Statutory Trust accounts

Our Statutory Trust Accounts help you comply with statutory requirements.

Essentials

If you are a solicitor, real estate agent, collection agent (QLD), conveyancer, or settlement agent (WA), 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, and it may require you to provide certain details or documents at account opening.
 

To help you pull together the account-opening information we’ll need to comply with statutory requirements, please refer to our Statutory Trust Account checklist. We have also put together Statutory Trust Account FAQs to help answer any questions you have.

What do you get?

  • Helps you comply with statutory requirements when holding clients’ funds in trust
  • 30 free transactions per month
  • 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).

Fees and interest

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

Fee Amount
Account-Keeping fee (formerly known as Monthly Service fee)
 $0.00
Number of free transactions per month
 30

Read more about fees and charges (PDF 830KB)

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

 

Eligibility requirements

  • 18+ years old (applicant plus all signatories)
  • Operating in Australia with an Australian address
  • Must be a member of a professional association and required by law to deposit funds held on behalf of clients in statutory trust accounts
  • Needs an eligible business transaction account from which fees and charges can be debited.

Statutory Trust Account Customer Checklist

Please select 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 questions

What is a Statutory Trust Account?

A Statutory trust account is required in certain industries where funds need to be held on behalf of clients for particular purposes (e.g. Settlements and rental rolls). There are no listed beneficiaries for a Statutory Trust Account and there are no trust deeds. A Statutory Trust Account is not an operating account for running your day to day business.  Some legislation refers to Statutory Trust Accounts as “general trust accounts”.

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 (Westpac Business One Plus), 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

Do I need to open a Standard Trust Account?

Yes, if you have trust deed (legal document that created the trust), trustee and beneficiaries for the standard trust account.  The trust deed will show the name of trustee and beneficiaries. A standard or ordinary trust account is not a Statutory Trust Account.

  • 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.

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Things you should know

Deposit Accounts for Business Customers Terms and Conditions (PDF 830KB)

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.