111Quarterly statements by licensed property agents

111 Quarterly statements by licensed property agents (1) A licensed property agent must, within 15 business days after the end of each quarter, prepare a quarterly statement for the quarter. (2) The quarterly statement must be made up as at the close of business on the last business day of the quarter to which the statement relates. (3) The quarterly statement must set out— (a) the name of each person (the person) on whose behalf the licensed property agent held trust money; and (b) the amount of trust money held in the agent’s trust accounts on behalf of the person; and

Periodic returns and quarterly statements Division 7.3 (c) the amount of trust money held in cash by the agent on behalf of the person; and (d) the amount in each trust account kept by the agent. (4) In working out an amount for subsection (3) (d), a cheque drawn on an account but not presented is taken to have been paid. (5) The licensed property agent must keep the quarterly statement for 5 years after the end of the quarter to which the statement relates. (6) The licensed property agent must give the quarterly statement to the auditor who audits the trust account records of the agent for the audit period that includes the quarter to which the statement relates. quarter, for a licensed property agent, means the 3 months beginning on the 1st day of the audit period for the agent and each following period of 3 months.