Opening and using trusts

A trustee will need to meet specific requirements when opening a bank account for each type of trust.

An approved financial institution is one that has been approved by the QBCC for keeping trust accounts.

Retention trust training is a mandatory short course to teach trustees about the requirements for retention trusts.

There are strict notification requirements for trustees and other parties related to operating trust accounts.

Strict rules apply when using a project or retention trust to ensure it protects payments of beneficiaries.

The trustee must meet the statutory requirements for record keeping and documentation.