South Australian Consolidated Regulations South Australian Consolidated Regulations (1) For the purposes
of section 126(1)(c) of the Act, the detailed accounts of receipts and
disbursements of trust money to be compiled by an agent must comply with the
following requirements:
(a) a
cash receipts book must be kept in which the agent records the following
information in respect of each receipt of trust money:
(i)
the date and reference number of the receipt;
(ii)
the name of the person from whom the money is received;
(iii)
the name of the community corporation or reference to
which the transaction relates;
(iv)
brief particulars of the purpose of the receipt;
(v)
the amount of the receipt;
(b) a
cash payments book must be kept in which the agent records the following
information in respect of each payment of trust money:
(i)
the date and reference number of the cheque or electronic
transfer of funds by which the payment was made;
(ii)
the name of the payee;
(iii)
the community corporation's name or reference to which
the transaction relates;
(iv)
brief particulars of the purpose of the payment;
(v)
the amount of the cheque or electronic transfer of funds.
(2) However, an agent
need not keep a cash receipts book or a cash payments book as required by
subregulation (1) if the agent uses a computer program to record the
information referred to in that subregulation in respect of each receipt or
payment of trust money and the program—
(a)
requires input in each field of a data entry screen intended to receive
information in respect of a receipt or payment so that all of the information
referred to in subregulation (1) is recorded in respect of each receipt
and payment; and
(b) is
capable, at any time, of producing—
(i)
a report of the information in respect of receipts of
trust money in the order in which they were received; and
(ii)
a report of the information in respect of payments of
trust money in the order in which they were made.
(3) An agent who uses
a computer program as referred to in subregulation (2) must ensure
that—
(a) at
the end of each month, hard copies of each of the following reports are
produced:
(i)
a report of the information in respect of receipts of
trust money received during that month in the order in which they were
received;
(ii)
a report of the information in respect of payments of
trust money made during that month in the order in which they were made; and
(b)
those hard copies are kept as part of the agent's records.
(4) The records of
receipts and payments must be made by the agent in accordance with this
regulation in the order in which they are received or made, each such record
being made within 2 working days after the receipt or payment in question.
(5)
Subregulation (4) does not apply in relation to receipts or payments by
way of electronic transfer of funds, a record of which must be made within 2
working days after the agent receives official confirmation that the transfer
has occurred.