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Dealing with Trust Money
in the simplest of terms, or to put simply, trust money is money that you hold, that belongs to someone else. So for real estate agents, trust money are most commonly: deposits to purchase property, and rents received from tenants.
What am I required to do with trust money?
What is trust money?
Where trust money has been received by an agent who is licensed under the Property Occupations Act 2014, then the money must be deposited into a trust account in compliance with the requirements of the Agents Financial Administration Act 2014
" Trust Money" is defined in the legislation (Schedule 1) as "...an amount that was, or ought, under this Act, to have been, deposited in a trust account by an agent". In simple terms it means money that has been received by an agent which belongs to someone else. This includes money that has been paid a person (group of persons or a corporation etc.) that is to be dealt with in some way or form, for or on behalf of someone other than the agent, or the person from whom the money was received.
Operating a Trust Account
Withdrawing moneys held in trust (Payments)
Receiving Trust Money (Receipts)
Reg12
Reg11
Reg10
Reg9
Reg8
Reg7
Trust Money
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Closing a Trust Account
Opening a Trust Account
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Reg 14
Reg 13
Payments/Withdrawals made from the trust account by Cheque
Reg 12
If money is deposited into the trust account by means of:-
(b) all other means - the agent must ensure a copy of the deposit form is kept in the trust account records
(a) electronic transfer - then the agent must obtain at least weekly a report from the bank showing the transactions into the trust account and ensure the transaction report statement is retained in the trust account records
Reg 11
Trust Deposit Forms must be completed which contain
(d) if trust money received is by way of a cheque, the name of the drawer and the name and branch of the financial institution the cheque is from
(c) signature of the person who made the deposit
(b) amount
(a) name and account number of the trust account
Reg 10
When dealing with trust account receipt forms, agents must ensure:-
(e) if a trust receipt form is cancelled, the cancelled receipt must be kept in the agents records and a note or brief description
(d) a duplicate trust account receipt form is kept in the agents records
(c) the trust receipt form is given to the person who paid the trust money - if requested
(b) receipts are only used for receipt of trust money (or an amount of money that includes both trust money and non-trust money)
(a) the receipt forms contain all the items listed regulation 9
Reg 9
Trust Receipt Forms must include
(j) if for rent, the address of the rented premises and the date or period the rent payment relates to
(i) a description of how the money was received - e.g. cash, EFT, cheque etc
(h) amount of money - expressed in numbers
(g) brief description of the matter or reason the trust money has been received (i.e. what it is for or what it relates to)
(f) a name (or identifying code) of the person on whose behalf the money is received
(e) name of the person the receipt is completed for
(d) the name of the person completing the trust account receipt form and if the receipt is in hard (printed) copy the persons signature
(c) the date the trust money was received and the date the trust account receipt was completed
(b) licence number of the agent
(a) name of the agent
Reg 8
Requirement to complete trust account receipt form
8(b) or immediately when receiving trust money
8(a) as soon as an agent becomes aware that money has been paid (received into the trust bank account
Reg 7
Trust Account Receipt heading requirements
7(2) duplicate trust account receipt forms must contain the words "Office Copy" or "Duplicate Copy"
7(1)(b) must be consecutively numbered
7(1)(a) must state "Agents Financial Administration Act 2014 Trust Account Receipt"
Reg 6
Must maintain a register of trust account receipt forms, and update changes to receipt forms held within 2 days
Reg 5
Entries in Books and accounts must only be in relation to carrying on a business as an agent
Reg 4
Using Software to maintain Books, Accounts and Records
4(5) Retain hard copies of account ledgers prior to deletion from the accounting system
4(4) Hard copies must be made within 5 business days after the end of each month
(c) reconciliation reports (to the trust creditor balances)
(b) reconciliation reports (to the trust bank statement balances)
(a) trust ledger balances
4(3) must keep details in chronological sequence
(d) trust account and BSB numbers
(c) amount
(b) transaction description details
(a) name and address detiails
4(2) must ensure that ledgers cannot be deleted unless they have a zero balance and a copy of the ledger is maintained
4(1) applies for computer accounting systems
Reg 3
Books and Records to be maintained
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3(2) Must be maintained in a way than can be properly audited
3(1) Books, accounts & records that must be kept
(g) accurate accounts of amounts paid and received
(f) journal book - with pages and entries consecutively numbered
(e) ledger book
(d) cash book
(c) deposit forms in duplicate
(b) consecutively numbered receipts in duplicate
(a) register of trust receipt forms
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