22Receipts for trust money

22 Receipts for trust money

22 Receipts for trust money

(1) For the purposes of the Act, section 172(2)(d), a licensee must cause a receipt to be prepared immediately after the licensee receives trust money for or on behalf of a person.

(2) The receipt must include the following details—

(a) the date the receipt was prepared,

(b) the number of the receipt,

(c) the name of the licensee, or, if appropriate, the business name under which the licensee conducts the conveyancing business, and the words “Trust Account”,

(d) the name of the person from whom the payment was received,

(e) the name and ledger reference number of the person on whose behalf the payment was made,

(f) particulars sufficient to identify the transaction for which the money was paid,

(g) the amount of trust money received and whether, or the extent to which, it was paid in cash, by cheque, by electronic funds transfer or otherwise.

(3) A copy of the details shown on the receipt must be made simultaneously—

(a) if the receipt is issued from the trust receipt book—on the machine-numbered duplicate form provided in the trust receipt book, or

(b) otherwise—in the cash book.

(4) Receipts must be prepared in the numerical order of the series to which the receipts belong.

(5) The original of a receipt must be given, on demand, to the person from whom the trust money is received.

(6) The licensee must keep—

(a) any original receipt that is not given to the person from whom the trust money is received, and

(b) any original receipt that is cancelled after the receipt is prepared, and

(c) duplicate receipts, other than receipts referred to in subsection (3)(b).

Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.