{"id":"qld:sl-1999-0140","name":"Trust Accounts Regulation 1999","slug":"trust-accounts-regulation-1999","collection":"regulation","jurisdiction":"qld","status":"in_force","isInForce":true,"actNumber":"140 of 1999","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":175882,"registerId":"qld-qld:sl-1999-0140-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"pt.1","sectionType":"part","heading":"Preliminary","content":"# Preliminary","sortOrder":0},{"sectionNumber":"sec.1","sectionType":"section","heading":"Short title","content":"### sec.1 Short title\n\nThis regulation may be cited as the Trust Accounts Regulation 1999 .","sortOrder":1},{"sectionNumber":"pt.1A","sectionType":"part","heading":null,"content":"","sortOrder":2},{"sectionNumber":"sec.1A","sectionType":"section","heading":null,"content":"### Section sec.1A\n\ns 1A ins 2004 SL No. 109 s 35\nom 2024 SL No. 22 s 6","sortOrder":3},{"sectionNumber":"pt.2","sectionType":"part","heading":"Supervising entity","content":"# Supervising entity","sortOrder":4},{"sectionNumber":"sec.2","sectionType":"section","heading":"Supervising entity for trustees— Act , s 4E","content":"### sec.2 Supervising entity for trustees— Act , s 4E\n\nFor section 4E (2) of the Act , the registrar of funeral benefit businesses under the Funeral Benefit Business Act 1982 , section 6 , is declared to be the supervising entity for a trustee.\nSee also the Funeral Benefit Business Act 1982 , section 80 .\ns 2 sub 2003 SL No. 305 s 25 ; 2024 SL No. 22 s 6","sortOrder":5},{"sectionNumber":"sec.2A","sectionType":"section","heading":null,"content":"### Section sec.2A\n\ns 2A ins 2003 SL No. 305 s 25\nom 2024 SL No. 22 s 6","sortOrder":6},{"sectionNumber":"pt.3","sectionType":"part","heading":"Record keeping","content":"# Record keeping","sortOrder":7},{"sectionNumber":"pt.3-div.1","sectionType":"division","heading":"Prescribed books, accounts and records","content":"## Prescribed books, accounts and records","sortOrder":8},{"sectionNumber":"sec.3","sectionType":"section","heading":"Books, accounts and records to be kept by trustees","content":"### sec.3 Books, accounts and records to be kept by trustees\n\nA trustee must keep the following books, accounts and records—\na register of trust account receipt forms;\na trust account receipt book of consecutively machine numbered receipt forms in duplicate;\na trust account deposit book of trust account deposit forms in duplicate;\na trust account cash book;\na trust account journal of consecutively machine numbered folios;\na trust account ledger;\na trust account investment ledger.\n- (a) a register of trust account receipt forms;\n- (b) a trust account receipt book of consecutively machine numbered receipt forms in duplicate;\n- (c) a trust account deposit book of trust account deposit forms in duplicate;\n- (d) a trust account cash book;\n- (e) a trust account journal of consecutively machine numbered folios;\n- (f) a trust account ledger;\n- (g) a trust account investment ledger.","sortOrder":9},{"sectionNumber":"pt.3-div.2","sectionType":"division","heading":"Register of trust account receipt forms","content":"## Register of trust account receipt forms","sortOrder":10},{"sectionNumber":"sec.4","sectionType":"section","heading":"Register","content":"### sec.4 Register\n\nA register of trust account receipt forms must contain a record of the receipt number of each receipt form held by the trustee.","sortOrder":11},{"sectionNumber":"pt.3-div.3","sectionType":"division","heading":"Trust account receipt books","content":"## Trust account receipt books","sortOrder":12},{"sectionNumber":"sec.5","sectionType":"section","heading":"Receipt forms","content":"### sec.5 Receipt forms\n\nA receipt form must be headed ‘Trust Account Receipt’, and a completed receipt form must contain the following particulars—\nthe name of the trustee on whose behalf the receipt is given;\nthe date the receipt is given;\nthe name of the person to whom the receipt is given;\nthe name of the person on whose behalf the trust moneys are received;\na brief description of the matter for which the trust moneys are received;\nthe amount of trust moneys received, in words and figures;\nhow the trust moneys are received, for example, in cash, by cheque or by electronic funds transfer;\nthe signature of the person giving the receipt.\nEach receipt form must include provision for the particulars mentioned in subsection (1) .\nA duplicate receipt form must also be headed ‘Office Copy’ or ‘Duplicate Copy’.\n(sec.5-ssec.1) A receipt form must be headed ‘Trust Account Receipt’, and a completed receipt form must contain the following particulars— the name of the trustee on whose behalf the receipt is given; the date the receipt is given; the name of the person to whom the receipt is given; the name of the person on whose behalf the trust moneys are received; a brief description of the matter for which the trust moneys are received; the amount of trust moneys received, in words and figures; how the trust moneys are received, for example, in cash, by cheque or by electronic funds transfer; the signature of the person giving the receipt.\n(sec.5-ssec.2) Each receipt form must include provision for the particulars mentioned in subsection (1) .\n(sec.5-ssec.3) A duplicate receipt form must also be headed ‘Office Copy’ or ‘Duplicate Copy’.\n- (a) the name of the trustee on whose behalf the receipt is given;\n- (b) the date the receipt is given;\n- (c) the name of the person to whom the receipt is given;\n- (d) the name of the person on whose behalf the trust moneys are received;\n- (e) a brief description of the matter for which the trust moneys are received;\n- (f) the amount of trust moneys received, in words and figures;\n- (g) how the trust moneys are received, for example, in cash, by cheque or by electronic funds transfer;\n- (h) the signature of the person giving the receipt.","sortOrder":13},{"sectionNumber":"sec.6","sectionType":"section","heading":"Dealing with trust account receipt forms","content":"### sec.6 Dealing with trust account receipt forms\n\nA trustee must ensure—\na trust account receipt form—\nis used only for the receipt of trust moneys; and\nincludes the particulars mentioned in section 5 (1) ; and\nis given to the person from whom trust moneys are received; and\na legible copy of each trust account receipt form given by the trustee is kept securely in the trustee’s records; and\nif the trustee cancels a receipt form, the form is kept securely in the trustee’s records.\nMaximum penalty—10 penalty units.\n- (a) a trust account receipt form— (i) is used only for the receipt of trust moneys; and (ii) includes the particulars mentioned in section 5 (1) ; and (iii) is given to the person from whom trust moneys are received; and\n- (i) is used only for the receipt of trust moneys; and\n- (ii) includes the particulars mentioned in section 5 (1) ; and\n- (iii) is given to the person from whom trust moneys are received; and\n- (b) a legible copy of each trust account receipt form given by the trustee is kept securely in the trustee’s records; and\n- (c) if the trustee cancels a receipt form, the form is kept securely in the trustee’s records.\n- (i) is used only for the receipt of trust moneys; and\n- (ii) includes the particulars mentioned in section 5 (1) ; and\n- (iii) is given to the person from whom trust moneys are received; and","sortOrder":14},{"sectionNumber":"sec.7","sectionType":"section","heading":"Trustee may destroy unused receipt forms","content":"### sec.7 Trustee may destroy unused receipt forms\n\nThis section applies if an auditor who audits a trustee’s records and trust accounts under the Act reasonably believes the trustee does not intend to use a receipt form.\nThe auditor may give the trustee a written direction to destroy the receipt form.\nThe trustee must not contravene the direction.\nMaximum penalty—5 penalty units.\nIf the auditor gives a trustee a written direction to destroy a receipt form, the auditor must, as soon as practicable after giving the direction, give to the supervising entity a notice stating—\nthe trustee’s name and address; and\nthe trustee’s general trust account name and number; and\nthe number of the receipt form.\nMaximum penalty—5 penalty units.\nIn this section—\nreasonably believes means believes on grounds that are reasonable in the circumstances.\n(sec.7-ssec.1) This section applies if an auditor who audits a trustee’s records and trust accounts under the Act reasonably believes the trustee does not intend to use a receipt form.\n(sec.7-ssec.2) The auditor may give the trustee a written direction to destroy the receipt form.