Queensland Consolidated Acts

TRUST ACCOUNTS ACT 1973

- As at 1 April 2024 
- Act 35 of 1973 

TABLE OF PROVISIONS

           Long Title

   PART 1 - PRELIMINARY

   1.      Short title
   4.      Definitions
   4AA.    Meaning of trustee
   4A.     References to moneys received by a trustee
   4B.     Reference to books, accounts etc. of trustee in partnership
   4C.     (Repealed)
   4D.     (Repealed)
   4E.     Meaning of supervising entity
   4F.     (Repealed)

   PART 2 - TRUST ACCOUNTS

   5.      Trustee to give notice to supervising entity
   6.      Accounts to be kept by trustees
   7.      Moneys received by trustees to be paid into a trust account
   8.      (Repealed)
   9.      (Repealed)
   10.     Moneys in trust account not available for payments of debts etc.
   11.     (Repealed)
   12.     Disbursements from trust account
   13.     Account of moneys received and their application

   PART 3 - AUDITS AND AUDITORS

   14.     Trustee to appoint auditor
   15.     Qualifications, resignation, termination of appointment of auditor
   16.     Audit of trust accounts
   16A.    (Repealed)
   17.     Duties of auditor
   18.     Auditor to make unannounced examinations
   19.     Auditing of accounts on ceasing to be trustee
   20.     Report of auditor to be laid before Minister in certain cases
   21.     Power of Minister to appoint independent auditor
   22.     Power of Minister to appoint independent auditor upon application of client
   23.     Auditor to report to Minister
   24.     Powers of auditors
   25.     As to right of auditors and employees to communicate certain matters
   26.     Books, accounts and records to be produced upon demand

   PART 4 - MISCELLANEOUS

   26A.    Appointment and powers of inspector
   27.     Duties of financial institution relating to trustee’s accounts
   28.     Penalty for destroying, concealing or altering records or sending records or other property out of the State
   28A.    (Repealed)
   28B.    Duty of supervising entity to report suspected offences
   29.     (Repealed)
   30.     Inspection of auditor’s reports
   31.     (Repealed)
   32.     (Repealed)
   33.     Return of property in trustees’ hands to which beneficiaries are absolutely entitled
   34.     (Repealed)
   35.     (Repealed)
   36.     (Repealed)
   37.     Approval of forms
   38.     Proceedings for offences are summary proceedings
   39.     (Repealed)
   40.     References to Trust Accounts Act 1923
   41.     Regulation-making power
   42.     Transitional regulation-making power
   43.     Chief executive to give information to supervising entity

   PART 5 - TRANSITIONAL PROVISIONS FOR JUSTICE AND OTHER LEGISLATION AMENDMENT ACT 2023

   44.     Definitions for part
   45.     Proceedings for particular offences
   46.     Continuing application of Act to former trustees
   47.     Existing requirement to keep records
   48.     Existing requirement to give notices to supervising entity
   49.     Continuing application of ss 12 and 13
   50.     Unannounced examination exemption
   51.     Existing appeals