{"id":"qld:sl-2014-0246","name":"Agents Financial Administration Regulation 2014","slug":"agents-financial-administration-regulation-2014","collection":"regulation","jurisdiction":"qld","status":"in_force","isInForce":true,"actNumber":"246 of 2014","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":175463,"registerId":"qld-qld:sl-2014-0246-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"pt.1","sectionType":"part","heading":"Preliminary","content":"# Preliminary","sortOrder":0},{"sectionNumber":"sec.1","sectionType":"section","heading":"Short title","content":"### sec.1 Short title\n\nThis regulation may be cited as the Agents Financial Administration Regulation 2014 .","sortOrder":1},{"sectionNumber":"sec.2","sectionType":"section","heading":"Commencement","content":"### sec.2 Commencement\n\nThis regulation commences on 1 December 2014.","sortOrder":2},{"sectionNumber":"sec.2A","sectionType":"section","heading":"Definitions","content":"### sec.2A Definitions\n\nIn this regulation—\nbill includes a rental bond.\nbill payment platform means an electronic system for the transfer of funds that is used for the payment of a bill.\ns 2A ins 2021 SL No. 170 s 3","sortOrder":3},{"sectionNumber":"pt.2","sectionType":"part","heading":"Administration of trust accounts","content":"# Administration of trust accounts","sortOrder":4},{"sectionNumber":"pt.2-div.1","sectionType":"division","heading":"Trust account records","content":"## Trust account records","sortOrder":5},{"sectionNumber":"sec.3","sectionType":"section","heading":"Principal agent must keep particular books, accounts and records","content":"### sec.3 Principal agent must keep particular books, accounts and records\n\nA principal agent must keep the following books, accounts and records—\na register of trust account receipt forms;\nconsecutively numbered trust account receipt forms in duplicate;\ntrust account deposit forms in duplicate;\na trust account cash book;\na trust account ledger;\na trust account journal with journal pages or entries consecutively numbered;\nfull and accurate accounts of amounts paid or received for a sale or transaction.\nMaximum penalty—10 penalty units.\nThe books, accounts and records mentioned in subsection (1) must be kept in a way that can be properly audited.\nMaximum penalty—10 penalty units.\n(sec.3-ssec.1) A principal agent must keep the following books, accounts and records— a register of trust account receipt forms; consecutively numbered trust account receipt forms in duplicate; trust account deposit forms in duplicate; a trust account cash book; a trust account ledger; a trust account journal with journal pages or entries consecutively numbered; full and accurate accounts of amounts paid or received for a sale or transaction. Maximum penalty—10 penalty units.\n(sec.3-ssec.2) The books, accounts and records mentioned in subsection (1) must be kept in a way that can be properly audited. Maximum penalty—10 penalty units.\n- (a) a register of trust account receipt forms;\n- (b) consecutively numbered trust account receipt forms in duplicate;\n- (c) trust account deposit forms in duplicate;\n- (d) a trust account cash book;\n- (e) a trust account ledger;\n- (f) a trust account journal with journal pages or entries consecutively numbered;\n- (g) full and accurate accounts of amounts paid or received for a sale or transaction.","sortOrder":6},{"sectionNumber":"sec.4","sectionType":"section","heading":"Using software to keep books, accounts and records","content":"### sec.4 Using software to keep books, accounts and records\n\nThis section applies if a principal agent uses a computerised accounting system (the system ) in connection with keeping books, accounts and records mentioned in section 3 (1) .\nThe principal agent must ensure that—\nthe system does not allow the deletion of a trust ledger account unless—\nthe account has a zero balance; and\na record of the account, as it was immediately before its deletion, is kept; and\nan amendment of the particulars of a transaction recorded on the system is made by a separate transaction recorded on the system; and\nany record of information produced by the system is produced in chronological sequence.\nMaximum penalty—10 penalty units.\nAlso, the principal agent may use the system only if the system is capable of keeping in chronological sequence, a record of any change to the following information—\nthe name and address of a person for whom trust money is held;\nthe description of a matter being conducted by the principal agent;\nthe amount of trust money held for a person by the principal agent;\nthe financial institution account number of a trust account.\nThe principal agent must, within 5 business days after the end of the month, make a hard copy of the following information—\nif the agent uses the system to keep a trust ledger account—the balance of the trust ledger account;\nif the agent uses the system to prepare a trust account cash book reconciliation—the reconciliation completed under section 17 (1) (a) ;\nif the agent uses the system to reconcile a trust account financial institution statement balance with the trust account cash book balance—the reconciliation completed under section 17 (1) (b) .\nMaximum penalty—10 penalty units.\nIf the principal agent uses the system to keep a trust account ledger, the principal agent must immediately before a trust ledger account or investment ledger account is deleted from the system—\nmake a hard copy of the ledger account; and\nkeep the hard copy in the principal agent’s records.\nMaximum penalty—10 penalty units.\n(sec.4-ssec.1) This section applies if a principal agent uses a computerised accounting system (the system ) in connection with keeping books, accounts and records mentioned in section 3 (1) .\n(sec.4-ssec.2) The principal agent must ensure that— the system does not allow the deletion of a trust ledger account unless— the account has a zero balance; and a record of the account, as it was immediately before its deletion, is kept; and an amendment of the particulars of a transaction recorded on the system is made by a separate transaction recorded on the system; and any record of information produced by the system is produced in chronological sequence. Maximum penalty—10 penalty units.\n(sec.4-ssec.3) Also, the principal agent may use the system only if the system is capable of keeping in chronological sequence, a record of any change to the following information— the name and address of a person for whom trust money is held; the description of a matter being conducted by the principal agent; the amount of trust money held for a person by the principal agent; the financial institution account number of a trust account.\n(sec.4-ssec.4) The principal agent must, within 5 business days after the end of the month, make a hard copy of the following information— if the agent uses the system to keep a trust ledger account—the balance of the trust ledger account; if the agent uses the system to prepare a trust account cash book reconciliation—the reconciliation completed under section 17 (1) (a) ; if the agent uses the system to reconcile a trust account financial institution statement balance with the trust account cash book balance—the reconciliation completed under section 17 (1) (b) . Maximum penalty—10 penalty units.\n(sec.4-ssec.5) If the principal agent uses the system to keep a trust account ledger, the principal agent must immediately before a trust ledger account or investment ledger account is deleted from the system— make a hard copy of the ledger account; and keep the hard copy in the principal agent’s records. Maximum penalty—10 penalty units.\n- (a) the system does not allow the deletion of a trust ledger account unless— (i) the account has a zero balance; and (ii) a record of the account, as it was immediately before its deletion, is kept; and\n- (i) the account has a zero balance; and\n- (ii) a record of the account, as it was immediately before its deletion, is kept; and\n- (b) an amendment of the particulars of a transaction recorded on the system is made by a separate transaction recorded on the system; and\n- (c) any record of information produced by the system is produced in chronological sequence.\n- (i) the account has a zero balance; and\n- (ii) a record of the account, as it was immediately before its deletion, is kept; and\n- (a) the name and address of a person for whom trust money is held;\n- (b) the description of a matter being conducted by the principal agent;\n- (c) the amount of trust money held for a person by the principal agent;\n- (d) the financial institution account number of a trust account.\n- (a) if the agent uses the system to keep a trust ledger account—the balance of the trust ledger account;\n- (b) if the agent uses the system to prepare a trust account cash book reconciliation—the reconciliation completed under section 17 (1) (a) ;\n- (c) if the agent uses the system to reconcile a trust account financial institution statement balance with the trust account cash book balance—the reconciliation completed under section 17 (1) (b) .