New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2022 - REG 23

23 Receipts for trust money--additional requirements for strata managing agents--the Act, s 86

If a strata managing agent issues a receipt for a payment received when acting as a strata managing agent, the agent must also show the following particulars on the receipt--

(a) if the payment is in relation to a contribution referred to in the Strata Schemes Management Act 2015 , Part 5, Division 2 or the Community Land Management Act 2021 , Part 5, Division 2--

(i) the fact it is made in relation to the contribution, and

(ii) a statement identifying the lot number, land or premises in relation to which the liability to make the contribution is imposed, and

(iii) if the contribution is a regular periodic contribution--the period in relation to which it is made,

(b) if the payment was received in relation to more than one matter--the apportionment of the payment between the matters,

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

: Maximum penalty--

(a) for a corporation--40 penalty units, or

(b) otherwise--20 penalty units.