sec.62Exemption from requirement on law practice to have its trust records externally examined— Act , s 268

### sec.62 Exemption from requirement on law practice to have its trust records externally examined— Act , s 268 This section applies to a law practice if the only trust money received or held by the law practice during a financial period is either or both of the following— transit money; money received into or held in a PEXA source account. The law practice is exempt from the requirement to have its trust records for the financial period externally examined under section 268 (1) of the Act . In this section— conveyancing transaction see the ECNL (Qld) , section 3 (1) . ECNL (Qld) means the Electronic Conveyancing National Law (Queensland) as defined in the Electronic Conveyancing National Law (Queensland) Act 2013 , section 3 (2) . PEXA means Property Exchange Australia Limited ACN 140 677 792. PEXA Electronic Lodgment Network means an Electronic Lodgment Network provided and operated by PEXA as a person approved as an Electronic Lodgment Network Operator under the ECNL (Qld) , section 15 . PEXA source account means an account, to hold trust money, that is— maintained by PEXA with an authorised deposit-taking institution within the meaning of the Banking Act 1959 (Cwlth) ; and used by PEXA to receive and hold funds that are paid into that account for use in a settlement of a conveyancing transaction using the PEXA Electronic Lodgment Network. (sec.62-ssec.1) This section applies to a law practice if the only trust money received or held by the law practice during a financial period is either or both of the following— transit money; money received into or held in a PEXA source account. (sec.62-ssec.2) The law practice is exempt from the requirement to have its trust records for the financial period externally examined under section 268 (1) of the Act . (sec.62-ssec.3) In this section— conveyancing transaction see the ECNL (Qld) , section 3 (1) . ECNL (Qld) means the Electronic Conveyancing National Law (Queensland) as defined in the Electronic Conveyancing National Law (Queensland) Act 2013 , section 3 (2) . PEXA means Property Exchange Australia Limited ACN 140 677 792. PEXA Electronic Lodgment Network means an Electronic Lodgment Network provided and operated by PEXA as a person approved as an Electronic Lodgment Network Operator under the ECNL (Qld) , section 15 . PEXA source account means an account, to hold trust money, that is— maintained by PEXA with an authorised deposit-taking institution within the meaning of the Banking Act 1959 (Cwlth) ; and used by PEXA to receive and hold funds that are paid into that account for use in a settlement of a conveyancing transaction using the PEXA Electronic Lodgment Network. - (a) transit money; - (b) money received into or held in a PEXA source account. - (a) maintained by PEXA with an authorised deposit-taking institution within the meaning of the Banking Act 1959 (Cwlth) ; and - (b) used by PEXA to receive and hold funds that are paid into that account for use in a settlement of a conveyancing transaction using the PEXA Electronic Lodgment Network.