\n- (a) make a hard copy of the ledger account; and\n- (b) keep the hard copy in the principal agent’s records.","sortOrder":7},{"sectionNumber":"sec.5","sectionType":"section","heading":"Entries in books, accounts and records","content":"### sec.5 Entries in books, accounts and records\n\nA principal agent must not enter in any book, account or record kept under the Act any particular that is not a particular relating to the agent carrying on a business as an agent.\nMaximum penalty—10 penalty units.","sortOrder":8},{"sectionNumber":"pt.2-div.2","sectionType":"division","heading":"Trust account receipts and deposits","content":"## Trust account receipts and deposits","sortOrder":9},{"sectionNumber":"sec.6","sectionType":"section","heading":"Register of trust account receipt forms","content":"### sec.6 Register of trust account receipt forms\n\nA register of trust account receipt forms must—\ncontain a record of the receipt number of each receipt form held by the principal agent; and\nbe updated within 2 business days of a trust account receipt form being brought into use for the operation of a trust account.\n- (a) contain a record of the receipt number of each receipt form held by the principal agent; and\n- (b) be updated within 2 business days of a trust account receipt form being brought into use for the operation of a trust account.","sortOrder":10},{"sectionNumber":"sec.7","sectionType":"section","heading":"Heading on trust account receipt forms","content":"### sec.7 Heading on trust account receipt forms\n\nEach trust account receipt form must be—\nclearly headed ‘Agents Financial Administration Act 2014 Trust Account Receipt’; and\nconsecutively and uniquely numbered.\nA duplicate trust account receipt form must also be headed ‘Office Copy’ or ‘Duplicate Copy’.\n(sec.7-ssec.1) Each trust account receipt form must be— clearly headed ‘Agents Financial Administration Act 2014 Trust Account Receipt’; and consecutively and uniquely numbered.\n(sec.7-ssec.2) A duplicate trust account receipt form must also be headed ‘Office Copy’ or ‘Duplicate Copy’.\n- (a) clearly headed ‘Agents Financial Administration Act 2014 Trust Account Receipt’; and\n- (b) consecutively and uniquely numbered.","sortOrder":11},{"sectionNumber":"sec.8","sectionType":"section","heading":"Obligation to complete a trust account receipt form","content":"### sec.8 Obligation to complete a trust account receipt form\n\nA principal agent must complete a trust account receipt form—\nif a principal agent receives trust money by direct deposit or electronic funds transfer—on the day the principal agent becomes aware of the receipt of the trust money; or\notherwise—immediately on receiving the trust money.\nMaximum penalty—10 penalty units.\n- (a) if a principal agent receives trust money by direct deposit or electronic funds transfer—on the day the principal agent becomes aware of the receipt of the trust money; or\n- (b) otherwise—immediately on receiving the trust money.","sortOrder":12},{"sectionNumber":"sec.9","sectionType":"section","heading":"Completed trust account receipt form to contain particular information","content":"### sec.9 Completed trust account receipt form to contain particular information\n\nEach trust account receipt form must contain the following particulars—\nthe name of the principal agent on whose behalf the receipt is completed;\nthe agent’s licence number;\nthe date—\nthe trust money was received; and\nthe receipt is completed;\nthe name of the person completing the receipt form and, if the receipt form is from a receipt book or is a hard copy of a computer entry, the person’s signature;\nthe name of the person for whom the receipt is completed;\nthe name of, or other means of identifying, the person on whose behalf the trust money is received;\nusing a code to identify the person, for example, S4 stands for N. Smith\na brief description of the matter for which the trust money is received;\nthe amount of trust money received, expressed in figures;\nhow the trust money was received, for example, in cash, by cheque, by direct deposit or by electronic funds transfer;\nif the trust money received is rent—\nthe address of the rented premises; and\nthe day up to which the rent is paid;\nif the trust money received is payment from a prospective buyer for an option to purchase a used motor vehicle for sale on consignment, the vehicle’s—\nmake; and\nbody model; and\ncolour; and\nengine number or, if the vehicle is a caravan, the chassis number; and\nidentification number; and\nregistration number; and\nbuilt date.\nIn this section—\nbuilt date see the Motor Dealers and Chattel Auctioneers Act 2014 , schedule 1 , section 3C .\ns 9 amd 2021 SL No. 170 s 4\n(sec.9-ssec.1) Each trust account receipt form must contain the following particulars— the name of the principal agent on whose behalf the receipt is completed; the agent’s licence number; the date— the trust money was received; and the receipt is completed; the name of the person completing the receipt form and, if the receipt form is from a receipt book or is a hard copy of a computer entry, the person’s signature; the name of the person for whom the receipt is completed; the name of, or other means of identifying, the person on whose behalf the trust money is received; using a code to identify the person, for example, S4 stands for N. Smith a brief description of the matter for which the trust money is received; the amount of trust money received, expressed in figures; how the trust money was received, for example, in cash, by cheque, by direct deposit or by electronic funds transfer; if the trust money received is rent— the address of the rented premises; and the day up to which the rent is paid; if the trust money received is payment from a prospective buyer for an option to purchase a used motor vehicle for sale on consignment, the vehicle’s— make; and body model; and colour; and engine number or, if the vehicle is a caravan, the chassis number; and identification number; and registration number; and built date.\n(sec.9-ssec.2) In this section— built date see the Motor Dealers and Chattel Auctioneers Act 2014 , schedule 1 , section 3C .\n- (a) the name of the principal agent on whose behalf the receipt is completed;\n- (b) the agent’s licence number;\n- (c) the date— (i) the trust money was received; and (ii) the receipt is completed;\n- (i) the trust money was received; and\n- (ii) the receipt is completed;\n- (d) the name of the person completing the receipt form and, if the receipt form is from a receipt book or is a hard copy of a computer entry, the person’s signature;\n- (e) the name of the person for whom the receipt is completed;\n- (f) the name of, or other means of identifying, the person on whose behalf the trust money is received; 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\n- (g) a brief description of the matter for which the trust money is received;\n- (h) the amount of trust money received, expressed in figures;\n- (i) how the trust money was received, for example, in cash, by cheque, by direct deposit or by electronic funds transfer;\n- (j) if the trust money received is rent— (i) the address of the rented premises; and (ii) the day up to which the rent is paid;\n- (i) the address of the rented premises; and\n- (ii) the day up to which the rent is paid;\n- (k) if the trust money received is payment from a prospective buyer for an option to purchase a used motor vehicle for sale on consignment, the vehicle’s— (i) make; and (ii) body model; and (iii) colour; and (iv) engine number or, if the vehicle is a caravan, the chassis number; and (v) identification number; and (vi) registration number; and (vii) built date.\n- (i) make; and\n- (ii) body model; and\n- (iii) colour; and\n- (iv) engine number or, if the vehicle is a caravan, the chassis number; and\n- (v) identification number; and\n- (vi) registration number; and\n- (vii) built date.\n- (i) the trust money was received; and\n- (ii) the receipt is completed;\n- (i) the address of the rented premises; and\n- (ii) the day up to which the rent is paid;\n- (i) make; and\n- (ii) body model; and\n- (iii) colour; and\n- (iv) engine number or, if the vehicle is a caravan, the chassis number; and\n- (v) identification number; and\n- (vi) registration number; and\n- (vii) built date.","sortOrder":13},{"sectionNumber":"sec.10","sectionType":"section","heading":"Dealing with trust account receipt forms","content":"### sec.10 Dealing with trust account receipt forms\n\nThe principal agent must ensure—\na trust account receipt form contains the particulars mentioned in section 9 ; and\na trust account receipt form is used only for the receipt of—\ntrust money; or\nan amount consisting of trust money and other money that cannot be divided; and\nif requested by the person from whom the trust money was received—a trust account receipt form is given to the person promptly; and\na completed and legible duplicate trust account receipt form is kept in the principal agent’s records; and\nif the principal agent cancels a trust account receipt form, the form—\nis kept in the principal agent’s records; and\ncontains a brief description of why the form was cancelled.\nMaximum penalty—10 penalty units.