23Receipts for trust money—additional requirements for strata managing agents—the Act, s 86

23 Receipts for trust money—additional requirements for strata managing agents—the Act, s 86

23 Receipts for trust money—additional requirements for strata managing agents—the Act, s 86

If a strata managing agent issues a receipt for a payment received when acting as a strata managing agent, the agent must also show the following particulars on the receipt—

(a) if the payment is in relation to a contribution referred to in the Strata Schemes Management Act 2015, Part 5, Division 2 or the Community Land Management Act 2021, Part 5, Division 2—

(i) the fact it is made in relation to the contribution, and

(ii) a statement identifying the lot number, land or premises in relation to which the liability to make the contribution is imposed, and

(iii) if the contribution is a regular periodic contribution—the period in relation to which it is made,

(b) if the payment was received in relation to more than one matter—the apportionment of the payment between the matters,

(c) if the receipt is issued from a general trust receipt book—the name of the owners corporation or association for or on behalf of which the payment is received.

Maximum penalty—

(a) for a corporation—40 penalty units, or

(b) otherwise—20 penalty units.