Queensland Consolidated Regulations

AGENTS FINANCIAL ADMINISTRATION REGULATION 2014 - REG 16

16 Trust account cash book—trust money paid

(1) This section applies if the principal agent pays trust money to a person.

(2) If the principal agents pays trust money by cheque, the agent must, within 2 business days after the payment, enter the following particulars in the trust account cash book—

(a) the date the cheque is written;

(b) the amount paid;

(c) the cheque number;

(d) the name of the person to whom the payment is made;

(e) the name of, or other means of identifying, the person on whose behalf the payment is made;

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

(f) a brief description of the matter for which the money is paid;

(g) details identifying the ledger account to be debited.

(3) If the principal agent pays trust money by electronic funds transfer, the agent must, within 2 business days after the payment, enter the following particulars in the trust account cash book—

(a) the date the money is paid;

(b) the amount paid;

(c) if the trust money is paid using a bill payment platform without stating an account number to which it is paid—

(i) the name of the person to whom the money is paid; and

(ii) the name of the bill payment platform; and

(iii) the unique transaction reference for the payment;

(d) if paragraph (c) does not apply—

(i) the name of the holder of the account to which the money is paid; and

(ii) the identifying number of the financial institution and account number of the account to which the money is paid; and

(iii) the unique transaction reference for the payment;

(e) the name of, or other means of identifying, the person on whose behalf the payment is made;

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

(f) a brief description of the matter for which the money is paid;

(g) details identifying the ledger account to be debited.

Penalty—

Maximum penalty—10 penalty units.