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Types of trust accounts

A trust account is an account where you (as a trustee) can hold money on behalf of a client.

Trustee means any public accountant who receives money on behalf of another person and is required to account to that person. It can also mean a person such as a solicitor or a licensee.

Trust accounts operating in Queensland have reporting requirements under Queensland legislation depending on the type of trust account.

Public accountant trust accounts

Public accountants who set up and operate trust accounts in Queensland report to the Department of Justice and Attorney-General.

Learn about the role of the trustee for public accountants trust accounts.

Learn about the role of the auditor for public accountants trust accounts.

Licensee trust accounts

Several occupations licensed by the Office of Fair Trading may also need to operate a trust account.

Learn more about opening and operating a trust account as a:

Learn more about the role of the auditor for the trust account of a:

Solicitor trust accounts

Solicitors who set up and operate trust accounts in Queensland report to the Queensland Law Society.

Learn more about the solicitor trust accounts requirements.

Contacts

Accountant trust accounts

By post

Internal Audit Unit
Department of Justice and Attorney-General
GPO Box 149
Brisbane QLD 4001

By phone

(07) 3109 9113 or (07) 3006 2541

By email

trustaccounts@justice.qld.gov.au

Licensed trust accounts

By post

Financial Investigations Office
Office of Fair Trading
GPO Box 3111
Brisbane QLD 4001

By phone

(07) 3872 0823 or (07) 3033 0144

By email

financial.oft@justice.qld.gov.au

Solicitor trust accounts

By post

Queensland Law Society
179 Ann Street
Brisbane QLD 4000

By phone

1300 367 757

By email

info@qls.com.au

Last updated
15 April 2016

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