\n(sec.7-ssec.3) The trustee must not contravene the direction. Maximum penalty—5 penalty units.\n(sec.7-ssec.4) If the auditor gives a trustee a written direction to destroy a receipt form, the auditor must, as soon as practicable after giving the direction, give to the supervising entity a notice stating— the trustee’s name and address; and the trustee’s general trust account name and number; and the number of the receipt form. Maximum penalty—5 penalty units.\n(sec.7-ssec.5) In this section— reasonably believes means believes on grounds that are reasonable in the circumstances.\n- (a) the trustee’s name and address; and\n- (b) the trustee’s general trust account name and number; and\n- (c) the number of the receipt form.","sortOrder":15},{"sectionNumber":"pt.3-div.4","sectionType":"division","heading":"Trust account deposit book","content":"## Trust account deposit book","sortOrder":16},{"sectionNumber":"sec.8","sectionType":"section","heading":"Trust account deposit forms","content":"### sec.8 Trust account deposit forms\n\nA trust account deposit form must contain the following particulars—\nthe name and account number of the trust account into which the trust moneys are deposited;\nthe amount and the date of the deposit;\nthe number of the trust account receipt form given by the trustee for the trust moneys;\nthe signature of the depositor.\n- (a) the name and account number of the trust account into which the trust moneys are deposited;\n- (b) the amount and the date of the deposit;\n- (c) the number of the trust account receipt form given by the trustee for the trust moneys;\n- (d) the signature of the depositor.","sortOrder":17},{"sectionNumber":"sec.9","sectionType":"section","heading":"Depositing trust moneys","content":"### sec.9 Depositing trust moneys\n\nIf a trustee deposits trust moneys into a trust account, the trustee must ensure—\nif the trust moneys are deposited other than by way of electronic funds transfer—a copy of the trust account deposit form is kept securely in the trustee’s records; and\nif the trust moneys are deposited by way of electronic funds transfer—\nthe trustee receives a document, other than a financial institution statement balance, from the financial institution into which the trust moneys are paid acknowledging the receipt of the trust moneys into the trust account; and\nthe document is kept securely in the trustee’s records.\nMaximum penalty—10 penalty units.\n- (a) if the trust moneys are deposited other than by way of electronic funds transfer—a copy of the trust account deposit form is kept securely in the trustee’s records; and\n- (b) if the trust moneys are deposited by way of electronic funds transfer— (i) the trustee receives a document, other than a financial institution statement balance, from the financial institution into which the trust moneys are paid acknowledging the receipt of the trust moneys into the trust account; and (ii) the document is kept securely in the trustee’s records.\n- (i) the trustee receives a document, other than a financial institution statement balance, from the financial institution into which the trust moneys are paid acknowledging the receipt of the trust moneys into the trust account; and\n- (ii) the document is kept securely in the trustee’s records.\n- (i) the trustee receives a document, other than a financial institution statement balance, from the financial institution into which the trust moneys are paid acknowledging the receipt of the trust moneys into the trust account; and\n- (ii) the document is kept securely in the trustee’s records.","sortOrder":18},{"sectionNumber":"pt.3-div.5","sectionType":"division","heading":"Disbursement of trust moneys","content":"## Disbursement of trust moneys","sortOrder":19},{"sectionNumber":"sec.10","sectionType":"section","heading":"Disbursements","content":"### sec.10 Disbursements\n\nA trustee must not draw against or cause any payment to be made from a trust account kept by the trustee for a particular matter conducted by the trustee for a person unless—\nthe amount of the withdrawal or payment is not more than the amount of cleared funds in the account for the matter; and\nif the trustee draws a cheque under section 12 (1) of the Act , the cheque is signed by—\nif the trustee is an individual—the trustee or a person appointed by the trustee; or\nif the trustee is a partnership—a partner.\nMaximum penalty—10 penalty units.\nIf the trustee draws a cheque under section 12 (1) of the Act , the trustee must also ensure the following particulars are written on the trustee’s cheque butt or other document—\nthe date the cheque is drawn;\nthe name of the person to whom the cheque is made payable;\nthe name of the person on whose behalf the cheque is drawn;\na brief description of the matter for which the cheque is drawn;\nthe amount withdrawn.\nMaximum penalty—10 penalty units.\nAlso, if a payment is made from a trust account by a cheque drawn on, or permitting or enabling payment to be made by, a financial institution, the trustee must ensure that the name of the person beneficially entitled to the trust moneys is written on—\nthe trustee’s cheque; and\nthe trustee’s cheque butt or other document.\nMaximum penalty—10 penalty units.\nA trustee must keep each cheque butt or other document containing the particulars mentioned in subsection (2) or (3) securely in the trustee’s records.\na cheque requisition form\ns 10 amd 2024 SL No. 22 s 7\n(sec.10-ssec.1) A trustee must not draw against or cause any payment to be made from a trust account kept by the trustee for a particular matter conducted by the trustee for a person unless— the amount of the withdrawal or payment is not more than the amount of cleared funds in the account for the matter; and if the trustee draws a cheque under section 12 (1) of the Act , the cheque is signed by— if the trustee is an individual—the trustee or a person appointed by the trustee; or if the trustee is a partnership—a partner. Maximum penalty—10 penalty units.\n(sec.10-ssec.2) If the trustee draws a cheque under section 12 (1) of the Act , the trustee must also ensure the following particulars are written on the trustee’s cheque butt or other document— the date the cheque is drawn; the name of the person to whom the cheque is made payable; the name of the person on whose behalf the cheque is drawn; a brief description of the matter for which the cheque is drawn; the amount withdrawn. Maximum penalty—10 penalty units.\n(sec.10-ssec.3) Also, if a payment is made from a trust account by a cheque drawn on, or permitting or enabling payment to be made by, a financial institution, the trustee must ensure that the name of the person beneficially entitled to the trust moneys is written on— the trustee’s cheque; and the trustee’s cheque butt or other document. Maximum penalty—10 penalty units.\n(sec.10-ssec.4) A trustee must keep each cheque butt or other document containing the particulars mentioned in subsection (2) or (3) securely in the trustee’s records. a cheque requisition form\n- (a) the amount of the withdrawal or payment is not more than the amount of cleared funds in the account for the matter; and\n- (b) if the trustee draws a cheque under section 12 (1) of the Act , the cheque is signed by— (i) if the trustee is an individual—the trustee or a person appointed by the trustee; or (ii) if the trustee is a partnership—a partner.\n- (i) if the trustee is an individual—the trustee or a person appointed by the trustee; or\n- (ii) if the trustee is a partnership—a partner.\n- (i) if the trustee is an individual—the trustee or a person appointed by the trustee; or\n- (ii) if the trustee is a partnership—a partner.\n- (a) the date the cheque is drawn;\n- (b) the name of the person to whom the cheque is made payable;\n- (c) the name of the person on whose behalf the cheque is drawn;\n- (d) a brief description of the matter for which the cheque is drawn;\n- (e) the amount withdrawn.\n- (a) the trustee’s cheque; and\n- (b) the trustee’s cheque butt or other document.","sortOrder":20},{"sectionNumber":"pt.3-div.6","sectionType":"division","heading":"Trust account cash book","content":"## Trust account cash book","sortOrder":21},{"sectionNumber":"sec.11","sectionType":"section","heading":"Trust account cash book—entries","content":"### sec.11 Trust account cash book—entries\n\nIf a trustee receives trust moneys, or pays trust moneys to someone, the trustee must, within 2 days after the day the moneys are received or paid, enter the following particulars in the trust account cash book—\nif trust moneys are received—\nthe date the moneys are received; and\nthe name of the person from whom the moneys are received; and\nthe name of the person on whose behalf the moneys are received; and\na brief description of the matter for which the moneys are received; and\nthe amount received; and\nthe date the trust moneys are paid into the trust account;\nif trust moneys are paid—\nthe date the moneys are paid; and\nthe name of the person to whom the moneys are paid; and\nthe name of the person on whose behalf the moneys are paid; and\na brief description of the matter for which the moneys are paid; and\nthe amount paid.