\n- (a) a trust account receipt form contains the particulars mentioned in section 9 ; and\n- (b) a trust account receipt form is used only for the receipt of— (i) trust money; or (ii) an amount consisting of trust money and other money that cannot be divided; and\n- (i) trust money; or\n- (ii) an amount consisting of trust money and other money that cannot be divided; and\n- (c) if requested by the person from whom the trust money was received—a trust account receipt form is given to the person promptly; and\n- (d) a completed and legible duplicate trust account receipt form is kept in the principal agent’s records; and\n- (e) if the principal agent cancels a trust account receipt form, the form— (i) is kept in the principal agent’s records; and (ii) contains a brief description of why the form was cancelled.\n- (i) is kept in the principal agent’s records; and\n- (ii) contains a brief description of why the form was cancelled.\n- (i) trust money; or\n- (ii) an amount consisting of trust money and other money that cannot be divided; and\n- (i) is kept in the principal agent’s records; and\n- (ii) contains a brief description of why the form was cancelled.","sortOrder":14},{"sectionNumber":"sec.11","sectionType":"section","heading":"Completed trust account deposit forms to contain particular information","content":"### sec.11 Completed trust account deposit forms to contain particular information\n\nA principal agent must ensure that each trust account deposit form contains the following particulars—\nthe name and account number of the trust account into which the trust money is deposited;\nthe amount and date of the deposit;\nthe signature of the depositor;\nif the deposit includes a cheque—\nthe name of the drawer of the cheque; and\nthe name and branch of the financial institution against which the cheque is drawn.\nMaximum penalty—10 penalty units.\n- (a) the name and account number of the trust account into which the trust money is deposited;\n- (b) the amount and date of the deposit;\n- (c) the signature of the depositor;\n- (d) if the deposit includes a cheque— (i) the name of the drawer of the cheque; and (ii) the name and branch of the financial institution against which the cheque is drawn.\n- (i) the name of the drawer of the cheque; and\n- (ii) the name and branch of the financial institution against which the cheque is drawn.\n- (i) the name of the drawer of the cheque; and\n- (ii) the name and branch of the financial institution against which the cheque is drawn.","sortOrder":15},{"sectionNumber":"sec.12","sectionType":"section","heading":"Depositing trust money","content":"### sec.12 Depositing trust money\n\nIf trust money is deposited into a principal agent’s trust account, the principal agent must—\nif the deposit is made by electronic funds transfer—\nobtain, at least once each week, a transaction report statement from the financial institution into which the trust money is paid showing deposits made into the trust account; and\nensure the statement is kept in the principal agent’s records; and\notherwise—ensure a copy of the trust account deposit form is kept in the principal agent’s records.\nMaximum penalty—10 penalty units.\n- (a) if the deposit is made by electronic funds transfer— (i) obtain, at least once each week, a transaction report statement from the financial institution into which the trust money is paid showing deposits made into the trust account; and (ii) ensure the statement is kept in the principal agent’s records; and\n- (i) obtain, at least once each week, a transaction report statement from the financial institution into which the trust money is paid showing deposits made into the trust account; and\n- (ii) ensure the statement is kept in the principal agent’s records; and\n- (b) otherwise—ensure a copy of the trust account deposit form is kept in the principal agent’s records.\n- (i) obtain, at least once each week, a transaction report statement from the financial institution into which the trust money is paid showing deposits made into the trust account; and\n- (ii) ensure the statement is kept in the principal agent’s records; and","sortOrder":16},{"sectionNumber":"pt.2-div.3","sectionType":"division","heading":"Trust account payments","content":"## Trust account payments","sortOrder":17},{"sectionNumber":"sec.13","sectionType":"section","heading":"Payments by cheque","content":"### sec.13 Payments by cheque\n\nThis section applies if the principal agent draws a cheque against a trust account kept by the principal agent under the Act .\nThe principal agent must ensure the following particulars are written on the cheque butt or another document—\nthe date the cheque is drawn;\nthe name of the person to whom the cheque is payable;\nthe name of the person on whose behalf the cheque is drawn;\na brief description of the matter for which the cheque is drawn;\nthe amount for which the cheque is drawn.\nMaximum penalty—10 penalty units.\nA principal agent must keep each cheque butt or other document containing the particulars mentioned in subsection (2) in the principal agent’s records.\na cheque requisition form\nMaximum penalty—10 penalty units.\n(sec.13-ssec.1) This section applies if the principal agent draws a cheque against a trust account kept by the principal agent under the Act .\n(sec.13-ssec.2) The principal agent must ensure the following particulars are written on the cheque butt or another document— the date the cheque is drawn; the name of the person to whom the cheque is payable; the name of the person on whose behalf the cheque is drawn; a brief description of the matter for which the cheque is drawn; the amount for which the cheque is drawn. Maximum penalty—10 penalty units.\n(sec.13-ssec.3) A principal agent must keep each cheque butt or other document containing the particulars mentioned in subsection (2) in the principal agent’s records. a cheque requisition form Maximum penalty—10 penalty units.\n- (a) the date the cheque is drawn;\n- (b) the name of the person to whom the cheque is payable;\n- (c) the name of the person on whose behalf the cheque is drawn;\n- (d) a brief description of the matter for which the cheque is drawn;\n- (e) the amount for which the cheque is drawn.","sortOrder":18},{"sectionNumber":"sec.14","sectionType":"section","heading":"Payments by electronic funds transfer","content":"### sec.14 Payments by electronic funds transfer\n\nThis section applies if the principal agent pays trust money by electronic funds transfer.\nThe principal agent must keep a transaction report statement from the financial institution at which the trust account is held containing the following particulars—\nthe date of the payment;\nthe amount of the payment;\nif the trust money is paid using a bill payment platform without stating an account number to which it is paid—\nthe name of the person to whom the money is paid; and\nthe name of the bill payment platform; and\nthe unique transaction reference for the payment;\nif paragraph (c) does not apply—the account name and number to which the money is paid.\nMaximum penalty—10 penalty units.\nA principal agent must keep each transaction report statement containing the particulars mentioned in subsection (2) in the agent’s records.\nMaximum penalty—10 penalty units.\ns 14 amd 2021 SL No. 170 s 5\n(sec.14-ssec.1) This section applies if the principal agent pays trust money by electronic funds transfer.\n(sec.14-ssec.2) The principal agent must keep a transaction report statement from the financial institution at which the trust account is held containing the following particulars— the date of the payment; the amount of the payment; if the trust money is paid using a bill payment platform without stating an account number to which it is paid— the name of the person to whom the money is paid; and the name of the bill payment platform; and the unique transaction reference for the payment; if paragraph (c) does not apply—the account name and number to which the money is paid. Maximum penalty—10 penalty units.\n(sec.14-ssec.3) A principal agent must keep each transaction report statement containing the particulars mentioned in subsection (2) in the agent’s records. Maximum penalty—10 penalty units.\n- (a) the date of the payment;\n- (b) the amount of the payment;\n- (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;\n- (i) the name of the person to whom the money is paid; and\n- (ii) the name of the bill payment platform; and\n- (iii) the unique transaction reference for the payment;\n- (d) if paragraph (c) does not apply—the account name and number to which the money is paid.\n- (i) the name of the person to whom the money is paid; and\n- (ii) the name of the bill payment platform; and\n- (iii) the unique transaction reference for the payment;","sortOrder":19},{"sectionNumber":"pt.2-div.4","sectionType":"division","heading":"Trust account cash books","content":"## Trust account cash books","sortOrder":20},{"sectionNumber":"sec.15","sectionType":"section","heading":"Trust account cash book—trust money received","content":"### sec.15 Trust account cash book—trust money received\n\nThis section applies if the principal agent receives trust money from a person.