New South Wales Consolidated Regulations

PROPERTY, STOCK AND BUSINESS AGENTS REGULATION 2003 - REG 31

31 Trust account ledger trial balance

(1) A licensee must, within 21 days after the end of each named month, prepare a trial balance statement of all ledger accounts current as at the end of that month.

(2) The trial balance statement must:

(a) specify the month to which it refers and the date of its preparation, and

(b) list each ledger account that does not have a zero balance at the end of that month by stating the name of the principal, the reference number or other identification and the balance of the account at the end of the month, and

(c) show the total of the ledger account balances at the end of that month, and

(d) show a comparison between that total and the balance in the cash book reconciled with the balance in the trust account as required by clause 28 (6).

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