A Queensland law practice may withdraw trust money from a law practice trust account or controlled money account, by way of a trust account cheque or, if the law practice is authorised by the Queensland Law Society, by way of Electronic Funds Transfer (EFT) in accordance with Section 250(1) of the Legal Profession Act 2007.
The Council of the Queensland Law Society issued Guidelines in relation to EFT payments from a trust account or controlled money account which outlines the requirements for making payments and the particulars to be kept in the trust records for these payments.
Download these guidelines below to know:
- What are EFT payments used for?
- What are Prohibited Transfers
- How to make an application to QLS
- What is an EFT instruction?
- Information on Trust Account procedures
- Information on Record keeping