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Benefits

If your business is a solicitor’s office, real estate agency, collection agent (QLD), conveyancer, or settlement agent (WA), then you may be required by law to deposit funds held on behalf of your clients into a Statutory Trust Account.

 

This is a special type of account designed to comply with statutory requirements, that may require you to provide certain details or documents at account opening.

 

Westpac can assist you with our Statutory Trust Accounts. To help you with the information we will need from you when opening one of these accounts, we have put together our Statutory Trust Account checklist, so you can be sure that your account complies with statutory requirements. We have also put together Statutory Trust Account FAQs to help answer many of the questions you may have


What you get?

  • Helps you comply with statutory requirements when holding clients’ funds in trust
  • Statutory Trust – Real Estate Agents account is suitable for real estate agents (in all states) and collection agents (in Queensland)
  • Statutory Trust – Solicitors account is suitable for solicitors
  • Statutory Trust – Conveyancers and Settlement Agents account is suitable for conveyancers (in all states) and settlement agents (in Western Australia)
  • 30 free transactions per month.

Credit interest earned will be paid to the relevant statutory bodies in each state/territory.

 

Fee Amount

Monthly Service Fee 

$0.00
Number of free transactions per month    30

Read more about fees and charges (PDF 398KB)

Allowable transaction methods may vary between States/Territories and account types.

 


Statutory Trust Account Customer Checklist

Please selector your industry

Please select state

Please select state

Please select state (not available in QLD and ACT)

NSW - Real Estate/Property Agent

1. Provide the bank with ‘Notice of Opening a Trust Account’ from NSW Fair Trading with a unique identifying number FTUID.  This is needed by the bank to show that you are licenced in NSW.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

VIC, SA, TAS, ACT, or NT - Real Estate/Property Agent

1. Provide the bank with request (either verbally or in writing) to open a Statutory Trust Account.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

QLD - Real Estate/Property Agent

1. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

2. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

WA - Real Estate/Property Agent

1. Provide the bank with your Triennial Certificate to show what state or territory your business activity will be occurring.

2. Provide the bank with your business and personal details, for further information refer to our new customer checklist

NSW, WA, SA or ACT - Law Firm/Solicitor

1. Provide the bank with request (either verbally or in writing) to open a Statutory Trust Account.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

VIC - Law Firm/Solicitor

1. Provide the bank with your Notification of Trust Account Details.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

QLD - Law Firm/Solicitor

1. Provide the bank with your Notification of Opening a General Trust Account.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

TAS - Law Firm/Solicitor

1. Provide the bank with your Trust Form 6 - Opening a General Trust Account.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

NT - Law Firm/Solicitor

1. Provide the bank with your Notification 77 (from NT Law Society).

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

NSW - Conveyancer

1. Provide the bank with your Blue Form (Trust Account Notice).

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

VIC - Conveyancer

1. Provide the bank with your Notice of Opening a Trust Account form.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

WA - Conveyancer

1. Provide the bank with your copy of Triennial Certificate.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

SA, TAS, or NT - Conveyancer

1. Provide the bank with request (either verbally or in writing) to open a Statutory Trust Account.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

WA - Settlement Agent

1. Provide the bank with your copy of Triennial Certificate.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

QLD - Collection Agent

1. Provide the bank with letter from QLD Fair Trading.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

WA or QLD - Motor Dealers

1. Provide Request to Open a Motor Vehicle Dealers Trust Account (either verbally or in writing).

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist


Frequently Asked Questions

Statutory Trust Account Questions

Yes, if your business belongs to an industry that is required to have Statutory Trust Account, such as one of the industries below:

  • Real Estate/Property Agent
  • Law Firm/Solicitor
  • Conveyancer
  • Settlement Agent (in Western Australia only)
  • Collection Agent (in Queensland only)

 

AND you are required by law/state/territory legislation to deposit funds held on behalf of your clients in a trust account with a financial institution to meet regulatory requirements.

  • If you are a Real Estate Agent/Property Agent then you need to open Statutory Trust – Real Estate Agents account.
  • If you are a Law Firm/Solicitor then you need to open Statutory Trust – Solicitors account.
  • If you are a Conveyancer then you need to open Statutory Trust – Conveyancers account.
  • If you are a Settlement Agent in Western Australia then you need to open Statutory Trust – Settlement Agents account.
  • If you are a Collection Agent in Queensland then you need to open Statutory Trust – Collection Agents account.

Firstly, you will need to open one of our business transaction accounts (either Westpac Business One – Low Plan or Westpac Business One – High Plan), for bank or government fees and charges, and debit interest relating to the Statutory Trust Account to be charged.

If you already have existing business transaction account with us, then you can use the existing business transaction account for bank or government fees and charges, and debit interest relating to the Statutory Trust Account to be charged.

Statutory Trust Accounts are governed by state/territory legislation, you need to ensure that you comply with the requirements for your industry and state/territory, these may include:

  • Limitations on account access (e.g. no cash transactions)
  • Naming conventions for your account, including identification numbers that may be issued
  • Documentation to support our application
  • A requirement to redirect fees and interest.

 

Standard Trust Account Questions

  • Business or company where it is set up as trust for an entity, for example ABC Pty Ltd as trust for XYZ family trust
  • Accountant
  • Tax Agent
  • Travel Agent
  • Insurance Broker
  • Immigration Agent.

Certified copy of the trust deed

OR

Certified extract of the trust deed where the extract includes details of the trust purpose, name of the trust, trustees and names of the beneficiaries (or class of beneficiaries).

Selected Westpac Business Transaction accounts and Westpac Business Savings accounts.

Things you should know

Deposit Accounts for Business Customers Terms and Conditions (PDF 398KB)

Statutory Trust accounts are only available to members of professional associations who are required by law to deposit funds on behalf of their clients to a trust account with a financial institution. Approval of applications is at the discretion of the bank.