Amended guidelines for trust account EFT

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

The amended guidelines can be found on the Society’s website and through the following link.

In summary, the following amendments have been made:

• Simplification of the wording used in the guide;
• Removal of the requirement to record the Bank Transaction ID number if the EFT reference number cannot be recorded on the trust bank statement;
• Removal of the requirement to retain a screen shot of the transaction after the payment has been made in internet banking;
• Removal of the requirement to state the name of the person and position of the person who authorised the EFT requisition;
• Removal of the requirement of the law practice to provide the Society with documents relating to the first EFT payment made;
• Simplified application for approval pro-forma letter.

The amended guidelines will be effective from 1 July 2025.

The Society has also published three how-to guides to provide practical guidance on entering EFT transactions into the trust records.

Contact the Trust Accounts Team at managertai.com.au or 3842 5908 should you have any queries.