\nMaximum penalty—10 penalty units.\nHowever, if a trustee receives trust moneys by way of electronic funds transfer, the trustee may enter the particulars in the trust account cash book on the day the trustee becomes aware of the receipt.\n(sec.11-ssec.1) If a trustee receives trust moneys, or pays trust moneys to someone, the trustee must, within 2 days after the day the moneys are received or paid, enter the following particulars in the trust account cash book— if trust moneys are received— the date the moneys are received; and the name of the person from whom the moneys are received; and the name of the person on whose behalf the moneys are received; and a brief description of the matter for which the moneys are received; and the amount received; and the date the trust moneys are paid into the trust account; if trust moneys are paid— the date the moneys are paid; and the name of the person to whom the moneys are paid; and the name of the person on whose behalf the moneys are paid; and a brief description of the matter for which the moneys are paid; and the amount paid. Maximum penalty—10 penalty units.\n(sec.11-ssec.2) However, if a trustee receives trust moneys by way of electronic funds transfer, the trustee may enter the particulars in the trust account cash book on the day the trustee becomes aware of the receipt.\n- (a) if trust moneys are received— (i) the date the moneys are received; and (ii) the name of the person from whom the moneys are received; and (iii) the name of the person on whose behalf the moneys are received; and (iv) a brief description of the matter for which the moneys are received; and (v) the amount received; and (vi) the date the trust moneys are paid into the trust account;\n- (i) the date the moneys are received; and\n- (ii) the name of the person from whom the moneys are received; and\n- (iii) the name of the person on whose behalf the moneys are received; and\n- (iv) a brief description of the matter for which the moneys are received; and\n- (v) the amount received; and\n- (vi) the date the trust moneys are paid into the trust account;\n- (b) if trust moneys are paid— (i) the date the moneys are paid; and (ii) the name of the person to whom the moneys are paid; and (iii) the name of the person on whose behalf the moneys are paid; and (iv) a brief description of the matter for which the moneys are paid; and (v) the amount paid.\n- (i) the date the moneys are paid; and\n- (ii) the name of the person to whom the moneys are paid; and\n- (iii) the name of the person on whose behalf the moneys are paid; and\n- (iv) a brief description of the matter for which the moneys are paid; and\n- (v) the amount paid.\n- (i) the date the moneys are received; and\n- (ii) the name of the person from whom the moneys are received; and\n- (iii) the name of the person on whose behalf the moneys are received; and\n- (iv) a brief description of the matter for which the moneys are received; and\n- (v) the amount received; and\n- (vi) the date the trust moneys are paid into the trust account;\n- (i) the date the moneys are paid; and\n- (ii) the name of the person to whom the moneys are paid; and\n- (iii) the name of the person on whose behalf the moneys are paid; and\n- (iv) a brief description of the matter for which the moneys are paid; and\n- (v) the amount paid.","sortOrder":22},{"sectionNumber":"sec.12","sectionType":"section","heading":"Trust account cash book—reconciliation","content":"### sec.12 Trust account cash book—reconciliation\n\nA trustee must, as soon as practicable after the end of each month—\nbalance and reconcile the trust account cash book balance at the end of the month with the trust account ledger; and\nreconcile the financial institution’s statement balance for the trustee’s trust account at the end of the month with the trust account cash book balance at the end of the month.\nMaximum penalty—10 penalty units.\nA reconciliation under subsection (1) (b) must contain the following particulars—\nthe balance of the financial institution statement balance at the end of the month;\nthe amount of trust moneys on hand at the end of the month and the date the moneys were received;\nthe amount of each outstanding deposit at the end of the month and the date the amount was received and deposited;\ndetails of any outstanding cheques at the end of the month, including—\nthe cheque number of each cheque; and\nthe amount and date of each cheque;\nthe balance of the trust account at the end of the month as shown in the trust account cash book.\nFor a reconciliation under subsection (1) (b) , the trustee must reconcile the trust account cash book balance at the end of the month with the amount obtained by—\nadding the amounts mentioned in subsection (2) (b) and (c) to the financial institution statement balance amount at the end of the month; and\ndeducting the amount of each outstanding cheque at the end of the month from the amount obtained under paragraph (a) .\nThe trustee must keep the reconciliations mentioned in subsection (1) securely in the trustee’s records.\n(sec.12-ssec.1) A trustee must, as soon as practicable after the end of each month— balance and reconcile the trust account cash book balance at the end of the month with the trust account ledger; and reconcile the financial institution’s statement balance for the trustee’s trust account at the end of the month with the trust account cash book balance at the end of the month. Maximum penalty—10 penalty units.\n(sec.12-ssec.2) A reconciliation under subsection (1) (b) must contain the following particulars— the balance of the financial institution statement balance at the end of the month; the amount of trust moneys on hand at the end of the month and the date the moneys were received; the amount of each outstanding deposit at the end of the month and the date the amount was received and deposited; details of any outstanding cheques at the end of the month, including— the cheque number of each cheque; and the amount and date of each cheque; the balance of the trust account at the end of the month as shown in the trust account cash book.\n(sec.12-ssec.3) For a reconciliation under subsection (1) (b) , the trustee must reconcile the trust account cash book balance at the end of the month with the amount obtained by— adding the amounts mentioned in subsection (2) (b) and (c) to the financial institution statement balance amount at the end of the month; and deducting the amount of each outstanding cheque at the end of the month from the amount obtained under paragraph (a) .\n(sec.12-ssec.4) The trustee must keep the reconciliations mentioned in subsection (1) securely in the trustee’s records.\n- (a) balance and reconcile the trust account cash book balance at the end of the month with the trust account ledger; and\n- (b) reconcile the financial institution’s statement balance for the trustee’s trust account at the end of the month with the trust account cash book balance at the end of the month.\n- (a) the balance of the financial institution statement balance at the end of the month;\n- (b) the amount of trust moneys on hand at the end of the month and the date the moneys were received;\n- (c) the amount of each outstanding deposit at the end of the month and the date the amount was received and deposited;\n- (d) details of any outstanding cheques at the end of the month, including— (i) the cheque number of each cheque; and (ii) the amount and date of each cheque;\n- (i) the cheque number of each cheque; and\n- (ii) the amount and date of each cheque;\n- (e) the balance of the trust account at the end of the month as shown in the trust account cash book.\n- (i) the cheque number of each cheque; and\n- (ii) the amount and date of each cheque;\n- (a) adding the amounts mentioned in subsection (2) (b) and (c) to the financial institution statement balance amount at the end of the month; and\n- (b) deducting the amount of each outstanding cheque at the end of the month from the amount obtained under paragraph (a) .","sortOrder":23},{"sectionNumber":"pt.3-div.7","sectionType":"division","heading":"Trust account ledger","content":"## Trust account ledger","sortOrder":24},{"sectionNumber":"sec.13","sectionType":"section","heading":"Keeping trust account ledgers","content":"### sec.13 Keeping trust account ledgers\n\nA trustee must keep a separate ledger account in the trust account ledger for each matter conducted for each person on whose behalf the trustee receives trust moneys.