50Records for audit of trust account—the Act, s 95(2)

50 Records for audit of trust account—the Act, s 95(2)

50 Records for audit of trust account—the Act, s 95(2)

(1) A motor dealer who sells motor vehicles on consignment must keep the books and records necessary to enable the dealer’s trust accounts to be properly audited, including—

(a) a trust receipt book containing forms of receipt, machine-numbered consecutively in duplicate, and

(b) a trust bank, building society or credit union deposit book containing forms in duplicate, and

(c) a trust account cash book or its electronic equivalent.

Maximum penalty—20 penalty units.

(2) The motor dealer must keep the books and records for at least 6 years after the last entry is made in a book or record.

Maximum penalty—20 penalty units.