South Australian Consolidated Acts South Australian Consolidated Acts (1) 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.
(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 the audit statement or declaration 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 the audit statement or declaration within the time allowed by
or under the regulations, the Commissioner may, by notice in writing, require
the agent to make good the default and, in addition, to pay to the
Commissioner the amount fixed by the regulations as a civil penalty for 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.
(7) An agent is not
liable to both a civil penalty and a criminal penalty in respect of the same
default under this section and, consequently, payment of the civil penalty
exonerates the agent from liability to a criminal penalty and payment of a
criminal penalty exonerates the agent from liability to the civil penalty.