32Exemptions

32 Exemptions

(1)  Regulation 31(1) does not apply in respect of trust account records kept by a property agent in an audit year if the property agent has given a declaration in an approved form to the Board stating that the property agent did not receive or hold trust money during the audit year.

(2)  Regulation 31(2) does not apply in respect of trust account records kept by a property agent who ceases to carry on the business of a property agent if the property agent has given a declaration in an approved form to the Board stating that the property agent did not receive or hold trust money during the prescribed period.

(3)  Regulation 31(3) does not apply in respect of trust account records kept by a deceased property agent prior to his or her death if the personal representative of the deceased property agent has given a declaration in an approved form stating that the deceased property agent did not receive or hold trust money during the prescribed period.

(4)  A declaration under this regulation is to be given to the Board –

(a) in the case of a property agent carrying on the business of a property agent, within –

(i) 3 months after the end of the audit year; or

(ii) a longer period as determined by the Board; and

(b) in the case of a person who ceases to carry on the business of a property agent, or a property agent who dies, within –

(i) 3 months after the end of the prescribed period; or

(ii) a longer period as determined by the Board.