29Deposit records for trust money

29 Deposit records for trust money

(1)  This regulation applies if a law practice receives trust money that is required to be paid into a general trust account and the money is not paid into a general trust account by direct deposit.

(2)  A deposit record must be produced to the approved ADI at the time the deposit is made.

(3)  The following particulars must be recorded on the deposit record:

(a) the date of the deposit;

(b) the amount of the deposit;

(c) whether the deposit consists of cheques, notes or coins (and the amount of each);

(d) for each cheque –

(i) the name of the drawer of the cheque; and

(ii) the name and branch (or BSB number) of the ADI on which the cheque is drawn; and

(iii) the amount of the cheque.

(4)  The deposit record must be made out in duplicate, whether by way of making a carbon copy or otherwise.

(5)  The duplicate deposit record must be kept for each deposit to the general trust account and must be kept in a deposit book or be otherwise securely filed in the order in which the deposits were made.