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.