10Meaning of client money

10 Meaning of client money

(1) Client money, in relation to a service agreement, is an amount (including a fee or an amount for disbursements) that: (a) a responsible migration agent in relation to the agreement; or (b) a member of the business of a responsible migration agent in relation to the agreement; receives from a client covered by the agreement for work or services performed, or to be performed, under the agreement. (2) If: (a) either: (i) a registered migration agent (the original agent); or (ii) a member of the business of a registered migration agent (the original agent); receives client money in relation to a service agreement; and (b) the original agent, or a member of the original agent’s business, refunds some or all of that client money at the instruction of a client or former client of the original agent by transferring an amount to: (i) another migration agent (the receiving agent); or (ii) a member of the business of another migration agent (the receiving agent); and (c) the receiving agent is or becomes a responsible migration agent in relation to a service agreement that covers the client; the amount is taken to have been received by the receiving agent, or the member of the receiving agent’s business mentioned in subparagraph (b)(ii), from the client for work or services performed, or to be performed, under the service agreement mentioned in paragraph (c).

Note: An effect of subsection (2) is that the amount is taken to be client money in relation to the service agreement mentioned in paragraph (c).