\nThe principal agent must, within 2 business days after trust money is received, or if the trust money is received by electronic funds transfer, on the day the principal agent becomes aware of the receipt of the trust money, enter the following particulars in the trust account cash book—\nthe date the trust money is received;\nif a trust account receipt is completed on a date that is different from the date mentioned in paragraph (a) , the date the receipt is completed;\nthe name of the person from whom the trust money is received;\nthe name of, or other means of identifying, the person on whose behalf the trust money is received;\nusing a code to identify the person, for example, S4 stands for N. Smith\na brief description of the matter for which the trust money is received;\nthe amount received;\nthe trust account receipt number;\nthe date the trust money is paid into the agent’s trust account maintained at the financial institution where the general trust account is kept.\nMaximum penalty—10 penalty units.\nThe entries containing the particulars mentioned in subsection (2) must be recorded in the order in which the receipts are made out.\nMaximum penalty—10 penalty units.\n(sec.15-ssec.1) This section applies if the principal agent receives trust money from a person.\n(sec.15-ssec.2) The principal agent must, within 2 business days after trust money is received, or if the trust money is received by electronic funds transfer, on the day the principal agent becomes aware of the receipt of the trust money, enter the following particulars in the trust account cash book— the date the trust money is received; if a trust account receipt is completed on a date that is different from the date mentioned in paragraph (a) , the date the receipt is completed; the name of the person from whom the trust money is received; the name of, or other means of identifying, the person on whose behalf the trust money is received; using a code to identify the person, for example, S4 stands for N. Smith a brief description of the matter for which the trust money is received; the amount received; the trust account receipt number; the date the trust money is paid into the agent’s trust account maintained at the financial institution where the general trust account is kept. Maximum penalty—10 penalty units.\n(sec.15-ssec.3) The entries containing the particulars mentioned in subsection (2) must be recorded in the order in which the receipts are made out. Maximum penalty—10 penalty units.\n- (a) the date the trust money is received;\n- (b) if a trust account receipt is completed on a date that is different from the date mentioned in paragraph (a) , the date the receipt is completed;\n- (c) the name of the person from whom the trust money is received;\n- (d) the name of, or other means of identifying, the person on whose behalf the trust money is received; 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\n- (e) a brief description of the matter for which the trust money is received;\n- (f) the amount received;\n- (g) the trust account receipt number;\n- (h) the date the trust money is paid into the agent’s trust account maintained at the financial institution where the general trust account is kept.","sortOrder":21},{"sectionNumber":"sec.16","sectionType":"section","heading":"Trust account cash book—trust money paid","content":"### sec.16 Trust account cash book—trust money paid\n\nThis section applies if the principal agent pays trust money to a person.\nIf 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—\nthe date the cheque is written;\nthe amount paid;\nthe cheque number;\nthe name of the person to whom the payment is made;\nthe name of, or other means of identifying, the person on whose behalf the payment is made;\nusing a code to identify the person, for example, S4 stands for N. Smith\na brief description of the matter for which the money is paid;\ndetails identifying the ledger account to be debited.\nIf 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—\nthe date the money is paid;\nthe amount paid;\nif the trust money is paid using a bill payment platform without stating an account number to which it is paid—\nthe name of the person to whom the money is paid; and\nthe name of the bill payment platform; and\nthe unique transaction reference for the payment;\nif paragraph (c) does not apply—\nthe name of the holder of the account to which the money is paid; and\nthe identifying number of the financial institution and account number of the account to which the money is paid; and\nthe unique transaction reference for the payment;\nthe name of, or other means of identifying, the person on whose behalf the payment is made;\nusing a code to identify the person, for example, S4 stands for N. Smith\na brief description of the matter for which the money is paid;\ndetails identifying the ledger account to be debited.\nMaximum penalty—10 penalty units.\ns 16 amd 2021 SL No. 170 s 6\n(sec.16-ssec.1) This section applies if the principal agent pays trust money to a person.\n(sec.16-ssec.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— the date the cheque is written; the amount paid; the cheque number; the name of the person to whom the payment is made; the name of, or other means of identifying, the person on whose behalf the payment is made; using a code to identify the person, for example, S4 stands for N. Smith a brief description of the matter for which the money is paid; details identifying the ledger account to be debited.\n(sec.16-ssec.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— the date the money is paid; the amount paid; if the trust money is paid using a bill payment platform without stating an account number to which it is paid— the name of the person to whom the money is paid; and the name of the bill payment platform; and the unique transaction reference for the payment; if paragraph (c) does not apply— the name of the holder of the account to which the money is paid; and the identifying number of the financial institution and account number of the account to which the money is paid; and the unique transaction reference for the payment; the name of, or other means of identifying, the person on whose behalf the payment is made; using a code to identify the person, for example, S4 stands for N. Smith a brief description of the matter for which the money is paid; details identifying the ledger account to be debited. Maximum penalty—10 penalty units.\n- (a) the date the cheque is written;\n- (b) the amount paid;\n- (c) the cheque number;\n- (d) the name of the person to whom the payment is made;\n- (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\n- (f) a brief description of the matter for which the money is paid;\n- (g) details identifying the ledger account to be debited.\n- (a) the date the money is paid;\n- (b) the amount paid;\n- (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;\n- (i) the name of the person to whom the money is paid; and\n- (ii) the name of the bill payment platform; and\n- (iii) the unique transaction reference for the payment;\n- (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;\n- (i) the name of the holder of the account to which the money is paid; and\n- (ii) the identifying number of the financial institution and account number of the account to which the money is paid; and\n- (iii) the unique transaction reference for the payment;\n- (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\n- (f) a brief description of the matter for which the money is paid;\n- (g) details identifying the ledger account to be debited.\n- (i) the name of the person to whom the money is paid; and\n- (ii) the name of the bill payment platform; and\n- (iii) the unique transaction reference for the payment;\n- (i) the name of the holder of the account to which the money is paid; and\n- (ii) the identifying number of the financial institution and account number of the account to which the money is paid; and\n- (iii) the unique transaction reference for the payment;","sortOrder":22},{"sectionNumber":"sec.17","sectionType":"section","heading":"Trust account cash book reconciliation","content":"### sec.17 Trust account cash book reconciliation\n\nA principal agent must, within 5 business days after the end of each month—\nreconcile the trust account cash book balance as at the end of the month with the trust account ledger balances that show—\neach trust account creditor’s name; and\nthe amount held on behalf of the creditor as at the end of the month; and\nreconcile the financial institution’s statement balance for the principal agent’s trust account as at the end of the month with the trust account cash book balance as at the end of the month.\nMaximum penalty—10 penalty units.\nThe principal agent must keep each reconciliation completed under this section in the principal agent’s records.\nMaximum penalty—10 penalty units.\n(sec.17-ssec.1) A principal agent must, within 5 business days after the end of each month— reconcile the trust account cash book balance as at the end of the month with the trust account ledger balances that show— each trust account creditor’s name; and the amount held on behalf of the creditor as at the end of the month; and reconcile the financial institution’s statement balance for the principal agent’s trust account as at the end of the month with the trust account cash book balance as at the end of the month. Maximum penalty—10 penalty units.\n(sec.17-ssec.2) The principal agent must keep each reconciliation completed under this section in the principal agent’s records. Maximum penalty—10 penalty units.