\nMaximum penalty—10 penalty units.","sortOrder":25},{"sectionNumber":"sec.14","sectionType":"section","heading":"Trust account ledger—form","content":"### sec.14 Trust account ledger—form\n\nEach trust ledger account must contain the following particulars—\nthe surname and initials of the person on whose behalf the trust moneys are received or paid;\na brief description of the matter for which the trust moneys are received or paid.\nAlso, each trust ledger account must contain the following particulars for each entry in the ledger account—\nthe date the trust moneys are received or paid;\nthe name of the person from whom the trust moneys are received or to whom the trust moneys are paid;\na brief description of the matter for which the trust moneys are received or paid;\nthe amount received or paid;\nif trust moneys are received—the receipt number;\nif trust moneys are paid—the cheque number;\nthe balance of the account after each entry;\nif trust moneys are transferred to the trust ledger account from another trust ledger account under section 21 —the number of the trust account journal folio on which the transfer is recorded.\n(sec.14-ssec.1) Each trust ledger account must contain the following particulars— the surname and initials of the person on whose behalf the trust moneys are received or paid; a brief description of the matter for which the trust moneys are received or paid.\n(sec.14-ssec.2) Also, each trust ledger account must contain the following particulars for each entry in the ledger account— the date the trust moneys are received or paid; the name of the person from whom the trust moneys are received or to whom the trust moneys are paid; a brief description of the matter for which the trust moneys are received or paid; the amount received or paid; if trust moneys are received—the receipt number; if trust moneys are paid—the cheque number; the balance of the account after each entry; if trust moneys are transferred to the trust ledger account from another trust ledger account under section 21 —the number of the trust account journal folio on which the transfer is recorded.\n- (a) the surname and initials of the person on whose behalf the trust moneys are received or paid;\n- (b) a brief description of the matter for which the trust moneys are received or paid.\n- (a) the date the trust moneys are received or paid;\n- (b) the name of the person from whom the trust moneys are received or to whom the trust moneys are paid;\n- (c) a brief description of the matter for which the trust moneys are received or paid;\n- (d) the amount received or paid;\n- (e) if trust moneys are received—the receipt number;\n- (f) if trust moneys are paid—the cheque number;\n- (g) the balance of the account after each entry;\n- (h) if trust moneys are transferred to the trust ledger account from another trust ledger account under section 21 —the number of the trust account journal folio on which the transfer is recorded.","sortOrder":26},{"sectionNumber":"sec.15","sectionType":"section","heading":"Trust account cash book entries to be posted to ledger account","content":"### sec.15 Trust account cash book entries to be posted to ledger account\n\nA trustee must ensure that each entry in the trust account cash book is posted to the trust ledger account for the person on whose behalf the trust moneys are received or paid within 2 days after the day the trust moneys are received or paid.\nMaximum penalty—10 penalty units.","sortOrder":27},{"sectionNumber":"pt.3-div.8","sectionType":"division","heading":"Records of investments","content":"## Records of investments","sortOrder":28},{"sectionNumber":"sec.16","sectionType":"section","heading":"Trustee to keep records of investments","content":"### sec.16 Trustee to keep records of investments\n\nThis section applies if a person entitled to trust moneys held by a trustee gives to the trustee a written authority to invest the trust moneys.\nThe trustee must—\nwithin 2 days after receiving the authority, invest the moneys in accordance with the authority; and\nkeep a trust account investment ledger containing the following records—\nan investment control account for all trust moneys invested by the trustee;\nan investment ledger account for each person on whose behalf an investment is made.\nMaximum penalty—10 penalty units.\n(sec.16-ssec.1) This section applies if a person entitled to trust moneys held by a trustee gives to the trustee a written authority to invest the trust moneys.\n(sec.16-ssec.2) The trustee must— within 2 days after receiving the authority, invest the moneys in accordance with the authority; and keep a trust account investment ledger containing the following records— an investment control account for all trust moneys invested by the trustee; an investment ledger account for each person on whose behalf an investment is made. Maximum penalty—10 penalty units.\n- (a) within 2 days after receiving the authority, invest the moneys in accordance with the authority; and\n- (b) keep a trust account investment ledger containing the following records— (i) an investment control account for all trust moneys invested by the trustee; (ii) an investment ledger account for each person on whose behalf an investment is made.\n- (i) an investment control account for all trust moneys invested by the trustee;\n- (ii) an investment ledger account for each person on whose behalf an investment is made.\n- (i) an investment control account for all trust moneys invested by the trustee;\n- (ii) an investment ledger account for each person on whose behalf an investment is made.","sortOrder":29},{"sectionNumber":"sec.17","sectionType":"section","heading":"How trustee accounts for investments","content":"### sec.17 How trustee accounts for investments\n\nA trustee must, for each amount invested by the trustee under section 16 (2) (a) —\ncredit the amount of the investment to the investment control account; and\ndebit the amount to the investment ledger account.\nIf interest accrues on an investment, the trustee must—\ncredit the amount of accrued interest to the investment control account; and\ndebit the amount to the investment ledger account.\nThe interest accruing on an investment must be entered in the accounts when the trustee receives notice of the accrual.\nIf an amount is withdrawn from, or realised on, an investment, the trustee must—\ndebit the amount to the investment control account; and\ncredit the amount to the investment ledger account.\nIn this section—\ninvestment ledger account means the investment ledger account kept by the trustee in the name of the person on whose behalf the investment is made.\n(sec.17-ssec.1) A trustee must, for each amount invested by the trustee under section 16 (2) (a) — credit the amount of the investment to the investment control account; and debit the amount to the investment ledger account.\n(sec.17-ssec.2) If interest accrues on an investment, the trustee must— credit the amount of accrued interest to the investment control account; and debit the amount to the investment ledger account.\n(sec.17-ssec.3) The interest accruing on an investment must be entered in the accounts when the trustee receives notice of the accrual.\n(sec.17-ssec.4) If an amount is withdrawn from, or realised on, an investment, the trustee must— debit the amount to the investment control account; and credit the amount to the investment ledger account.\n(sec.17-ssec.5) In this section— investment ledger account means the investment ledger account kept by the trustee in the name of the person on whose behalf the investment is made.\n- (a) credit the amount of the investment to the investment control account; and\n- (b) debit the amount to the investment ledger account.\n- (a) credit the amount of accrued interest to the investment control account; and\n- (b) debit the amount to the investment ledger account.\n- (a) debit the amount to the investment control account; and\n- (b) credit the amount to the investment ledger account.","sortOrder":30},{"sectionNumber":"sec.18","sectionType":"section","heading":"Particulars of investment control account and investment ledger accounts","content":"### sec.18 Particulars of investment control account and investment ledger accounts\n\nA trustee must, for each amount invested by the trustee under section 16 (2) (a) , enter the following particulars in the investment control account—\nthe date an amount is credited or debited to the investment control account;\nthe name of the investment ledger account to which the amount credited or debited relates;\neach amount credited or debited to the investment control account;\nthe balance of the investment control account after each entry.