Queensland Consolidated Regulations

LEGAL PROFESSION REGULATION 2017 - REG 62

62 Exemption from requirement on law practice to have its trust records externally examined—Act, s 268

(1) This section applies to a law practice if the only trust money received or held by the law practice during a financial period is either or both of the following—

(a) transit money;

(b) money received into or held in a PEXA source account.

(2) The law practice is exempt from the requirement to have its trust records for the financial period externally examined under section 268 (1) of the Act .

(3) In this section—

"conveyancing transaction" see the ECNL (Qld) , section 3 (1) .

"ECNL (Qld)" means the Electronic Conveyancing National Law (Queensland) as defined in the Electronic Conveyancing National Law (Queensland) Act 2013 , section 3 (2) .

"PEXA" means Property Exchange Australia Limited ACN 140 677 792.

"PEXA Electronic Lodgment Network" means an Electronic Lodgment Network provided and operated by PEXA as a person approved as an Electronic Lodgment Network Operator under the ECNL (Qld) , section 15 .

"PEXA source account" means an account, to hold trust money, that is—

(a) maintained by PEXA with an authorised deposit-taking institution within the meaning of the Banking Act 1959 (Cwlth) ; and

(b) used by PEXA to receive and hold funds that are paid into that account for use in a settlement of a conveyancing transaction using the PEXA Electronic Lodgment Network.