\n- (a) reconcile the trust account cash book balance as at the end of the month with the trust account ledger balances that show— (i) each trust account creditor’s name; and (ii) the amount held on behalf of the creditor as at the end of the month; and\n- (i) each trust account creditor’s name; and\n- (ii) the amount held on behalf of the creditor as at the end of the month; and\n- (b) reconcile the financial institution’s statement balance for the principal agent’s trust account as at the end of the month with the trust account cash book balance as at the end of the month.\n- (i) each trust account creditor’s name; and\n- (ii) the amount held on behalf of the creditor as at the end of the month; and","sortOrder":23},{"sectionNumber":"sec.18","sectionType":"section","heading":"Trust account cash book reconciliation details","content":"### sec.18 Trust account cash book reconciliation details\n\nA reconciliation under section 17 (1) (b) must contain the following details—\nthe balance as at the end of the month shown on the financial institution’s statement for the principal agent’s trust account;\nthe amount of trust money on hand as at the end of the month and the date the money was received;\nfor each outstanding deposit as at the end of the month—\nthe amount of the outstanding deposit; and\nthe date the outstanding deposit was received; and\nthe date the amount was deposited;\ndetails, including the amount, of any electronic funds transfer deposits recorded on the financial institution statement but not entered in the trust account cash book as at the end of the month;\ndetails of any outstanding cheques, including, for each cheque—\nthe cheque number; and\nthe amount of the cheque; and\nthe date of the cheque;\nthe balance of the trust account as at the end of the month shown in the trust account cash book.\nFor a reconciliation under section 17 (1) (b) , the principal agent must reconcile the trust account cash book balance as at the end of the month with the amount obtained by—\nadding the balance mentioned in subsection (1) (a) , the amount mentioned in subsection (1) (b) and the amounts mentioned in sub section 1 (c) (i) ; and\ndeducting the amounts mentioned in subsection (1) (d) and (e) (ii) from the amount obtained under paragraph (a) .\n(sec.18-ssec.1) A reconciliation under section 17 (1) (b) must contain the following details— the balance as at the end of the month shown on the financial institution’s statement for the principal agent’s trust account; the amount of trust money on hand as at the end of the month and the date the money was received; for each outstanding deposit as at the end of the month— the amount of the outstanding deposit; and the date the outstanding deposit was received; and the date the amount was deposited; details, including the amount, of any electronic funds transfer deposits recorded on the financial institution statement but not entered in the trust account cash book as at the end of the month; details of any outstanding cheques, including, for each cheque— the cheque number; and the amount of the cheque; and the date of the cheque; the balance of the trust account as at the end of the month shown in the trust account cash book.\n(sec.18-ssec.2) For a reconciliation under section 17 (1) (b) , the principal agent must reconcile the trust account cash book balance as at the end of the month with the amount obtained by— adding the balance mentioned in subsection (1) (a) , the amount mentioned in subsection (1) (b) and the amounts mentioned in sub section 1 (c) (i) ; and deducting the amounts mentioned in subsection (1) (d) and (e) (ii) from the amount obtained under paragraph (a) .\n- (a) the balance as at the end of the month shown on the financial institution’s statement for the principal agent’s trust account;\n- (b) the amount of trust money on hand as at the end of the month and the date the money was received;\n- (c) for each outstanding deposit as at the end of the month— (i) the amount of the outstanding deposit; and (ii) the date the outstanding deposit was received; and (iii) the date the amount was deposited;\n- (i) the amount of the outstanding deposit; and\n- (ii) the date the outstanding deposit was received; and\n- (iii) the date the amount was deposited;\n- (d) details, including the amount, of any electronic funds transfer deposits recorded on the financial institution statement but not entered in the trust account cash book as at the end of the month;\n- (e) details of any outstanding cheques, including, for each cheque— (i) the cheque number; and (ii) the amount of the cheque; and (iii) the date of the cheque;\n- (i) the cheque number; and\n- (ii) the amount of the cheque; and\n- (iii) the date of the cheque;\n- (f) the balance of the trust account as at the end of the month shown in the trust account cash book.\n- (i) the amount of the outstanding deposit; and\n- (ii) the date the outstanding deposit was received; and\n- (iii) the date the amount was deposited;\n- (i) the cheque number; and\n- (ii) the amount of the cheque; and\n- (iii) the date of the cheque;\n- (a) adding the balance mentioned in subsection (1) (a) , the amount mentioned in subsection (1) (b) and the amounts mentioned in sub section 1 (c) (i) ; and\n- (b) deducting the amounts mentioned in subsection (1) (d) and (e) (ii) from the amount obtained under paragraph (a) .","sortOrder":24},{"sectionNumber":"pt.2-div.5","sectionType":"division","heading":"Trust account ledgers","content":"## Trust account ledgers","sortOrder":25},{"sectionNumber":"sec.19","sectionType":"section","heading":"Separate ledger account","content":"### sec.19 Separate ledger account\n\nA principal agent must keep a separate ledger account in the trust account ledger for each person on whose behalf the principal agent receives trust money.\nMaximum penalty—10 penalty units.","sortOrder":26},{"sectionNumber":"sec.20","sectionType":"section","heading":"Particulars to be included in ledger account","content":"### sec.20 Particulars to be included in ledger account\n\nA principal agent must ensure that each trust ledger account contains the following particulars—\nthe name of the person on whose behalf the trust money is received or paid;\na brief description of the matter for which the trust money is received or paid.\nMaximum penalty—10 penalty units.\nAlso, a principal agent must ensure that each trust ledger account contains the following particulars for each entry in the ledger account—\nthe date the trust money is received or paid;\nthe name of the person from whom the trust money is received or to whom the trust money is paid;\na brief description of the matter for which the trust money is received or paid;\nthe amount received or paid;\nif the entry is for trust money received—the receipt number;\nif the entry is for trust money paid by cheque—the cheque number;\nif the entry is for trust money paid by electronic funds transfer, including through a bill payment platform—the unique transaction reference for the payment;\nthe balance of the trust ledger account after each entry;\nif trust money is transferred to the trust ledger account from another trust ledger account under section 22 —the trust account journal reference number or folio reference number recorded against the journal entry by which the transfer is posted.\nMaximum penalty—10 penalty units.\ns 20 amd 2021 SL No. 170 s 7\n(sec.20-ssec.1) A principal agent must ensure that each trust ledger account contains the following particulars— the name of the person on whose behalf the trust money is received or paid; a brief description of the matter for which the trust money is received or paid. Maximum penalty—10 penalty units.\n(sec.20-ssec.2) Also, a principal agent must ensure that each trust ledger account contains the following particulars for each entry in the ledger account— the date the trust money is received or paid; the name of the person from whom the trust money is received or to whom the trust money is paid; a brief description of the matter for which the trust money is received or paid; the amount received or paid; if the entry is for trust money received—the receipt number; if the entry is for trust money paid by cheque—the cheque number; if the entry is for trust money paid by electronic funds transfer, including through a bill payment platform—the unique transaction reference for the payment; the balance of the trust ledger account after each entry; if trust money is transferred to the trust ledger account from another trust ledger account under section 22 —the trust account journal reference number or folio reference number recorded against the journal entry by which the transfer is posted. Maximum penalty—10 penalty units.\n- (a) the name of the person on whose behalf the trust money is received or paid;\n- (b) a brief description of the matter for which the trust money is received or paid.