South Australian Current Acts South Australian Current Acts (1) An agent must keep
detailed records of all trust money received by the agent and of any
disbursement of, or other dealing with, that money and must compile detailed
accounts of those receipts and disbursements that—
(a)
accurately disclose the state of the trust account maintained by the agent;
and
(b)
enable the receipt and disposition of trust money to be conveniently and
properly audited; and
(c)
comply with all other requirements specified by regulation.
Maximum penalty: $8 000.
(2) In particular,
the agent must, in respect of the receipt of trust money—
(a) make
available to the person making payment a receipt that sets out the information
specified by regulation in the form specified by regulation; and
(b) make
and retain a copy of the receipt as part of the agent's records.
Maximum penalty: $8 000.
(3) An agent must, at
the request of a community corporation, provide the corporation, within
5 business days after the making of the request, with a statement setting
out details of dealings by the agent with the corporation's money.
Maximum penalty: $500.
(4) An agent must keep
the accounts and records referred to in this section (including copies of
receipts under subsection (2)(b)) in a legible written form, or so as to
be readily convertible into such a form, for at least five years.
Maximum penalty: $8 000.