New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2014 - REG 29

29 Trust account ledger trial balance

(1) A licensee must, within 21 days after the end of each named month, prepare a trial balance statement of all ledger accounts current as at the end of that month.

(2) The trial balance statement must--

(a) specify the month to which it refers and the date of its preparation, and

(b) list each ledger account that does not have a zero balance at the end of that month by stating the name of the person on behalf of whom the agent is acting, the reference number or other identification and the balance of the account at the end of the month, and

(c) show the total of the ledger account balances at the end of that month, and

(d) show a comparison between that total and the balance in the cash book reconciled with the balance in the trust account as required by clause 26 (6).

: Maximum penalty--

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

(b) 20 penalty units in any other case.