business must comply with relevant services.
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.
Department of Justice and Attorney-General
Strategic Policy, Legal and Executive Services
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