Property Agents and Land Transactions Regulations 2017

A property agent must reconcile the property agent's trust account at least once in each calendar month. Fine not exceeding 50 penalty units.

A property agent must reconcile a trust account by – calculating the balance of the trust account cash books; and preparing a schedule to reconcile the balance of the trust account cash books calculated under paragraph (a) with the balance of the trust account – as specified in the statements issued by the approved institution; and taking into account unpresented payments, deposits in transit and other adjustments; and preparing a schedule of the property agent's ledger accounts that – records the name of each client, property or transaction for whom the property agent holds trust money; and states the amount of money held in each ledger account; and results in a total amount held in the trust account that is equal to the balances referred to in paragraphs (a) and (b) when the amounts specified in the schedule are tallied. Fine not exceeding 50 penalty units.