Types of trust accounts

A trust account is an account where you (as a trustee) can hold money in trust on behalf of someone else (a beneficiary).

A trustee can be an accountant, solicitor, licensee or other person who receives money on behalf of another person and is required to account to that person.

Trust accounts operating in Queensland have reporting requirements under Queensland legislation depending on the type of trust account.

Public accountant trust accounts

Public accountants who set up and operate trust accounts in Queensland report to the Department of Justice and Attorney-General.

Learn about the role of the trustee for public accountants trust accounts.

Learn about the role of the auditor for public accountants trust accounts.

Licensee trust accounts

Several occupations licensed by the Office of Fair Trading may also need to operate a trust account.

Learn more about opening and operating a trust account as a:

Learn more about the role of the auditor for the trust account of a:

Solicitor trust accounts

Solicitors who set up and operate trust accounts in Queensland report to the Queensland Law Society.

Learn more about the solicitor trust accounts requirements.

Building industry trust accounts

Trust accounts in Queensland’s building and construction industry were introduced to protect progress payment and retention amounts for contractors and subcontractors.

Learn more about trust accounts in the building industry and their phased commencement.