Trust Accounts Act 1973 (Qld)

Trust Accounts Act 1973

An Act to make provision with respect to the keeping of certain books of account and records by trustees, the establishment and management of trust accounts by trustees, the examination and audit thereof, and for matters connected therewith

Part 1 Preliminary

1 Short title This Act may be cited as the Trust Accounts Act 1973.

4 Definitions In this Act— agent, of a trustee, includes— (a) the manager of the trustee's financial institution; and (b) the trustee's accountant or auditor, whether or not an employee of the trustee; and (c) anyone who has been, or acted as, the manager of the trustee's financial institution or as accountant, auditor or other agent of the trustee. approved form see section 37. contributor see the Funeral Benefit Business Act 1982, section 5. financial period, for a trustee, means— (a) for the first period after the trustee becomes a trustee—the period (not more than a year) starting on the day the trustee becomes a trustee and ending on 31 March; or (b) for any other period—a year ending on 31 March. funeral benefit agreement see the Funeral Benefit Business Act 1982, section 5. moneys includes an instrument for the payment of money in any case where the instrument may be paid into a financial institution. moneys received for or on behalf of any person includes moneys held for or on behalf of any person whether originally received for or on the person's behalf or not. public accountant means a person who as a principal either alone or with others carries on the business of— (a) general accountancy; or (b) the auditing of accounts; or (c) general accountancy and the auditing of accounts; and who places the person's services in such regard at the disposal of the public generally for remuneration and whose services are not either entirely or mainly at the disposal of any individual, firm, trust or association (corporate or unincorporate). supervising entity see section 4E. trust account means a trust account kept under this Act, whether established before or after 1 July 1973. trustee see section 4AA. trust moneys, in relation to a trustee, means moneys received for or on behalf of a contributor that is a party to a funeral benefit agreement.