What details are needed for a compliant trust payment

A: For a trust payment to comply with Australian legal trust accounting regulations, the following details must be recorded:

✅ Trust Payment Requirements

1. Payee Name
   • Full name of the person or entity receiving the funds.
2. Matter Reference
   • Clear reference to the specific client matter the payment relates to.
3. Amount Paid
   • The exact amount disbursed from trust.
4. Payment Method
   • e.g. Electronic Funds Transfer (EFT), cheque.
5. Date of Payment
   • The date the trust money was actually paid.
6. Purpose of Payment / Description
   • A brief but specific explanation (e.g. “Settlement to vendor’s solicitor”).
7. Authorisation
   • Signature or written authority of a principal or authorised person approving the payment.
8. Recipient Bank Details (if EFT)
   • Name of the bank, BSB, and account number of the payee.
9. Trust Account Name and Number
   • The name and number of the trust account from which funds were disbursed.
10. Compliance with Written Direction

• Payment must be made in accordance with a written direction from the client or as otherwise legally permitted.

Law App tracks and prints this data on reports for compliance.