Document ID: chunk:federal_register_of_legislation:F2023C00203:clause:6_39
Version: federal_register_of_legislation:F2023C00203
Segment Type: clause
Provision Reference: sch 6 cl 39
Character Range: 101257–103369

39  Receipt of trust money
 (1) For the purposes of paragraph 125(2)(a), the receipt that a manager must make available to a person making a payment of trust money must:
 (a) be legibly written on a form comprised in a series of consecutively pre‑numbered duplicate receipt forms marked with the name of the manager and the words "Trust Account"; and
 (b) contain the following information:
 (i) in the case of a payment made by electronic transfer of funds into a manager's trust account—the date on which the manager makes out the receipt;
 (ii) in any other case—the date of the payment;
 (iii) the name of the person making the payment;
 (iv) whether the payment is by cash, cheque, bank cheque or electronic transfer of funds into the manager's trust account and, if the payment is by cheque or bank cheque, the name of the drawer of the cheque;
 (v) the name of the body corporate for whom the money is received;
 (vi) brief particulars of the purpose of the payment;
 (vii) the amount of the payment.
 (2) A manager need not comply with paragraph (1)(a) if the manager uses a computer program to make out the receipt and the program:
 (a) automatically produces in chronological sequence consecutively numbered receipts marked with the name of the manager and the words "Trust Account"; and
 (b) automatically makes a separate contemporaneous record of the receipt so that, at any time, a hard copy of the receipt may be produced; and
 (c) requires input in each field of a data entry screen intended to receive information for the purposes of producing the receipt so that each receipt contains all of the information required by paragraph (1)(b).
 (3) A manager must make out a receipt in accordance with this clause:
 (a) in the case of a payment made by electronic transfer of funds into a manager's trust account—immediately the manager receives official confirmation that the payment has been made (whether that is by way of receipt by the manager of a statement from a financial institution or some other way, whichever occurs sooner); or
 (b) in any other case—immediately on receipt of payment.