Trust Account Guide – Queensland.pdf
by Office of Fair Trading – Queensland GovernmentÂ
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A comprehensive guide to trust accounts for property agents, motor dealers, debt collectors and their auditors.
This guide provides a summary of agents’ trust account obligations and important information for auditors. It does not cover all the trust account provisions of the Act and Regulations or all exceptions or qualifications that may apply. Any agents who are unsure how the law applies to their particular circumstances should obtain independent legal advice. For copies of the Act and Regulations, visit www.legislation.qld.gov.au
Additional information
First published date: 20 July 2018
Effective date: 20 July 2018
Reference:
https://www.publications.qld.gov.au/dataset/oft-industry-trust-account-forms-and-guides
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Information for agents
- Introduction
- What is trust money?
- Opening a trust account
- Closing a trust account
- Special trust accounts for the property industry
- Transferring a trust account
- Record keeping
- Receiving trust money
- Paying out trust money
- Accounting to clients
- Cash books
- Trust ledger accounts
- Trust account cash book reconciliation
- Deficiencies in a trust account
- Unclaimed or unidentified money
- Audits
- Quiz