As a registered conveyancer you are required to deposit monies received from your clients into a trust account in accordance with the rules under theConveyancers Regulations 2010. For instance, you must:
maintain a trust account - where you accept trust money and deposit it into an account approved by the Commissioner at a bank, building society or credit union
keep detailed records of trust money - by compiling detailed accounts of receipts and disbursements
withdraw money from a Trust Account - only under circumstances set out in the Act
issue accurate and detailed receipts - in the manner set out in the Act and the Regulations
arrange for accounts and records to be audited on an annual basis from the end of your last audit period - or in the case of a new registration, from the date of registration - until two months before the date upon which your annual return is due or a date nominated by you and approved by the Commissioner
ensure you do not act for both the transferor and transferee, or the grantor and grantee, of property or rights under a transaction
Audit Period:The Audit Period will end two months prior to the expiration of your registration/licence, unless otherwise approved. E.g: If your registration/licence expires 30 June 2017, the Audit Period will cover 1 May 2016 - 30 April 2017.
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