QLS updates EFT guidelines

Queensland Law Society has recently released updated Electronic Funds Transfers – Guidelines for trust account operations. 

The updated guidelines can be found on the Society’s website and through this link.

In summary:

• Previously, the only type of electronic payment available to law practices was electronic funds transfers (EFT) to a nominated bank account, due to the requirement of s38(5) of the Regulation to record in the trust records the BSB and account number for each EFT payment.
• The Society has used its powers under s298 of the Act and s68 of the Regulation to provide an exemption to a law practice to record the BSB and account number for each EFT.
• Law practices that have been granted an exemption will then be able to use other forms of electronic payments including Bpay, PayID and PayTo.
• If a law practice wishes to be granted the exemption, it must re-apply to the Society for EFT approval.
• Item 3 of the Guidelines contains the new information.

Please contact the Trust Accounts Team at managertai.com.au or 3842 5908 with any queries.