sec.12Depositing trust money

sec.12 Depositing trust money

If trust money is deposited into a principal agent’s trust account, the principal agent must— if the deposit is made by electronic funds transfer— 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 ensure the statement is kept in the principal agent’s records; and otherwise—ensure a copy of the trust account deposit form is kept in the principal agent’s records. Maximum penalty—10 penalty units.

• (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
• (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
• (b) otherwise—ensure a copy of the trust account deposit form is kept in the principal agent’s records.
• (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