22Receipts for trust money—the Act, s 86

#### 22 Receipts for trust money—the Act, s 86 22 Receipts for trust money—the Act, s 86 > > (1) A licensee must, immediately on receiving trust money, prepare or cause to be prepared a receipt for the trust money. > > > (2) When the receipt is prepared— > > > > > (a) from the trust receipt book—a copy of the entries made on the receipt must be made simultaneously on the machine-numbered duplicate form provided in the book, or > > > > > (b) otherwise than from a trust receipt book—a copy of the entries made on the receipt must be made simultaneously in the record required to be kept by section 27. > > > (3) The following particulars must be shown on the receipt— > > > > > (a) the date of issue, > > > > > (b) the number of the receipt in numerical sequence, > > > > > (c) the name of the licensee and the words “Trust Account”, > > > > > (d) the name of the person from whom the payment was received, > > > > > (e) the name and ledger reference number of the person on behalf of whom the payment was made, > > > > > (f) particulars sufficient to identify the transaction in relation to which the money was paid, > > > > > (g) the amount of money received, > > > > > (h) whether, or the extent to which, the money was paid in cash, by cheque, by electronic funds transfer or otherwise. > > > (4) When a receipt is issued by a licensee for rent collected, the receipt must also show— > > > > > (a) the date to which rent has been calculated, and > > > > > (b) the position of the rental account at that date. > > > (5) Receipts must be prepared in the numerical order of the series to which they belong. > > > (6) The original of a receipt must be issued, on demand, to the person from whom the trust money is received. > > > (7) A licensee must keep the following— > > > > > (a) an original receipt that is not issued to the person from whom the trust money is received, > > > > > (b) an original receipt that is cancelled after it is prepared, > > > > > (c) duplicate receipts, unless an electronic record of receiving the money was made as soon as practicable after the money was received. > > Maximum penalty— > > > (a) for a corporation—40 penalty units, or > > > (b) otherwise—20 penalty units.