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LAND AGENTS ACT 1994 - SECT 22

LAND AGENTS ACT 1994 - SECT 22

22—Audit of trust accounts

        (1)         Subject to this section, an agent who maintains a trust account must—

            (a)         ensure that the accounts and records kept under this Division are audited by an auditor in respect of each audit period specified by regulation in accordance with the requirements prescribed by regulation; and

            (b)         lodge with the Commissioner a statement relating to the audit that sets out the information specified by regulation.

        (1a)         If no trust money was held in an agent's trust account during a particular audit period, no audit or statement is required under subsection (1) in relation to that period but the agent must make and lodge with the Commissioner a declaration, in a form approved by the Commissioner, setting out the reasons for not holding any money in the trust account during that period.

        (2)         An agent, who did not maintain a trust account during a particular audit period, must make and lodge with the Commissioner a declaration, in a form approved by the Commissioner, setting out the reasons for not maintaining a trust account during that period.

        (3)         An agent who—

            (a)         fails to have accounts and records audited as required; or

            (b)         fails to lodge an audit statement or a declaration required under this section within the time allowed by or under the regulations,

is guilty of an offence.

Maximum penalty: $20 000.

        (4)         Where an agent fails to lodge an audit statement or a declaration required under this section within the time allowed by or under the regulations, the Commissioner may, by notice in writing, require the agent to make good the default.

        (5)         Where the agent fails to comply with the notice within 28 days after service of the notice, the agent's registration is cancelled.

        (6)         The Commissioner must notify the agent of the cancellation of the agent's registration.