MONTHLY TRUST ACCOUNT UPDATE – April 2024

Here’s a copy of what was sent to parties that are subscribed to our monthly trust account update. 

April Queensland trust account statistics

Here’s a snapshot of the information published on the QBCC Trust Account Register.

As at 30 April 2024: 

  • Total of 1410 trust accounts currently open
  • 306 trustees (builders and developers that are managing an active trust account/s)
  • 22 new PTAs and 10 RTAs opened in April.

Trust accounting software

The Department of Energy and Public Works (EPW) are actively engaging with software providers to help them to understand what the legislative requirements are around trust accounts – specifically in relation to the record keeping requirements.

They are looking to establish a verification process whereby software can assess themselves against certain criteria and be listed as a provider that assists trustees with trust account management.

 

It’s likely that we’ll see this on the QBCC’s website from July onwards which will greatly assist trustees in deciding what software to use to manage their trusts.

 

There are new trust account specific solutions already in the market as well as a lot of existing ERP providers that are updating their functionality to suit the QLD requirements.

Need further information?

Please reach out if you have any questions or feedback – or just want to talk trusts! 

Thanks kindly,

Laura and the Building Trusts team

Call 0481 194 000 or email [email protected]. 

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