Statutory Trust accounts
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.
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
- 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
- Tax Agent
- Travel Agent
- Insurance Broker
- Immigration Agent.
Certified copy of the trust deed
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.