MONTHLY TRUST ACCOUNT UPDATE – JUNE 2024
Here’s a copy of what was sent to parties that are subscribed to our monthly trust account update.
JUNE Queensland trust account statistics
In June, we’ve seen a consistent trend with a new trust account being opened almost every day. Here are the key statistics:
- Total Trust Accounts: 1,673 currently open
- Trustees: 324 builders and developers managing active trust accounts
- New Accounts Opened: 28 PTAs and 9 RTAs in June.
More detailed statistics are available in the attached PDF, which includes a snapshot of the information published on the QBCC Trust Account Register.
Changes to the Requirements
On 1 July, several changes were made to the trust account requirements to simplify processes and reduce the administrative burden and cost of compliance. These changes impact:
- Who must be paid from the PTA
- When you can withdraw funds from the PTA as a trustee
- Record-keeping, training, and auditing requirements
- How you account for trust funds as part of the MFR requirements.
Upcoming Event
For more information on the recent changes and a demo of new trust accounting software, join us at our event on 9 August 2025, in Fortitude Valley from 3:30-5:00 pm. Register here.
Need further information?
As always, please reach out if you have any questions, feedback, or just want to discuss trusts!
Thanks kindly,
Laura and the Building Trusts team
Call 0481 194 000 or email [email protected].