10Form of trust account receipt

10 Form of trust account receipt

(1)  A trust account receipt is to –

(a) have printed on it –

(i) the property agent's name or the business name under which the property agent carries on business; and

(ii) the ABN or ACN for the property agent or business named; and

(iii) the receipt number; and

(iv) the words "trust account"; and

(b) state –

(i) the date on which the trust money was received; and

(ii) the name of the person on whose behalf the money was paid; and

(iii) the transaction to which the money relates; and

(iv) the form in which the money was received; and

(v) the amount of money received; and

(c) be signed by –

(i) the property agent; or

(ii) a person approved by the property agent to act for or on behalf of the property agent.

(2)  A property agent must ensure that trust account receipts are –

(a) consecutively numbered; and

(b) printed with those numbers by a machine.

Penalty:  Fine not exceeding 50 penalty units.

(3)  A property agent must make at least one duplicate of each trust account receipt.

Penalty:  Fine not exceeding 50 penalty units.