Trust account receipts - settlement agents

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Property industry

Settlement Agents Act 1981

50. Receipts and accounting to principal

  1. When a settlement agent receives money for or on behalf of any other person, the agent shall
    1. unless the money is received by electronic transfer, immediately give to the person paying the money a receipt containing such information as is prescribed; and
    2. keep a record of the money received. 
  2. A record under subsection (1)(b) shall be kept in the prescribed manner and contain such information as is prescribed.
  3. The settlement agent shall produce records kept under subsection (1)(b) to the auditor at every audit, and at such other times as the auditor may reasonably require.
  4. [(4) repealed]
  5. Subsection (3) does not apply in the case of a settlement agent if the settlement agent’s auditor certifies to the Board that he is satisfied with the system employed by the settlement agent and that the records of moneys received are so kept and entered up as to enable the accounts to be properly and conveniently audited, and the Board approves of the system employed by the settlement agent of recording the receipt of moneys.
  6. On receipt of any moneys by a settlement agent in respect of a settlement, he shall render to the person on whose behalf the money is received an account in writing of all such moneys and of the application thereof.


Settlement Agents Regulations 1982

6E. Content of receipts (Act s. 50(1)(a))

A receipt given under section 50(1)(a) of the Act shall contain the following information

  1. the name of the holder of the triennial certificate, and any business name of that holder, recorded in the register;
  2. a number or letter, or a combination of both, in consecutive order that allows the receipt to be uniquely identified;
  3. the date on which the money is received;
  4. the name of the person paying the money;
  5. the amount of money received;
  6. a brief description of the purpose of the payment; and
  7. if the receipt is hand-written, the name of the person receiving the money evidenced by the signature of that person.


[Regulation 6E inserted in Gazette 25 Jun 1996 p. 2927.]

Consumer Protection
Last updated 29 Aug 2018

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