\nMaximum penalty—10 penalty units.\nA trustee must, for each amount invested by the trustee under section 16 (2) (a) , enter the following particulars in the investment ledger account for the person on whose behalf the investment is made—\nthe full name in which the investment is made;\na brief description of the investment, including details that readily identify its nature and location;\nthe date it is made;\neach amount debited or credited to the account;\nthe balance of the account after each entry.\nMaximum penalty—10 penalty units.\n(sec.18-ssec.1) A trustee must, for each amount invested by the trustee under section 16 (2) (a) , enter the following particulars in the investment control account— the date an amount is credited or debited to the investment control account; the name of the investment ledger account to which the amount credited or debited relates; each amount credited or debited to the investment control account; the balance of the investment control account after each entry. Maximum penalty—10 penalty units.\n(sec.18-ssec.2) A trustee must, for each amount invested by the trustee under section 16 (2) (a) , enter the following particulars in the investment ledger account for the person on whose behalf the investment is made— the full name in which the investment is made; a brief description of the investment, including details that readily identify its nature and location; the date it is made; each amount debited or credited to the account; the balance of the account after each entry. Maximum penalty—10 penalty units.\n- (a) the date an amount is credited or debited to the investment control account;\n- (b) the name of the investment ledger account to which the amount credited or debited relates;\n- (c) each amount credited or debited to the investment control account;\n- (d) the balance of the investment control account after each entry.\n- (a) the full name in which the investment is made;\n- (b) a brief description of the investment, including details that readily identify its nature and location;\n- (c) the date it is made;\n- (d) each amount debited or credited to the account;\n- (e) the balance of the account after each entry.","sortOrder":31},{"sectionNumber":"sec.19","sectionType":"section","heading":"Dealing with investments","content":"### sec.19 Dealing with investments\n\nIf a trustee intends to invest trust moneys for a person, the trustee must, before investing the trust moneys, deposit the amount to be invested into the trustee’s general trust account.\nMaximum penalty—10 penalty units.\nIf a trustee withdraws trust moneys from an investment account for a person, the trustee must, before paying the trust moneys to the person, deposit the amount to be paid into the trustee’s general trust account.\nMaximum penalty—10 penalty units.\n(sec.19-ssec.1) If a trustee intends to invest trust moneys for a person, the trustee must, before investing the trust moneys, deposit the amount to be invested into the trustee’s general trust account. Maximum penalty—10 penalty units.\n(sec.19-ssec.2) If a trustee withdraws trust moneys from an investment account for a person, the trustee must, before paying the trust moneys to the person, deposit the amount to be paid into the trustee’s general trust account. Maximum penalty—10 penalty units.","sortOrder":32},{"sectionNumber":"sec.20","sectionType":"section","heading":"Interest on investments","content":"### sec.20 Interest on investments\n\nA trustee must ensure that interest accruing on trust moneys invested by the trustee is—\nadded to the trust moneys; and\ndealt with by the trustee as trust moneys.\nMaximum penalty—10 penalty units.\n- (a) added to the trust moneys; and\n- (b) dealt with by the trustee as trust moneys.","sortOrder":33},{"sectionNumber":"pt.3-div.9","sectionType":"division","heading":"Trust account journals","content":"## Trust account journals","sortOrder":34},{"sectionNumber":"sec.21","sectionType":"section","heading":"Transfer by journal entry","content":"### sec.21 Transfer by journal entry\n\nA trustee may transfer trust moneys from a trust ledger account to another trust ledger account by a journal entry.\nHowever, a trustee must not transfer trust moneys by a journal entry unless the trustee is entitled to pay the moneys from the trust account for the purpose for which it is transferred.\nMaximum penalty—10 penalty units.\nA trustee must ensure that a trust account journal includes the following particulars for each entry in the journal—\nthe date the trust moneys are transferred;\nthe name of the person, and a brief description of the matter conducted for the person, from whose trust ledger account the moneys are transferred;\nthe name of the person, and a brief description of the matter conducted for the person, to whose trust ledger account the moneys are transferred;\nthe amount transferred;\na brief description of the matter for which the moneys are transferred;\nthe signature of the trustee, or authorised signatory to the trust account, authorising the transfer.\nMaximum penalty—10 penalty units.\n(sec.21-ssec.1) A trustee may transfer trust moneys from a trust ledger account to another trust ledger account by a journal entry.\n(sec.21-ssec.2) However, a trustee must not transfer trust moneys by a journal entry unless the trustee is entitled to pay the moneys from the trust account for the purpose for which it is transferred. Maximum penalty—10 penalty units.\n(sec.21-ssec.3) A trustee must ensure that a trust account journal includes the following particulars for each entry in the journal— the date the trust moneys are transferred; the name of the person, and a brief description of the matter conducted for the person, from whose trust ledger account the moneys are transferred; the name of the person, and a brief description of the matter conducted for the person, to whose trust ledger account the moneys are transferred; the amount transferred; a brief description of the matter for which the moneys are transferred; the signature of the trustee, or authorised signatory to the trust account, authorising the transfer. Maximum penalty—10 penalty units.\n- (a) the date the trust moneys are transferred;\n- (b) the name of the person, and a brief description of the matter conducted for the person, from whose trust ledger account the moneys are transferred;\n- (c) the name of the person, and a brief description of the matter conducted for the person, to whose trust ledger account the moneys are transferred;\n- (d) the amount transferred;\n- (e) a brief description of the matter for which the moneys are transferred;\n- (f) the signature of the trustee, or authorised signatory to the trust account, authorising the transfer.","sortOrder":35},{"sectionNumber":"pt.3-div.10","sectionType":"division","heading":"Computer system records","content":"## Computer system records","sortOrder":36},{"sectionNumber":"sec.22","sectionType":"section","heading":"Keeping computer system records","content":"### sec.22 Keeping computer system records\n\nThis section applies if a trustee keeps any books, accounts or records mentioned in section 3 by a computerised accounting system.\nThe trustee must ensure that—\nthe computer system has enough capacity and backup capability to record the information required to be kept under the Act ; and\nthe computer system is backed-up at least once a month; and\na computer disk or other electronic device used to store the backed-up information is kept in a fire-proof location that is unaffected by magnetic interference or other thing that may adversely affect the stored information; and\nthe computer system does not allow the deletion of a trust ledger account unless—\nthe account has a zero balance; and\na record of the account, as it was immediately before its deletion, is kept in a visible form; and\nan amendment to the particulars of a transaction recorded on the computer system is made by a separate transaction recorded on the system; and\na report, or each page or entry in a report generated by the computer system is numbered sequentially under the computer program control in a way that enables the completeness of the record to be conveniently audited; and\nif an entry in a trust ledger account results in a debit balance in the account—a contemporaneous record of the transaction is made and the computer system is able to produce, in visible form and on demand, a separate chronological report of each transaction that results in a debit balance; and\na record of information produced by the computer in a visible form is produced in chronological sequence.