\n- (a) the date the trust money is received or paid;\n- (b) the name of the person from whom the trust money is received or to whom the trust money is paid;\n- (c) a brief description of the matter for which the trust money is received or paid;\n- (d) the amount received or paid;\n- (e) if the entry is for trust money received—the receipt number;\n- (f) if the entry is for trust money paid by cheque—the cheque number;\n- (g) if the entry is for trust money paid by electronic funds transfer, including through a bill payment platform—the unique transaction reference for the payment;\n- (h) the balance of the trust ledger account after each entry;\n- (i) if trust money is transferred to the trust ledger account from another trust ledger account under section 22 —the trust account journal reference number or folio reference number recorded against the journal entry by which the transfer is posted.","sortOrder":27},{"sectionNumber":"sec.21","sectionType":"section","heading":"Trust account cash book entries to be posted to ledger account","content":"### sec.21 Trust account cash book entries to be posted to ledger account\n\nA principal agent must, within 2 business days after the day trust money is received or paid, ensure that each entry in the trust account cash book is posted to the trust ledger account for the person on whose behalf the trust money is received or paid.\nMaximum penalty—10 penalty units.","sortOrder":28},{"sectionNumber":"pt.2-div.6","sectionType":"division","heading":"Trust account journals","content":"## Trust account journals","sortOrder":29},{"sectionNumber":"sec.22","sectionType":"section","heading":"Transfer by journal entry","content":"### sec.22 Transfer by journal entry\n\nA principal agent may transfer trust money from a trust ledger account to another trust ledger account by a journal entry.\nHowever, a principal agent must not transfer trust money by a journal entry unless the principal agent is entitled to pay the money from the trust ledger account for the purpose for which it is transferred.\nMaximum penalty—10 penalty units.\nA principal agent must ensure that a trust account journal includes the following particulars for each entry in the journal—\nthe date the trust money is transferred;\nthe name of, or other means of identifying, the person—\nfrom whose trust ledger account the money is transferred; and\nto whose trust ledger account the money is transferred;\nusing a code to identify the person, for example, S4 stands for N. Smith\na brief description of the matter conducted for each person mentioned in paragraph (b) ;\nthe amount transferred.\nMaximum penalty—10 penalty units.\n(sec.22-ssec.1) A principal agent may transfer trust money from a trust ledger account to another trust ledger account by a journal entry.\n(sec.22-ssec.2) However, a principal agent must not transfer trust money by a journal entry unless the principal agent is entitled to pay the money from the trust ledger account for the purpose for which it is transferred. Maximum penalty—10 penalty units.\n(sec.22-ssec.3) A principal agent must ensure that a trust account journal includes the following particulars for each entry in the journal— the date the trust money is transferred; the name of, or other means of identifying, the person— from whose trust ledger account the money is transferred; and to whose trust ledger account the money is transferred; using a code to identify the person, for example, S4 stands for N. Smith a brief description of the matter conducted for each person mentioned in paragraph (b) ; the amount transferred. Maximum penalty—10 penalty units.\n- (a) the date the trust money is transferred;\n- (b) the name of, or other means of identifying, the person— (i) from whose trust ledger account the money is transferred; and (ii) to whose trust ledger account the money is transferred; 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\n- (i) from whose trust ledger account the money is transferred; and\n- (ii) to whose trust ledger account the money is transferred;\n- (c) a brief description of the matter conducted for each person mentioned in paragraph (b) ;\n- (d) the amount transferred.\n- (i) from whose trust ledger account the money is transferred; and\n- (ii) to whose trust ledger account the money is transferred;","sortOrder":30},{"sectionNumber":"pt.2-div.7","sectionType":"division","heading":"Transfer of trust accounts","content":"## Transfer of trust accounts","sortOrder":31},{"sectionNumber":"sec.23","sectionType":"section","heading":"Dealing with transferred trust accounts","content":"### sec.23 Dealing with transferred trust accounts\n\nThis section applies if—\na principal agent (the original principal agent ) enters into a partnership with another principal agent; or\na principal agent (also an original principal agent ) disposes of the agent’s business to another principal agent by any means; or\na change occurs in the members of a partnership of principal agents (the original partnership ).\nThe trust money held by an original principal agent or original partnership must be held by the original principal agent or original partnership until the person who conducts the final audit certifies that the trust money has been properly accounted for and reconciled.\nMaximum penalty—10 penalty units.\nDespite subsection (2) , if the money is held in a trust account on a trust creditor’s behalf, the money must be transferred if—\nthe trust creditor authorises the transfer in writing; or\nfor trust money in the form of a bond or a security deposit in relation to a tenancy agreement, the landlord and the tenant authorise the transfer in writing; or\nthe matters in subsection (4) are satisfied.\nFor subsection (3) (c) , the matters are—\nthe transferee is the public trustee and the public trustee has agreed to accept the transfer; and\nthe original principal agent or original partnership has taken reasonable steps to contact the person entitled to the money; and\nunder the Trusts Act 1973 , section 67 —\nthe original principal agent or original partnership has given a notice for the money; and\nthe date fixed in the notice given under that section has passed; and\nthe original principal agent or original partnership has no notice of any claim to the money for the purposes of that section.\n(sec.23-ssec.1) This section applies if— a principal agent (the original principal agent ) enters into a partnership with another principal agent; or a principal agent (also an original principal agent ) disposes of the agent’s business to another principal agent by any means; or a change occurs in the members of a partnership of principal agents (the original partnership ).\n(sec.23-ssec.2) The trust money held by an original principal agent or original partnership must be held by the original principal agent or original partnership until the person who conducts the final audit certifies that the trust money has been properly accounted for and reconciled. Maximum penalty—10 penalty units.\n(sec.23-ssec.3) Despite subsection (2) , if the money is held in a trust account on a trust creditor’s behalf, the money must be transferred if— the trust creditor authorises the transfer in writing; or for trust money in the form of a bond or a security deposit in relation to a tenancy agreement, the landlord and the tenant authorise the transfer in writing; or the matters in subsection (4) are satisfied.\n(sec.23-ssec.4) For subsection (3) (c) , the matters are— the transferee is the public trustee and the public trustee has agreed to accept the transfer; and the original principal agent or original partnership has taken reasonable steps to contact the person entitled to the money; and under the Trusts Act 1973 , section 67 — the original principal agent or original partnership has given a notice for the money; and the date fixed in the notice given under that section has passed; and the original principal agent or original partnership has no notice of any claim to the money for the purposes of that section.\n- (a) a principal agent (the original principal agent ) enters into a partnership with another principal agent; or\n- (b) a principal agent (also an original principal agent ) disposes of the agent’s business to another principal agent by any means; or\n- (c) a change occurs in the members of a partnership of principal agents (the original partnership ).\n- (a) the trust creditor authorises the transfer in writing; or\n- (b) for trust money in the form of a bond or a security deposit in relation to a tenancy agreement, the landlord and the tenant authorise the transfer in writing; or\n- (c) the matters in subsection (4) are satisfied.\n- (a) the transferee is the public trustee and the public trustee has agreed to accept the transfer; and\n- (b) the original principal agent or original partnership has taken reasonable steps to contact the person entitled to the money; and\n- (c) under the Trusts Act 1973 , section 67 — (i) the original principal agent or original partnership has given a notice for the money; and (ii) the date fixed in the notice given under that section has passed; and (iii) the original principal agent or original partnership has no notice of any claim to the money for the purposes of that section.\n- (i) the original principal agent or original partnership has given a notice for the money; and\n- (ii) the date fixed in the notice given under that section has passed; and\n- (iii) the original principal agent or original partnership has no notice of any claim to the money for the purposes of that section.