Using the RTA’s bulk bond lodgement service
The Residential Tenancies Authority (RTA) has modified and improved services for the residential rental sector, with the introduction of RTA Web Services – an online alternative to paper-based, manual forms.
RTA Web Services includes a digital bulk lodgement service, developed with the support of the industry.
How it works
The Bulk Bond Lodgement Web Service allows property agents to pay multiple rental bonds from their trust accounts to the RTA at the same time, using online bill payment platform BPAY. It makes updating bond details and completing essential tenancy transactions faster, easier, and more convenient for all parties.
It is important to note that online bill payment systems are not financial institutions and do not hold ‘accounts’ for billers, so different trust account reporting may be required.
Bulk lodgements under trust account regulation
The Queensland Government has amended the Agents Financial Administration Regulation 2014 (the regulation) to support property agents to use the RTA’s digital bulk lodgement system.
When paying out trust money using an online bill payment platform, if the traditional account name and number used by financial institutions for trust account transactions are not available, you must instead record the:
- name of the person to whom the money is paid
- name of the bill payment platform
- transaction reference number for the payment.
For all payments, you must keep a transaction report statement (bank statement) from your financial institution. You must also record the information in your trust account cashbook along with other prescribed information.
If an Office of Fair Trading inspector asks to see the cashbook, or bank statement, you must be able to produce these documents.
Your ledgers must show which bond payments were made to the RTA.
More information
Learn more about the online bulk bond lodgement system from the RTA.
For more information and advice on compliance with the regulation and using online bill payment methods, email our Program Strategy and Development unit at PSD.OFT@justice.qld.gov.au.