20Ledger accounts

20 Ledger accounts

(1)  The trust account ledger is to contain a separate account for each person, property or transaction in respect of which the property agent holds trust money.

(2)  For each ledger account, a property agent must –

(a) clearly identify the person, property or transaction for which the ledger account is kept; and

(b) if the ledger account is identified by the person or property, record a description of the transaction for which the ledger account is kept; and

(c) at all times, have sufficient information to enable calculation of the amount of the trust money held by the property agent in respect of which the ledger account is kept.

Penalty:  Fine not exceeding 50 penalty units.

(3)  Despite subregulation (1) , a general auctioneer, or real estate agent, conducting a chattel auction is not required to keep a ledger account for each party to the auction if –

(a) the auctioneer or agent keeps a ledger account in respect of the auction as a whole; and

(b) the transactions in the ledger account are clearly identifiable as transactions that relate to the auction; and

(c) the ledger account in respect of each auction is balanced independently from other ledger accounts.