\n- (i) the original principal agent or original partnership has given a notice for the money; and\n- (ii) the date fixed in the notice given under that section has passed; and\n- (iii) the original principal agent or original partnership has no notice of any claim to the money for the purposes of that section.","sortOrder":32},{"sectionNumber":"pt.3","sectionType":"part","heading":"Fees","content":"# Fees","sortOrder":33},{"sectionNumber":"sec.24","sectionType":"section","heading":"Fee to inspect or copy details in register of undertakings— Act , s 135 (3)","content":"### sec.24 Fee to inspect or copy details in register of undertakings— Act , s 135 (3)\n\nFor section 135 (3) of the Act , the fee prescribed is 17.55 fee units.\nSubsection (3) applies for working out the amount of the fee prescribed by subsection (1) .\nFor the purpose of the Acts Interpretation Act 1954 , section 48C (3) , the amount is to be rounded to the nearest multiple of 5 cents (rounding one-half upwards).\nSubsection (1) prescribes a fee of 17.55 fee units. If the value of a fee unit for this regulation were $1.50, the number of dollars obtained by multiplying $1.50 by 17.55 would be $26.325. Because $26.325 is halfway between $26.30 and $26.35, it is rounded upwards, so the amount of the fee for subsection (1) would be $26.35.\ns 24 amd 2015 SL No. 53 s 4 ; 2016 SL No. 85 s 4 ; 2017 SL No. 109 s 4 ; 2018 SL No. 72 s 4 ; 2019 SL No. 105 s 4 ; 2020 SL No. 143 s 4 ; 2021 SL No. 84 s 4 ; 2022 SL No. 79 s 4\n(sec.24-ssec.1) For section 135 (3) of the Act , the fee prescribed is 17.55 fee units.\n(sec.24-ssec.2) Subsection (3) applies for working out the amount of the fee prescribed by subsection (1) .\n(sec.24-ssec.3) For the purpose of the Acts Interpretation Act 1954 , section 48C (3) , the amount is to be rounded to the nearest multiple of 5 cents (rounding one-half upwards). Subsection (1) prescribes a fee of 17.55 fee units. If the value of a fee unit for this regulation were $1.50, the number of dollars obtained by multiplying $1.50 by 17.55 would be $26.325. Because $26.325 is halfway between $26.30 and $26.35, it is rounded upwards, so the amount of the fee for subsection (1) would be $26.35.","sortOrder":34},{"sectionNumber":"pt.4","sectionType":"part","heading":"Claims against fund","content":"# Claims against fund","sortOrder":35},{"sectionNumber":"sec.25","sectionType":"section","heading":"Limits on recovery from fund— Act , s 113","content":"### sec.25 Limits on recovery from fund— Act , s 113\n\nFor section 113 (2) of the Act , a claimant may not recover more than $200,000.\nFor section 113 (4) of the Act the total amount that may be paid from the fund because of, or arising out of, a contravention mentioned in that section by a single person is $2,000,000.\n(sec.25-ssec.1) For section 113 (2) of the Act , a claimant may not recover more than $200,000.\n(sec.25-ssec.2) For section 113 (4) of the Act the total amount that may be paid from the fund because of, or arising out of, a contravention mentioned in that section by a single person is $2,000,000.","sortOrder":36},{"sectionNumber":"pt.5","sectionType":"part","heading":"General","content":"# General","sortOrder":37},{"sectionNumber":"sec.26","sectionType":"section","heading":"Keeping documents","content":"### sec.26 Keeping documents\n\nThis section applies subject to the Evidence Act 1977 , section 111 .\nA principal agent must keep each document the agent is required to keep under the Act —\nin a secure, orderly and accessible way; and\nfor at least 5 years.\nMaximum penalty—10 penalty units.\n(sec.26-ssec.1) This section applies subject to the Evidence Act 1977 , section 111 .\n(sec.26-ssec.2) A principal agent must keep each document the agent is required to keep under the Act — in a secure, orderly and accessible way; and for at least 5 years. Maximum penalty—10 penalty units.\n- (a) in a secure, orderly and accessible way; and\n- (b) for at least 5 years.","sortOrder":38},{"sectionNumber":"sec.27","sectionType":"section","heading":"Keeping documents in electronic form","content":"### sec.27 Keeping documents in electronic form\n\nThis section applies if—\na principal agent is required to keep a document under the Act ; and\nthe document is stored in electronic form on a computer.\nThe principal agent must ensure—\nthe computer system has enough capacity and backup capability to record the information required to be kept under the Act ; and\nthe computer system is backed-up at least once a month; and\na computer disk or other electronic device used to store the backed-up information is kept in a location that—\nis not the principal agent’s principal place of business or the principal agent’s business address; and\nis unaffected by magnetic interference or another thing that may adversely affect the stored information.\nMaximum penalty—10 penalty units.\n(sec.27-ssec.1) This section applies if— a principal agent is required to keep a document under the Act ; and the document is stored in electronic form on a computer.\n(sec.27-ssec.2) The principal agent must ensure— the computer system has enough capacity and backup capability to record the information required to be kept under the Act ; and the computer system is backed-up at least once a month; and a computer disk or other electronic device used to store the backed-up information is kept in a location that— is not the principal agent’s principal place of business or the principal agent’s business address; and is unaffected by magnetic interference or another thing that may adversely affect the stored information. Maximum penalty—10 penalty units.\n- (a) a principal agent is required to keep a document under the Act ; and\n- (b) the document is stored in electronic form on a computer.\n- (a) the computer system has enough capacity and backup capability to record the information required to be kept under the Act ; and\n- (b) the computer system is backed-up at least once a month; and\n- (c) a computer disk or other electronic device used to store the backed-up information is kept in a location that— (i) is not the principal agent’s principal place of business or the principal agent’s business address; and (ii) is unaffected by magnetic interference or another thing that may adversely affect the stored information.\n- (i) is not the principal agent’s principal place of business or the principal agent’s business address; and\n- (ii) is unaffected by magnetic interference or another thing that may adversely affect the stored information.\n- (i) is not the principal agent’s principal place of business or the principal agent’s business address; and\n- (ii) is unaffected by magnetic interference or another thing that may adversely affect the stored information.","sortOrder":39},{"sectionNumber":"sec.28","sectionType":"section","heading":"Audit report details— Act , s 40 (2) (s)","content":"### sec.28 Audit report details— Act , s 40 (2) (s)\n\nFor section 40 (2) (s) of the Act , the details mentioned in section 18 are prescribed.","sortOrder":40},{"sectionNumber":"pt.6","sectionType":"part","heading":"Transitional provisions","content":"# Transitional provisions","sortOrder":41},{"sectionNumber":"sec.29","sectionType":"section","heading":"Definition for pt 6","content":"### sec.29 Definition for pt 6\n\nIn this part—\nrepealed regulation means the Property Agents and Motor Dealers Regulation 2001 .","sortOrder":42},{"sectionNumber":"sec.30","sectionType":"section","heading":"Books, accounts and records","content":"### sec.30 Books, accounts and records\n\nA book, account or record that was, immediately before commencement, required to be kept under section 38 of the repealed regulation is taken to be a book, account or record required to be kept under section 3.","sortOrder":43},{"sectionNumber":"sec.31","sectionType":"section","heading":"Retained records","content":"### sec.31 Retained records\n\nThis section applies if—\nunder section 58 of the repealed regulation, a person was required to keep a document for a period of not less than 5 years (the retention period ); and\nthe person is a principal agent; and\non the commencement, the retention period has not expired.\nSection 58 of the repealed regulation continues to apply to the person in relation to the document.\n(sec.31-ssec.1) This section applies if— under section 58 of the repealed regulation, a person was required to keep a document for a period of not less than 5 years (the retention period ); and the person is a principal agent; and on the commencement, the retention period has not expired.\n(sec.31-ssec.2) Section 58 of the repealed regulation continues to apply to the person in relation to the document.\n- (a) under section 58 of the repealed regulation, a person was required to keep a document for a period of not less than 5 years (the retention period ); and\n- (b) the person is a principal agent; and\n- (c) on the commencement, the retention period has not expired.","sortOrder":44}],"analysis":{"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"The instrument retains core, prescriptive trust‑account recordkeeping and reconciliation obligations but has been extended to cover electronic payment methods and bill payment platforms and to impose specific controls on computerised accounting and backups (see s 2A, s 4, ss 14 and 16). Transitional provisions preserve obligations from the repealed regulation for outstanding retention periods (ss 29–31)."