28Trust account reports

28 Trust account reports

(1)  In this regulation –

reporting period means –

(a) the period of 6 months ending on 30 June each year; or

(b) the period of 6 months ending on 31 December each year;

trust account report means a written report required to be completed under subregulation (2)(a) or (3)(c).

(2)  If a property agent keeps a trust account at any time during the reporting period, the property agent must –

(a) complete a written report on the trust account in accordance with this regulation; and

(b) give the report to the Board within one month after the end of the reporting period to which the report relates.

Penalty:  Fine not exceeding 50 penalty units.

(3)  If, during a reporting period, a person –

(a) keeps a trust account at any time; and

(b) ceases to carry on the business of a property agent –

that person must –

(c) complete a written report on the trust account in accordance with this regulation; and

(d) give the report to the Board within one month after the person ceases to carry on the business of a property agent.

Penalty:  Fine not exceeding 50 penalty units.

(4)  A trust account report must include the following information:

(a) a statement by the person making the report that the person made all possible enquiries to ensure that the information provided is true and correct;

(b) a statement as to whether the trust account was reconciled in accordance with regulation 21 for each month during the reporting period in which the trust account was kept;

(c) a statement as to whether a schedule of invested trust money was prepared, if required, in accordance with regulation 22 during the reporting period;