South Australian Current Regulations South Australian Current Regulations (1) A collection agent
must, in respect of the receipt of trust money—
(a) make
available to the person making payment a receipt that complies with this
regulation; and
(b) make
and retain a copy of the receipt as part of the agent's records.
Maximum penalty: $2 500.
(a) must
be legibly written on a form comprised in a series of consecutively
pre-numbered duplicate receipt forms marked with the name of the
agent and the words "Trust Account"; and
(b) must
contain the following information:
(i)
—
(A) in the case of a payment made by
electronic transfer of funds into an agent's trust account—the date on
which the agent makes out the receipt; or
(B) in any other case—the date of the
payment; and
(ii)
the name of the person making the payment; and
(iii)
whether the payment is by cash, cheque, bank cheque or
electronic transfer of funds into the agent's trust account and, if the
payment is by cheque or bank cheque, the name of the drawer of the cheque; and
(iv)
the name of the person for whom the money is received;
and
(v)
brief particulars of the purpose of the payment; and
(vi)
the amount of the payment.
(3) A collection agent
must make out a receipt in accordance with subregulation (2)—
(a) in
the case of a payment made by electronic transfer of funds into an agent's
trust account—immediately the agent receives official confirmation that
the payment has been made (whether that is by way of receipt by the agent of
an ADI statement or some other way, whichever occurs sooner); or
(b) in
any other case—immediately on receipt of the payment.
Maximum penalty: $2 500.