},"complexity_factors":["Highly prescriptive, itemised record-keeping rules for receipts, deposits, cash books and ledgers (see ss 3, 9–11, 15–21).","Detailed timing and content requirements for monthly reconciliations and what must appear in them (ss 17–18).","Specific controls and auditability rules for computerised accounting systems, plus hard-copy and backup obligations (ss 4, 27).","Explicit requirements for electronic funds transfers and modern bill payment platforms, including transaction references and platform naming (ss 2A, 14, 16).","Rules for transferring trust accounts on sale, partnership changes and final audit certification with limited exceptions (s 23).","Penalties, document-retention minimums and prescribed fees and monetary caps that interact with operational practice (ss 3, 24–26, 25).","Frequent cross-references to other statutes and a transitional regime preserving obligations from the repealed regulation (ss 18, 29–31).","Numerous short deadlines (mostly 2 or 5 business days) for entries, reconciliations and backups, increasing administrative cadence (multiple sections)."],"plain_english_summary":"This regulation prescribes how licensed principal agents must handle trust money: the exact books, receipt and deposit forms, ledger and journal entries, monthly reconciliations, audit-ready recordkeeping, retention periods and limits on transfers. It also sets controls for computerised accounting systems, backup and hard-copy requirements, penalties for non-compliance and caps on claims against the compensation fund. It affects principal agents who hold client trust funds (for example, property and motor-dealer agents) because it dictates operational procedures, evidentiary obligations and compliance costs."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":false,"description":"The regulation remains tightly focused on its original purpose: operational details for trust account administration. The 2021 amendments expanded electronic payment recording (bill payment platforms) but this is a natural evolution of the core function rather than scope creep. No significant expansion beyond financial administration of trust accounts."},"complexity_factors":["Moderate length with 31 sections across 6 Parts, but highly repetitive structure with similar penalty provisions throughout","Extensive itemised lists: 7 types of books/records (s.3), 11 mandatory receipt particulars (s.9), 8 ledger account particulars (s.20), 6 reconciliation details (s.18)","Dual pathways for electronic vs. paper transactions requiring different recording methods (ss.8, 12, 14, 15, 16)","Nested conditional logic in s.23 (business transfers) with 3 triggering events, 2 general rules, 3 exceptions, and 4 sub-conditions for Public Trustee transfers","Cross-references to: Agents Financial Administration Act 2014, Motor Dealers and Chattel Auctioneers Act 2014, Trusts Act 1973, Evidence Act 1977, Acts Interpretation Act 1954","Amendment history markers (e.g., 's 2A ins 2021 SL No. 170 s 3') indicating evolving requirements, particularly for electronic payments and bill payment platforms added in 2021","Mathematical calculation requirement for fee rounding (s.24) referencing fee units and 5-cent rounding rules","Duplicate content in source text (repeated subsections with HTML artifacts) creates parsing complexity but doesn't add legal complexity"],"plain_english_summary":"This regulation sets out the detailed bookkeeping and record-keeping rules for real estate agents and motor dealers in Queensland who handle **trust money**—money held on behalf of clients (such as rental bonds, deposits, or sale proceeds).\n\n**Who it affects:**\n- **Principal agents** (licensed real estate agents and motor dealers who run their own businesses)\n- Their clients (landlords, tenants, buyers, sellers) whose money is held in trust\n\n**What it does:**\n\n**1. Trust Account Records (Part 2)**\nAgents must maintain specific books and records:\n- **Receipt forms**: Numbered sequentially, with duplicates, recording who paid what and when\n- **Cash books**: Tracking all money in and out within 2 business days\n- **Ledgers**: Separate account for each client showing their balance\n- **Journals**: Recording transfers between client accounts\n- **Deposit forms**: Documenting money banked\n\n**2. Computerised Systems (Section 4)**\nIf agents use software, it must:\n- Prevent deletion of accounts unless balance is zero\n- Record all changes chronologically\n- Produce monthly hard copies of balances and reconciliations\n- Keep audit trails for any amendments\n\n**3. Receipting Rules (Sections 6–12)**\n- Receipts must be completed immediately (or same day for electronic transfers)\n- Must include detailed information: agent name, licence number, payer details, amount, property address (for rent), or vehicle details (for motor vehicle deposits)\n- Special rules for rental bonds and motor vehicle option payments\n\n**4. Payments (Sections 13–14)**\n- **Cheques**: Must record details on cheque butts (date, payee, purpose, amount)\n- **Electronic transfers**: Must keep bank statements showing date, amount, recipient, and transaction references\n- **Bill payment platforms**: Special recording rules for platforms like BPAY where account numbers aren't used\n\n**5. Monthly Reconciliation (Sections 17–18)**\nEvery month, agents must:\n- Match their cash book against client ledger balances\n- Match bank statements against cash books\n- Document outstanding deposits and unpresented cheques\n- Complete this within 5 business days of month-end\n\n**6. Business Transfers (Section 23)**\nWhen an agency is sold, merged, or partners change, trust money stays with the original agent until an auditor certifies it's properly accounted for—unless clients specifically authorise the transfer or the Public Trustee becomes involved.\n\n**7. Fees and Claims (Parts 3–4)**\n- Sets a fee (17.55 fee units, roughly $26–$30) for inspecting the register of undertakings\n- Caps claims against the Agents Financial Administration Fund at $200,000 per claimant and $2 million per offending agent\n\n**8. Document Retention (Sections 26–27)**\n- All records must be kept securely for at least 5 years\n- Electronic records need monthly backups stored off-site, protected from magnetic interference\n\n**Why it matters:**\nThis regulation protects consumers by ensuring their money is traceable, properly accounted for, and safe from misuse. It creates a clear audit trail so regulators can spot discrepancies or fraud. The detailed rules prevent agents from \"fudging\" books or losing track of client funds."},"summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"The regulation was amended in 2021 (SL No. 170) to explicitly accommodate modern electronic payment methods, including the addition of definitions for 'bill payment platform' and 'bill' (extended to include rental bonds), and updated rules across sections 14, 16, and 20 for payments made via platforms that do not record a destination account number (e.g. BPAY-style systems). This represents a meaningful expansion of scope beyond the original 2014 instrument to address digital financial infrastructure that did not feature in the original drafting."},"complexity_factors":["Multiple interlocking record-keeping obligations with different timeframes (2 business days, 5 business days, monthly) requiring careful tracking","Parallel rules for different payment methods (cash, cheque, electronic funds transfer, bill payment platforms) creating branching compliance paths","Cross-references to multiple external Acts (Agents Financial Administration Act 2014, Motor Dealers and Chattel Auctioneers Act 2014, Trusts Act 1973, Evidence Act 1977, Acts Interpretation Act 1954)","Fee calculation using 'fee units' system that requires reference to external determinations to find actual dollar amounts","Complex trust account transfer rules with multiple conditional pathways and Trusts Act procedural requirements","Reconciliation formula in section 18 involving specific additions and deductions across multiple sub-categories","Transitional provisions requiring knowledge of the repealed regulation to understand ongoing obligations","Dual-track requirements where both physical (hard copy) and electronic records must often be maintained simultaneously"],"plain_english_summary":"This Queensland regulation sets detailed administrative rules for how licensed agents (real estate, property managers, motor‑vehicle dealers) must handle trust money they hold for clients. It mandates strict records, reconciliations, secure computer controls, special rules for electronic payments and transfers on business change, and retention of records to protect client funds. It also enables compensation from a government fund for victims of trust‑money misuse."}},"importantCases":[],"_links":{"self":"/api/acts/agents-financial-administration-regulation-2014","history":"/api/acts/agents-financial-administration-regulation-2014/history","analysis":"/api/acts/agents-financial-administration-regulation-2014/analysis","conflicts":"/api/acts/agents-financial-administration-regulation-2014/conflicts","importantCases":"/api/acts/agents-financial-administration-regulation-2014/important-cases","documents":"/api/acts/agents-financial-administration-regulation-2014/documents"}}