New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2022 - REG 27

27 Record of trust account transactions--the Act, s 86

(1) A licensee must keep a record of daily receipts and payments of money into and out of the licensee's trust account.

(2) The record must be in the form of a cash book in which the pages are consecutively numbered and show--

(a) the consecutive numbers of receipts issued or cancelled, and

(b) the consecutive numbers of cheques drawn or cancelled, and

(c) for money received or disbursed by electronic funds transfer--the consecutive reference numbers or other means of identification of the transfers.

(3) When money required to be paid into the trust account is received, the licensee must enter into the record--

(a) the particulars required by section 22(3)(a), (b) and (d)-(h) to be shown on a receipt for the money, and

(b) the date of the deposit of the money to the trust account, and

(c) the amount of the deposit.

(4) When money is paid out of the trust account, the licensee must enter into the record the particulars--

(a) required by section 25(4) to be recorded for a cheque, or

(b) required by section 25(6) to be recorded for an electronic funds transfer.

(5) At the end of each named month, the licensee must--

(a) balance the cash book or other record and--

(i) carry forward the balance to the commencement of the next month, or

(ii) carry forward the balance to a ledger account provided for the purpose, and

(b) prepare a statement reconciling the balance of the licensee's trust account with the balance of the related cash book or other record.

: Maximum penalty--

(a) for a corporation--40 penalty units, or

(b) otherwise--20 penalty units.