Victorian Numbered Regulations

ESTATE AGENTS (GENERAL, ACCOUNTS AND AUDIT) REGULATIONS 2018 (SR NO 48 OF 2018)

TABLE OF PROVISIONS

   PART 1--INTRODUCTORY

   1.      Objectives  
   2.      Authorising provision  
   3.      Commencement  
   4.      Revocation  
   5.      Definitions  

   PART 2--NOTIFICATION OBLIGATIONS AND FORMS

   6.      Notification of ineligibility  
   7.      Statement under section 51(1A) of the Act  
   8.      Statement to be given on sale of small business  
   9.      Embargo notice  

   PART 3--TRUST ACCOUNTS

           Division 1--General trust accounting

   10.     Establishment of trust account  
   11.     Estate agent's use of trust money  
   12.     Estate agent's notification of trust account deficiency  
   13.     Register of trust receipts  
   14.     Trust receipts  
   15.     Approval of alternative arrangement for duplicate receipts under section 63(3) of the Act  
   16.     Approval of alternative numbering of receipts under section 63(3B) of the Act  
   17.     Trust account deposit forms  
   18.     Register of trust cheques  
   19.     Record of trust money payments by cheque  
   20.     Record of trust money payments by electronic funds transfer  
   21.     Journal references  
   22.     Trust account cash receipts journal  
   23.     Trust account cash payments journal  
   24.     Recording transactions in the trust ledger accounts  
   25.     Transfer journal  
   26.     Trust account reconciliation statements  
   27.     Register of securities  

           Division 2--Computerised accounting system

   28.     Application  
   29.     Chronological record of information to be made  
   30.     Requirements regarding computerised accounting system controls  

           Division 3--Records

   31.     Records to be retained  
   32.     Backup of electronic records  

           Division 4--Audit of trust accounts

   33.     Trust account reconciliation statements to be produced  
   34.     Production of statements required by section 64(10) and (13) of the Act  
   35.     Trust account receipts—cessation of business  
   36.     Auditor's notification of trust account deficiency  

   PART 4--VICTORIAN PROPERTY FUND

   37.     Disallowance of a claim against the Fund  

   PART 5--INFRINGEMENT OFFENCES

   38.     Infringement offences and infringement penalties  
           SCHEDULE 1
           SCHEDULE 2
           ENDNOTES