New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2014 - REG 23

23 Receipts for trust money

(1) A licensee must, immediately on receiving money for or on behalf of any person, prepare or cause to be prepared a receipt in accordance with this clause.

(2) When a receipt is being prepared by a licensee--

(a) from the trust receipt book, a copy of the entries made on the receipt must be made simultaneously on the machine numbered duplicate form provided in the book, or

(b) otherwise than from a trust receipt book, a copy of the entries made on the receipt must be made simultaneously in the record required to be kept by clause 26 (Record of trust account transactions).

(3) The following particulars must be shown on a receipt--

(a) the date of issue,

(b) the number of the receipt in numerical sequence,

(c) the name of the licensee and the words "Trust Account",

(d) the name of the person from whom the payment was received,

(e) the name and ledger reference number of the person on behalf of whom the payment was made,

(f) particulars sufficient to identify the transaction in respect of which the money was paid,

(g) the amount of money received and whether (or the extent to which) it was paid in cash or by cheque, by electronic funds transfer or otherwise.

(4) Receipts must be prepared in the numerical order of the series to which they belong.

(5) The original of a receipt must be issued, on demand, to the person from whom the trust money is received.

(6) A licensee must retain--

(a) any original receipt that is not issued to the person from whom the trust money is received, and

(b) any original receipt that is cancelled after it is prepared, and

(c) duplicate receipts.

(7) Despite subclause (6) (c), a licensee is not required to retain duplicate receipts in relation to money received if an electronic record of receiving the money was made as soon as was practicable after the money was received.

(8) When a receipt is issued by a licensee in respect of rent collected, there must be shown on the receipt (in addition to the particulars required by subclause (3)) the date to which rent has been calculated and the position of the rental account as at that date.

(9) When a strata managing agent issues a receipt for a payment received in the course of acting as a strata managing agent, the agent must (in addition to the particulars required by subclause (3)) show on the receipt the following particulars--

(a) if the payment is in respect of a contribution referred to in section 75 or 76 of the Strata Schemes Management Act 1996 --the fact that it is made in respect of that contribution and the lot number in respect of which the contribution is paid,

(b) if the payment is in respect of a regular periodic contribution determined under section 75 or 76 of the Strata Schemes Management Act 1996 --the period in respect of which the payment is made,

(c) if the payment is in respect of a contribution referred to in Part 5, Division 2 of the Community Land Management Act 2021 --the fact that it is made in respect of that contribution, a statement identifying the land or premises in respect of which the liability to make the contribution is imposed and, if the contribution is a regular periodic contribution, the period in respect of which it is made,

(d) if the payment was received in respect of more than one matter--the apportionment of that payment between those matters,

(e) if the receipt is issued from a general trust receipt book--the name of the owners corporation, community association, precinct association or neighbourhood association for or on behalf of which the payment is received.

: Maximum penalty--

(a) 40 penalty units in the case of a corporation, or

(b) 20 penalty units in any other case.