sec.16Trust account cash book—trust money paid

sec.16 Trust account cash book—trust money paid

This section applies if the principal agent pays trust money to a person. 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. 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. s 16 amd 2021 SL No. 170 s 6 (sec.16-ssec.1) This section applies if the principal agent pays trust money to a person. (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. (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.