Real Estate and Business Agents Act 1978

Every agent who holds a current triennial certificate must maintain at least 1 trust account exclusively for the purposes of this Act, designated or evidenced as such, in the prescribed manner, with an authorised financial institution and must, as soon as practicable, pay to the credit of that account or those accounts all moneys received by the agent for or on behalf of any other person in respect of transactions.

Moneys so paid into any such trust account shall not be available for the payment of the debt of any other creditor of the agent, or be liable to be attached or taken in execution under the order or process of any court at the instance of any such creditors.

An agent may pay out of a trust account such of the proper charges relating to transactions as are payable by the persons on whose behalf the moneys are received but may do so only when those charges lawfully fall due.

Moneys received by an agent for or on behalf of another person in respect of a transaction shall not be withdrawn from a trust account except for the purposes of the transaction, or as otherwise authorised by this Act, or as otherwise authorised by the person or persons lawfully entitled to the moneys.

An agent shall pay moneys withdrawn from a trust account to the person or persons lawfully entitled or authorised to receive them.

An agent shall —

keep full and accurate accounts of all money received or held by him on account of any other person and of all payments made by him of that money; and

before the end of the next business day after the day on which the money is received or paid, enter in the accounts particulars of the amount so received or paid and the person from whom it was so received or to whom it was so paid; and

keep the accounts in such manner that they can be conveniently and properly audited; and

correctly balance the accounts at the end of each month.