Trust Accounts Regulation 1999 (Qld)

Trust Accounts Regulation 1999

Part 1 Preliminary

1 Short title This regulation may be cited as the Trust Accounts Regulation 1999.

Part 1A [Repealed]

1A [Repealed]

Part 2 Supervising entity

2 Supervising entity for trustees— Act , s 4E For 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. Note— See also the Funeral Benefit Business Act 1982, section 80.

2A [Repealed]

Part 3 Record keeping

Division 1 Prescribed books, accounts and records

3 Books, accounts and records to be kept by trustees A trustee must keep the following books, accounts and records— (a) a register of trust account receipt forms; (b) a trust account receipt book of consecutively machine numbered receipt forms in duplicate; (c) a trust account deposit book of trust account deposit forms in duplicate; (d) a trust account cash book; (e) a trust account journal of consecutively machine numbered folios; (f) a trust account ledger; (g) a trust account investment ledger.

Division 2 Register of trust account receipt forms

4 Register A register of trust account receipt forms must contain a record of the receipt number of each receipt form held by the trustee.

Division 3 Trust account receipt books

5 Receipt forms (1) A receipt form must be headed 'Trust Account Receipt', and a completed receipt form must contain the following particulars— (a) the name of the trustee on whose behalf the receipt is given; (b) the date the receipt is given; (c) the name of the person to whom the receipt is given; (d) the name of the person on whose behalf the trust moneys are received; (e) a brief description of the matter for which the trust moneys are received; (f) the amount of trust moneys received, in words and figures; (g) how the trust moneys are received, for example, in cash, by cheque or by electronic funds transfer; (h) the signature of the person giving the receipt. (2) Each receipt form must include provision for the particulars mentioned in subsection (1). (3) A duplicate receipt form must also be headed 'Office Copy' or 'Duplicate Copy'.