South Australian Current Regulations

STRATA TITLES REGULATIONS 2018 - REG 25

25—Receipts

For the purposes of section 36G(2)(a) of the Act, the following requirements relating to receipts of trust money are specified:

            (a)         each receipt must contain the following information:

                  (i)         —

                        (A)         in the case of a payment made by EFT into an agent's trust account—the date on which the agent makes out the receipt;

                        (B)         in any other case—the date of the payment;

                  (ii)         the name of the person making the payment;

                  (iii)         whether the payment is by cash, EFT, cheque or bank cheque into the agent's trust account and, if the payment is by cheque or bank cheque, the name of the drawer of the cheque;

                  (iv)         the name of the strata corporation for which the money is received;

                  (v)         brief particulars of the purpose of the payment;

                  (vi)         the amount of the payment;

            (b)         a hard copy of each receipt must be produced in duplicate and marked with the name of the agent and the words "Trust Account";

            (c)         each receipt must show, by means of a pre-numbered referencing system, the chronological order of its production;

            (d)         the duplicate receipts must be in consecutive order;

            (e)         receipts must be produced—

                  (i)         in the case of a payment by EFT—immediately after the agent receives official confirmation that the payment has been made (whether by EFT confirmation or some other confirmation, whichever occurs sooner); or

                  (ii)         in any other case—immediately on receipt of the payment.