Victorian Consolidated Regulations Victorian Consolidated Regulations(1) An estate agent must complete a trust account reconciliation statement at the end of each named month, for the period from the first day of that named month to the last day of that named month, which—
(a) ascertains the balance of the trust journals; and
(b) reconciles the balance of the estate agent's trust account at an AFI with the balance of the estate agent's trust cash journals; and
(c) reconciles the balances of the accounts of the estate agent's trust ledger with the balance of the estate agent's trust cash journal.
Penalty: 20 penalty units.
(2) For the purposes of subregulation (1)(c), it is sufficient if the list of accounts is in the same sequence as they appear in the trust ledger and shows—
(a) the reference number or code identifying each account; and
(b) the separate balance in each account; and
(c) the total of the balances in all accounts.
(3) An estate agent who carries on an estate agency business, or if the estate agent is a corporation, a licensed working director or the officer in effective control, must verify that the trust account reconciliation statement is true and accurate within 14 days after the end of the preceding named month.
Penalty: 20 penalty units.
Note
Under section 70C of the Act, an inspector may require an estate agent to demonstrate that the trust account reconciliation verification required under subregulation (1) has been undertaken within the required timeframe.
(4) The reconciliation statement must be kept by the estate agency business.
Penalty: 20 penalty units.