New South Wales Consolidated Regulations

PROPERTY, STOCK AND BUSINESS AGENTS REGULATION 2003 - REG 30

30 Trust account ledger

(1) A licensee must maintain a separate ledger account for trust money received on behalf of or paid to each principal.

(2) The ledger account must include the name of the principal, a reference number or other identification and particulars of each transaction affecting trust money.

(3) Those particulars must include the following:

(a) the date of the transaction,

(b) a description of the transaction,

(c) particulars sufficient to identify the trust record originating the transaction,

(d) the amount of the transaction,

(e) the resulting current balance of account arising from the transaction.

Maximum penalty: 40 penalty units in the case of a corporation or 20 penalty units in any other case.