\nMaximum penalty—10 penalty units.\nThe computer system must be capable of keeping a record in chronological sequence of any change (by creation, amendment or deletion) to the following information—\nthe name and address of a person for whom trust moneys are held;\nthe description of a matter being conducted by the trustee;\nthe amount of trust moneys held for a person by the trustee;\nthe financial institution account number of a trust account.\nThe trustee must, as soon as practicable after the end of each month, make a print-out of the following—\na cash book containing details of receipts and payments for the month including the cash book balance at the end of the month;\nif a trust ledger account is kept by a computerised accounting system—the balance of the ledger account;\nif a trust account investment ledger is kept by a computerised accounting system—the reconciliation of the investment ledger;\nif a trust account financial institution statement balance is reconciled with the trust account cash book balance by a computerised accounting system—the reconciliation of the financial institution statement.\nMaximum penalty—10 penalty units.\nIf a trust account ledger or trust account investment ledger is kept by a computerised accounting system, a trustee must, immediately before a trust ledger account or investment ledger account is deleted from the computer system—\nmake a print-out of the ledger account; and\nkeep the print-out securely in the trustee’s records.\nMaximum penalty—10 penalty units.\n(sec.22-ssec.1) This section applies if a trustee keeps any books, accounts or records mentioned in section 3 by a computerised accounting system.\n(sec.22-ssec.2) The trustee must ensure that— the computer system has enough capacity and backup capability to record the information required to be kept under the Act ; and the computer system is backed-up at least once a month; and a computer disk or other electronic device used to store the backed-up information is kept in a fire-proof location that is unaffected by magnetic interference or other thing that may adversely affect the stored information; and the computer system does not allow the deletion of a trust ledger account unless— the account has a zero balance; and a record of the account, as it was immediately before its deletion, is kept in a visible form; and an amendment to the particulars of a transaction recorded on the computer system is made by a separate transaction recorded on the system; and a report, or each page or entry in a report generated by the computer system is numbered sequentially under the computer program control in a way that enables the completeness of the record to be conveniently audited; and if an entry in a trust ledger account results in a debit balance in the account—a contemporaneous record of the transaction is made and the computer system is able to produce, in visible form and on demand, a separate chronological report of each transaction that results in a debit balance; and a record of information produced by the computer in a visible form is produced in chronological sequence. Maximum penalty—10 penalty units.\n(sec.22-ssec.3) The computer system must be capable of keeping a record in chronological sequence of any change (by creation, amendment or deletion) to the following information— the name and address of a person for whom trust moneys are held; the description of a matter being conducted by the trustee; the amount of trust moneys held for a person by the trustee; the financial institution account number of a trust account.\n(sec.22-ssec.4) The trustee must, as soon as practicable after the end of each month, make a print-out of the following— a cash book containing details of receipts and payments for the month including the cash book balance at the end of the month; if a trust ledger account is kept by a computerised accounting system—the balance of the ledger account; if a trust account investment ledger is kept by a computerised accounting system—the reconciliation of the investment ledger; if a trust account financial institution statement balance is reconciled with the trust account cash book balance by a computerised accounting system—the reconciliation of the financial institution statement. Maximum penalty—10 penalty units.\n(sec.22-ssec.5) If a trust account ledger or trust account investment ledger is kept by a computerised accounting system, a trustee must, immediately before a trust ledger account or investment ledger account is deleted from the computer system— make a print-out of the ledger account; and keep the print-out securely in the trustee’s records. Maximum penalty—10 penalty units.\n- (a) the computer system has enough capacity and backup capability to record the information required to be kept under the Act ; and\n- (b) the computer system is backed-up at least once a month; and\n- (c) a computer disk or other electronic device used to store the backed-up information is kept in a fire-proof location that is unaffected by magnetic interference or other thing that may adversely affect the stored information; and\n- (d) the computer system does not allow the deletion of a trust ledger account unless— (i) the account has a zero balance; and (ii) a record of the account, as it was immediately before its deletion, is kept in a visible form; and\n- (i) the account has a zero balance; and\n- (ii) a record of the account, as it was immediately before its deletion, is kept in a visible form; and\n- (e) an amendment to the particulars of a transaction recorded on the computer system is made by a separate transaction recorded on the system; and\n- (f) a report, or each page or entry in a report generated by the computer system is numbered sequentially under the computer program control in a way that enables the completeness of the record to be conveniently audited; and\n- (g) if an entry in a trust ledger account results in a debit balance in the account—a contemporaneous record of the transaction is made and the computer system is able to produce, in visible form and on demand, a separate chronological report of each transaction that results in a debit balance; and\n- (h) a record of information produced by the computer in a visible form is produced in chronological sequence.\n- (i) the account has a zero balance; and\n- (ii) a record of the account, as it was immediately before its deletion, is kept in a visible form; and\n- (a) the name and address of a person for whom trust moneys are held;\n- (b) the description of a matter being conducted by the trustee;\n- (c) the amount of trust moneys held for a person by the trustee;\n- (d) the financial institution account number of a trust account.\n- (a) a cash book containing details of receipts and payments for the month including the cash book balance at the end of the month;\n- (b) if a trust ledger account is kept by a computerised accounting system—the balance of the ledger account;\n- (c) if a trust account investment ledger is kept by a computerised accounting system—the reconciliation of the investment ledger;\n- (d) if a trust account financial institution statement balance is reconciled with the trust account cash book balance by a computerised accounting system—the reconciliation of the financial institution statement.\n- (a) make a print-out of the ledger account; and\n- (b) keep the print-out securely in the trustee’s records.","sortOrder":37},{"sectionNumber":"pt.4","sectionType":"part","heading":"Audits and examinations","content":"# Audits and examinations","sortOrder":38},{"sectionNumber":"sec.23","sectionType":"section","heading":"Auditor’s report","content":"### sec.23 Auditor’s report\n\nFor sections 16 (1) (b) and 19 (1) (b) of the Act , the information for an auditor’s report is the information stated in the schedule.\nAn auditor must, as soon as practicable after completing the report, give a copy of the report to the trustee.\nMaximum penalty—10 penalty units.\n(sec.23-ssec.1) For sections 16 (1) (b) and 19 (1) (b) of the Act , the information for an auditor’s report is the information stated in the schedule.\n(sec.23-ssec.2) An auditor must, as soon as practicable after completing the report, give a copy of the report to the trustee. Maximum penalty—10 penalty units.","sortOrder":39},{"sectionNumber":"sec.24","sectionType":"section","heading":"Trustee to give copy of audit report to auditor","content":"### sec.24 Trustee to give copy of audit report to auditor\n\nIf an auditor gives a trustee a copy of the auditor’s report, the trustee must—\nkeep it securely in the trustee’s records; and\nif asked by an auditor who next audits the trustee’s records and trust accounts to give it to the auditor—give it to the auditor unless the trustee has a reasonable excuse.