Queensland Subordinate Legislation as Made Queensland Subordinate Legislation as Made(1) This section applies if the principal agent receives trust money from a person.
(2) The principal agent must, within 2 business days after trust money is received, or if the trust money is received by electronic funds transfer, on the day the principal agent becomes aware of the receipt of the trust money, enter the following particulars in the trust account cash book—
(a) the date the trust money is received;
(b) if a trust account receipt is completed on a date that is different from the date mentioned in paragraph (a), the date the receipt is completed;
(c) the name of the person from whom the trust money is received;
(d) the name of, or other means of identifying, the person on whose behalf the trust money is received;
Example of a way by which the name of a person can be identified—
using a code to identify the person, for example, S4 stands for N. Smith
(e) a brief description of the matter for which the trust money is received;
(f) the amount received;
(g) the trust account receipt number;
(h) the date the trust money is paid into the agent's trust account maintained at the financial institution where the general trust account is kept.
Maximum penalty—10 penalty units.
(3) The entries containing the particulars mentioned in subsection (2) must be recorded in the order in which the receipts are made out.
Maximum penalty—10 penalty units.