New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2014 - REG 26

26 Record of trust account transactions

(1) A licensee must keep a record of daily receipts and payments of money into and out of the licensee's trust account.

(2) The record must be in the nature of a cash book in which the pages are consecutively numbered and on the respective pages of which are shown--

(a) the consecutive numbers of receipts issued or cancelled, and

(b) the consecutive numbers of cheques drawn or cancelled, and

(c) in the case of money received or disbursed by means of electronic funds transfer, the consecutive reference numbers or other means of identification of the transfers.

(3) When money required to be paid into the trust account is received, the licensee must enter into the record the particulars required by clause 23 (3) (a), (b) and (d)-(g) to be entered in a receipt for the money, together with the date of the deposit of the money to the trust account and the amount of the deposit.

(4) When money is paid out of the trust account, the licensee must enter into the record the particulars required by clause 24 (3) to be recorded for a cheque or required by clause 24 (5) to be recorded for an electronic funds transfer.

(5) At the end of each named month, the licensee must balance the cash book or other record and either--

(a) carry forward the balance to the commencement of the next month, or

(b) carry forward the balance to a ledger account provided for the purpose.

(6) The licensee must, at the end of each named month, prepare a statement reconciling the balance of the licensee's trust account with the balance of the related cash book or other record.

: Maximum penalty--

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

(b) 20 penalty units in any other case.