\nMaximum penalty—10 penalty units.\n- (a) keep it securely in the trustee’s records; and\n- (b) if asked by an auditor who next audits the trustee’s records and trust accounts to give it to the auditor—give it to the auditor unless the trustee has a reasonable excuse.","sortOrder":40},{"sectionNumber":"sec.25","sectionType":"section","heading":"Trustee may give statement instead of auditor’s report","content":"### sec.25 Trustee may give statement instead of auditor’s report\n\nThis section applies if an auditor audits a trustees records and trust accounts and either—\nthe trustee can not give the auditor a copy of an auditor’s report given to the trustee for the previous audit of the trustee’s records and accounts; or\nit is the first time the records and accounts have been audited under the Act .\nThe trustee must, for each amount invested by the trustee under section 16 (2) (a) and held by the trustee on the first day of the period to which the audit relates, give the auditor a statement containing the following particulars—\nthe full name in which the investment is made;\nthe date it was made;\nthe amount of the investment;\na brief description of the investment, including particulars that readily identify its nature and location.\nthe name of the financial institution holding the investment\nthe financial institution account number of the investment\nMaximum penalty—10 penalty units.\nThe trustee must give the statement to the auditor as soon as practicable before the auditor completes the auditor’s report for the audit.\nThe statement must be accompanied by a statutory declaration that—\nstates the information contained in the statement is correct; and\nis made by—\nif the trustee is an individual—the individual; or\nif the trustee is a partnership—a partner.\n(sec.25-ssec.1) This section applies if an auditor audits a trustees records and trust accounts and either— the trustee can not give the auditor a copy of an auditor’s report given to the trustee for the previous audit of the trustee’s records and accounts; or it is the first time the records and accounts have been audited under the Act .\n(sec.25-ssec.2) The trustee must, for each amount invested by the trustee under section 16 (2) (a) and held by the trustee on the first day of the period to which the audit relates, give the auditor a statement containing the following particulars— the full name in which the investment is made; the date it was made; the amount of the investment; a brief description of the investment, including particulars that readily identify its nature and location. the name of the financial institution holding the investment the financial institution account number of the investment Maximum penalty—10 penalty units.\n(sec.25-ssec.3) The trustee must give the statement to the auditor as soon as practicable before the auditor completes the auditor’s report for the audit.\n(sec.25-ssec.4) The statement must be accompanied by a statutory declaration that— states the information contained in the statement is correct; and is made by— if the trustee is an individual—the individual; or if the trustee is a partnership—a partner.\n- (a) the trustee can not give the auditor a copy of an auditor’s report given to the trustee for the previous audit of the trustee’s records and accounts; or\n- (b) it is the first time the records and accounts have been audited under the Act .\n- (a) the full name in which the investment is made;\n- (b) the date it was made;\n- (c) the amount of the investment;\n- (d) a brief description of the investment, including particulars that readily identify its nature and location. Example of ‘particulars’ for paragraph (d) — 1 the name of the financial institution holding the investment 2 the financial institution account number of the investment\n- 1 the name of the financial institution holding the investment\n- 2 the financial institution account number of the investment\n- 1 the name of the financial institution holding the investment\n- 2 the financial institution account number of the investment\n- (a) states the information contained in the statement is correct; and\n- (b) is made by— (i) if the trustee is an individual—the individual; or (ii) if the trustee is a partnership—a partner.\n- (i) if the trustee is an individual—the individual; or\n- (ii) if the trustee is a partnership—a partner.\n- (i) if the trustee is an individual—the individual; or\n- (ii) if the trustee is a partnership—a partner.","sortOrder":41},{"sectionNumber":"sec.26","sectionType":"section","heading":"Auditing procedures and standards","content":"### sec.26 Auditing procedures and standards\n\nFor section 16 (10) of the Act , the auditing procedures and standards for an audit or unannounced examination are the procedures and standards in the Audit Standards and Audit Guidance Statements issued by the Auditing Standards Board of the Australian Accounting Research Foundation.","sortOrder":42},{"sectionNumber":"sec.27","sectionType":"section","heading":"Unannounced examination","content":"### sec.27 Unannounced examination\n\nIf an auditor conducts an unannounced examination under section 18 (1) of the Act , the records and accounts the auditor must examine are the records and accounts kept by the trustee in the examination period.\nIn this section—\nexamination period means the period—\nfrom the end day of the later of—\nthe last audit of the trustee’s records and accounts; or\nthe last examination of the trustee’s records and accounts;\nto the last day of the month immediately preceding the day the auditor first visited the trustee’s place of business for the examination.\n(sec.27-ssec.1) If an auditor conducts an unannounced examination under section 18 (1) of the Act , the records and accounts the auditor must examine are the records and accounts kept by the trustee in the examination period.\n(sec.27-ssec.2) In this section— examination period means the period— from the end day of the later of— the last audit of the trustee’s records and accounts; or the last examination of the trustee’s records and accounts; to the last day of the month immediately preceding the day the auditor first visited the trustee’s place of business for the examination.\n- (a) from the end day of the later of— (i) the last audit of the trustee’s records and accounts; or (ii) the last examination of the trustee’s records and accounts;\n- (i) the last audit of the trustee’s records and accounts; or\n- (ii) the last examination of the trustee’s records and accounts;\n- (b) to the last day of the month immediately preceding the day the auditor first visited the trustee’s place of business for the examination.\n- (i) the last audit of the trustee’s records and accounts; or\n- (ii) the last examination of the trustee’s records and accounts;","sortOrder":43},{"sectionNumber":"pt.5","sectionType":"part","heading":"Professional indemnity insurance","content":"# Professional indemnity insurance","sortOrder":44},{"sectionNumber":"sec.28","sectionType":"section","heading":"Prescribed amount","content":"### sec.28 Prescribed amount\n\nA person appointed as an auditor under section 14 of the Act must have professional indemnity insurance in an amount not less than $250,000.