General information

Queensland accountants who operate a trust account are required to comply with APES 310 Dealing with Client Monies and have their trust accounts examined by an approved auditor annually. The applicable year end date is 31 March for accounts opened pre 1 July 2011, or 12 months from the month end following the opening of the trust account for those opened post 1 July 2011. The audit report is required to be completed within 3 months of the applicable year end. Although unqualified reports are not required to be lodged, they must be maintained.

Key details

Audit Period: The applicable year end date is 31 March for accounts opened pre 1 July 2011, or 12 months from the month end following the opening of the trust account for those opened post 1 July 2011.

Audit Due Date: Within 3 months of the applicable year end.

Audit Report submitted to: Unqualified audit reports are not required to be lodged.

General Circular from trustaccounts@justice.qld.gov.au on 25/03/24

Changes to the Trust Accounts Act 1973 and associated Trust Accounts Regulation 1999 will commence on 1 April 2024, effectively removing public accountants from the scope of the Act.

Public accountants' trust accounts will no longer be regulated by the State but will be self-regulated with oversight from various professional accounting bodies such as CPA Australia,
Institute of Public Accountants, Chartered Accountants Australia & New Zealand or the Tax Practitioners Board.

The Justice and Other Legislation Amendment Act 2023 brings Queensland into line with the rest of Australia, where accounting peak bodies have their own frameworks in place and trustees report accordingly.

Existing obligations (including reporting) under the Trust Accounts Act 1973 and associated Trust Accounts Regulation 1999, relating to previous financial periods must be met as follows:

- Maximum Cashbook Declaration lodgement is not required.

- Annual Audit Report lodgement for the 2023-2024 financial period is required and is due 31 May 2024.

Bank guarantees/securities will only be returned to the respective financial institutions upon satisfactory receipt of audit reports and written application by the trustee.
This written application is to include the former trustees' names and a statutory declaration declaring:

(1) The former trustee has no liabilities for trust moneys held by the trustee; or

(2) The only liability for trust money that were held by the former trustee is an amount to be paid from the security under Trust Accounts Regulation 1999, Part 6, Division 2.

Further information will be available on the following links shortly:

Role of the trustee on accountant trust accounts | Your rights, crime and the law | Queensland Government (www.qld.gov.au)

Role of the auditor on accountant trust accounts | Your rights, crime and the law | Queensland Government (www.qld.gov.au)