Property Agents and Land Transactions Regulations 2017
17Payment records in trust account cash books
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17 Payment records in trust account cash books
A property agent must ensure that the following details in respect of each payment of trust money out of the trust account are recorded in the trust account cash book:
(a) the date on which the payment was made;
(b) the name of the person to whom the payment was made;
(c) the amount of money paid;
(d) the reason the money was paid;
(e) the folio reference of the ledger account from which the payment was debited;
(f) if the payment was made by cheque, the number of the cheque;
(g) if the payment was made by electronic funds transfer, the reference number issued by the authorised deposit-taking institution, or a relevant journal or reference number, in respect of the payment.
Penalty: Fine not exceeding 50 penalty units.