\ns 28 amd 2024 SL No. 22 s 8","sortOrder":45},{"sectionNumber":"pt.6","sectionType":"part","heading":null,"content":"","sortOrder":46},{"sectionNumber":"pt.6-div.1A","sectionType":"division","heading":null,"content":"","sortOrder":47},{"sectionNumber":"sec.28A","sectionType":"section","heading":null,"content":"### Section sec.28A\n\ns 28A ins 2024 SL No. 22 s 9\nexp 1 April 2026 (see s 35)","sortOrder":48},{"sectionNumber":"pt.6-div.1","sectionType":"division","heading":null,"content":"","sortOrder":49},{"sectionNumber":"sec.29","sectionType":"section","heading":null,"content":"### Section sec.29\n\ns 29 amd 2024 SL No. 22 s 10\nexp 1 April 2026 (see s 35)","sortOrder":50},{"sectionNumber":"pt.6-div.2","sectionType":"division","heading":null,"content":"","sortOrder":51},{"sectionNumber":"sec.30","sectionType":"section","heading":null,"content":"### Section sec.30\n\ns 30 amd 2024 SL No. 22 s 11\nexp 1 April 2026 (see s 35)","sortOrder":52},{"sectionNumber":"sec.31","sectionType":"section","heading":null,"content":"### Section sec.31\n\ns 31 amd 2024 SL No. 22 s 12\nexp 1 April 2026 (see s 35)","sortOrder":53},{"sectionNumber":"sec.32","sectionType":"section","heading":null,"content":"### Section sec.32\n\ns 32 amd 2024 SL No. 22 s 13\nexp 1 April 2026 (see s 35)","sortOrder":54},{"sectionNumber":"sec.33","sectionType":"section","heading":null,"content":"### Section sec.33\n\ns 33 amd 2024 SL No. 22 s 14\nexp 1 April 2026 (see s 35)","sortOrder":55},{"sectionNumber":"pt.6-div.3","sectionType":"division","heading":null,"content":"","sortOrder":56},{"sectionNumber":"sec.34","sectionType":"section","heading":null,"content":"### Section sec.34\n\ns 34 sub 2024 SL No. 22 s 15\nexp 1 April 2026 (see s 35)","sortOrder":57},{"sectionNumber":"pt.6-div.4","sectionType":"division","heading":null,"content":"","sortOrder":58},{"sectionNumber":"sec.35","sectionType":"section","heading":null,"content":"### Section sec.35\n\ns 35 ins 2024 SL No. 22 s 15\nexp 1 April 2026 (see s 35)","sortOrder":59},{"sectionNumber":"pt.7","sectionType":"part","heading":null,"content":"","sortOrder":60},{"sectionNumber":"sec.35-oc.2","sectionType":"section","heading":null,"content":"### Section sec.35-oc.2\n\ns 35 exp 26 June 1999 (see s 35(2))","sortOrder":61}],"analysis":{"issue_detection":{"absurdities":[],"contradictions":[]},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"Scope has been altered by later amendments and temporary insertions. The regulation names a supervising entity (sec.2) and adds detailed recordkeeping, audit and professional indemnity requirements (see sec.28 and auditing rules in pts 3–4). Amendment and expiry notes (e.g. insertions/omissions and sections 28A–35 marked expiring 1 April 2026) indicate recent changes and temporary measures that modify original coverage."},"complexity_factors":["Detailed, prescriptive bookkeeping and transaction record requirements across many items (sec.3; secs.5,8,11,13–15,18)","Time‑sensitive duties and reconciliation mechanics (2‑day and monthly deadlines) creating operational compliance burden (secs.11,12,15,16)","Prescribed treatment of investments, transfers and interest with dual ledgers and control accounts (secs.16–21)","Computerised accounting constraints and backup/audit‑trail requirements that impose technical system standards (sec.22)","Frequent civil penalties tied to specific breaches (many \"Maximum penalty—10 penalty units\" provisions throughout pt.3 and pt.4)","Interaction with the principal Act and external supervising entities and auditors (sec.2; multiple references to Act sections and auditing standards in secs.23–27)","Amendments, insertions and temporary/expiring provisions noted in marginal notes increase legal uncertainty and transitional complexity (amendment notes for secs.2,28–35)"],"plain_english_summary":"Sets mandatory rules for how trustees must handle client trust money: it prescribes the specific books, receipts, deposit and cheque procedures, monthly reconciliations, investment accounting, computer record‑keeping and audit/reporting steps trustees must follow. It also names the supervising entity for funeral‑benefit trustees and requires auditors to hold minimum insurance. Affects trustees, their auditors and supervising entities; trustees bear the compliance costs and face monetary penalties for breaches."},"summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"The regulation originally applied to a broader range of trustee types (as indicated by the now-omitted sections 1A and 2A, which were inserted in 2003–2004 and removed in 2024). The 2024 amendments narrowed the scope so that the supervising entity provision now applies specifically and solely to the Registrar of Funeral Benefit Businesses, indicating a contraction of the regulation's reach to focus exclusively on the funeral benefit business sector."},"complexity_factors":["Highly detailed and prescriptive record-keeping requirements across multiple sub-systems (cash book, ledger, investment ledger, journals, receipt books)","Accounting terminology (debits, credits, reconciliations, control accounts) that requires financial literacy to understand","Interplay with a parent Act (Trust Accounts Act) that is not reproduced here, requiring cross-referencing","Separate rules for computerised vs manual record-keeping systems","Multiple amendment and expiry notes (sections 28A, 29–35) indicating a layered history of changes that are hard to follow from the text alone","Specific timing obligations (e.g. 2-day rules, monthly reconciliations) that create compliance traps","Dual audience — applies to both trustees and auditors with different obligations for each","References to external auditing standards (Auditing Standards Board) incorporated by reference"],"plain_english_summary":"The Trust Accounts Regulation 1999 (Queensland) prescribes detailed record‑keeping, accounting and audit rules for trustees who hold money for others—chiefly operators of funeral benefit businesses—and the auditors who check them. It fills out practical requirements under the Trust Accounts Act to ensure trust funds are properly recorded, reconciled and protected, safeguarding customers who prepay funerals. Breaches carry modest fines (up to 10 penalty units)."},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The regulation appears to maintain its original scope of prescribing administrative and record-keeping requirements for trustees. While it has been amended over time (notably in 2024 with sections 28A-35 expiring in 2026), these appear to be temporary transitional provisions rather than permanent scope expansion. The core focus remains on trust account administration, auditing, and record-keeping as originally intended."},"complexity_factors":["Detailed prescription of 7 specific types of books/records required (section 3)","Extensive itemised lists of required particulars for each document type (sections 5, 8, 10, 11, 14, 18, 21)","Multiple cross-references to the parent Act (Trust Accounts Act 1973) particularly sections 4E, 12, 14, 16, 18, 19","Conditional logic for electronic funds transfers vs other payment methods (sections 9, 11)","Nested requirements for computerised systems including backup protocols and deletion restrictions (section 22)","Multiple penalty provisions (mostly 10 penalty units) attached to specific obligations","References to external standards (Australian Accounting Research Foundation auditing standards)","Amendment history annotations indicating multiple revisions (2003, 2004, 2024)"],"plain_english_summary":"This regulation sets out the rules for how trustees (people or businesses who hold money on behalf of others) must manage and record trust money in Queensland. It applies to trustees operating under the Trust Accounts Act 1973.\n\n**What it does:**\n- **Appoints a supervisor**: The registrar of funeral benefit businesses is declared the supervising entity who oversees trustees.\n- **Mandates record-keeping**: Trustees must maintain specific books and records including receipt books, deposit books, cash books, journals, ledgers, and investment ledgers.\n- **Specifies documentation requirements**: Details exactly what information must appear on receipts, deposit forms, and cheques — including dates, amounts, names, and descriptions of matters.\n- **Sets timing rules**: Requires entries to be made within 2 days of transactions, and monthly reconciliations of accounts.\n- **Covers investments**: Rules for investing trust money, including keeping investment ledgers and ensuring interest is properly handled.\n- **Addresses computer systems**: Special requirements for trustees using computerised accounting, including backups, audit trails, and print-outs.\n- **Requires audits**: Sets out what auditors must report on and the standards they must follow.\n- **Insurance requirement**: Auditors must have at least $250,000 in professional indemnity insurance.\n\n**Who it affects:**\n- Trustees who hold money for others (particularly in the funeral services industry given the supervising entity)\n- Auditors who examine trust accounts\n- The supervising entity (registrar of funeral benefit businesses)\n\n**Why it matters:**\nThis regulation protects people whose money is held in trust by ensuring strict financial controls, transparency, and accountability. It prevents misappropriation of funds and ensures trustees maintain proper audit trails."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/trust-accounts-regulation-1999","history":"/api/acts/trust-accounts-regulation-1999/history","analysis":"/api/acts/trust-accounts-regulation-1999/analysis","conflicts":"/api/acts/trust-accounts-regulation-1999/conflicts","importantCases":"/api/acts/trust-accounts-regulation-1999/important-cases","documents":"/api/acts/trust-accounts-regulation-1999/documents"}}