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Regulations Checklists Summary

Regulations

Reg 3

Books and Records to be maintained

3(1) Books, accounts & records that must be kept

(a) register of trust receipt forms

(b) consecutively numbered receipts in duplicate

(c) deposit forms in duplicate

(d) cash book

(e) ledger book

(f) journal book - with pages and entries consecutively numbered

(g) accurate accounts of amounts paid and received

3(2) Must be maintained in a way than can be properly audited

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Reg 4

Using Software to maintain Books, Accounts and Records

4(1) applies for computer accounting systems

4(2) must ensure that ledgers cannot be deleted unless they have a zero balance and a copy of the ledger is maintained

4(3) must keep details in chronological sequence

(a) name and address detiails

(b) transaction description details

(c) amount

(d) trust account and BSB numbers

4(4) Hard copies must be made within 5 business days after the end of each month

(a) trust ledger balances

(b) reconciliation reports (to the trust bank statement balances)

(c) reconciliation reports (to the trust creditor balances)

4(5) Retain hard copies of account ledgers prior to deletion from the accounting system

Reg 5

Entries in Books and accounts must only be in relation to carrying on a business as an agent

Reg 6

Must maintain a register of trust account receipt forms, and update changes to receipt forms held within 2 days

Reg 7

Trust Account Receipt heading requirements

7(1)(a) must state "Agents Financial Administration Act 2014 Trust Account Receipt"

7(1)(b) must be consecutively numbered

7(2) duplicate trust account receipt forms must contain the words "Office Copy" or "Duplicate Copy"

Reg 8

Requirement to complete trust account receipt form

8(a) as soon as an agent becomes aware that money has been paid (received into the trust bank account

8(b) or immediately when receiving trust money

Reg 9

Trust Receipt Forms must include

(a) name of the agent

(b) licence number of the agent

(c) the date the trust money was received and the date the trust account receipt was completed

(d) the name of the person completing the trust account receipt form and if the receipt is in hard (printed) copy the persons signature

(e) name of the person the receipt is completed for

(f) a name (or identifying code) of the person on whose behalf the money is received

(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)

(h) amount of money - expressed in numbers

(i) a description of how the money was received - e.g. cash, EFT, cheque etc

(j) if for rent, the address of the rented premises and the date or period the rent payment relates to

Reg 10

When dealing with trust account receipt forms, agents must ensure:-

(a) the receipt forms contain all the items listed regulation 9

(b) receipts are only used for receipt of trust money (or an amount of money that includes both trust money and non-trust money)

(c) the trust receipt form is given to the person who paid the trust money - if requested

(d) a duplicate trust account receipt form is kept in the agents records

(e) if a trust receipt form is cancelled, the cancelled receipt must be kept in the agents records and a note or brief description

Reg 11

Trust Deposit Forms must be completed which contain

(a) name and account number of the trust account

(b) amount

(c) signature of the person who made the deposit

(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

Reg 12

If money is deposited into the trust account by means of:-

(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

(b) all other means - the agent must ensure a copy of the deposit form is kept in the trust account records

Reg 13

Payments/Withdrawals made from the trust account by Cheque

Reg 14

Reg 15

Reg 16

Reg 17

Reg 18

Reg 19

Reg 20

Reg 21

Reg 22

Reg 23

Reg 24

Reg 25

Reg 26

Reg 27

Reg 28

Reg 29

Reg 30

Reg 31

Regulation Videos

Agents Fact Sheets

Opening a Trust Account

Closing a Trust Account

Audit Requirements

Operating a Trust Account

Manual Accounting Records

Computerised Accounting System

Trust Money

Receiving Trust Money (Receipts)

Reg7

Reg8

Reg9

Reg10

Reg11

Reg12

Withdrawing moneys held in trust (Payments)

Dealing with Trust Money

" 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.

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

What is trust money?

What am I required to do 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.

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