38Accounting records

38 Accounting records (1) A licensed dealer shall keep the accounting and other records that disclose particulars of all trust money received or paid by the dealer. Maximum penalty: 20 penalty. (2) A licensed dealer shall— (a) keep those records— (i) at the place where the dealer carries on business in the ACT; or (ii) if the dealer carries on business at more than 1 place of business in the ACT—at the dealer’s principal place of business in the ACT; or (iii) with the approval of the commissioner, at another place in the ACT; and (b) cause those records to be kept in a way that they can be conveniently and properly audited; and (c) preserve those records for a period of 7 years. Maximum penalty: 20 penalty.

(3) It is sufficient compliance with subsection (1) if a licensed dealer, within 7 days after the day when any trust money is received or paid, enters in the records referred to in that subsection the particulars of the money.