What is a Trust Account ?
A Trust Account is an account whereby the trustee holds the money in their respective trust account on behalf of their client. The trustee can be a
- Travel Agent
- Real Estate Agent
- Resident Letting Agent
- an Auctioneer
- Pastoral house
- Motor dealer (if you sell used vehicles on consignment)
- Debt collector or process server (if you collect debts on behalf of someone else).
As the money is held in trust by the respective trustee therefore as to fulfil the requirements of the legislation every Trust Account needs to be audited annually by qualified Trust Accountant Auditor.
All types of Trust accounts operating in Queensland have to follow the reporting requirements under Queensland legislation.