Queensland Consolidated Regulations

TRUST ACCOUNTS REGULATION 1999

- Made under the Trust Accounts Act 1973
- As at 1 April 2024
- Reg 140 of 1999

TABLE OF PROVISIONS

   PART 1 - PRELIMINARY

   1.      Short title

   PART 1A - (Repealed)

   PART 2 - SUPERVISING ENTITY

   2.      Supervising entity for trustees—Act, s 4E
   2A.     (Repealed)

   PART 3 - RECORD KEEPING

           Division 1 - Prescribed books, accounts and records

   3.      Books, accounts and records to be kept by trustees

           Division 2 - Register of trust account receipt forms

   4.      Register

           Division 3 - Trust account receipt books

   5.      Receipt forms
   6.      Dealing with trust account receipt forms
   7.      Trustee may destroy unused receipt forms

           Division 4 - Trust account deposit book

   8.      Trust account deposit forms
   9.      Depositing trust moneys

           Division 5 - Disbursement of trust moneys

   10.     Disbursements

           Division 6 - Trust account cash book

   11.     Trust account cash book—entries
   12.     Trust account cash book—reconciliation

           Division 7 - Trust account ledger

   13.     Keeping trust account ledgers
   14.     Trust account ledger—form
   15.     Trust account cash book entries to be posted to ledger account

           Division 8 - Records of investments

   16.     Trustee to keep records of investments
   17.     How trustee accounts for investments
   18.     Particulars of investment control account and investment ledger accounts
   19.     Dealing with investments
   20.     Interest on investments

           Division 9 - Trust account journals

   21.     Transfer by journal entry

           Division 10 - Computer system records

   22.     Keeping computer system records

   PART 4 - AUDITS AND EXAMINATIONS

   23.     Auditor’s report
   24.     Trustee to give copy of audit report to auditor
   25.     Trustee may give statement instead of auditor’s report
   26.     Auditing procedures and standards
   27.     Unannounced examination

   PART 5 - PROFESSIONAL INDEMNITY INSURANCE

   28.     Prescribed amount

   PART 6 - SECURITY

           Division 1A - Preliminary

   28A.    Definitions for part

           Division 1 - Form

   29.     Prescribed security

           Division 2 - Payment from security

   30.     When payment may be made
   31.     Public notice of intention to make a payment
   32.     Application for payment
   33.     Payment to more than 1 person

           Division 3 - Application of Act, former s 31 to former trustees

   34.     Application of Act, former s 31

           Division 4 - Expiry

   35.     Expiry of part

   PART 7 - (Repealed)
           SCHEDULE - Prescribed information for audit report