Property Agents and Land Transactions Amendment Regulations 2012
I, the Governor in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, make the following regulations under the Property Agents and Land Transactions Act 2005 .
18 June 2012PETER G. UNDERWOOD
Governor
By His Excellency's Command,
NICK MCKIM
Minister for Corrections and Consumer Protection
PART 1 - Preliminary
These regulations may be cited as the Property Agents and Land Transactions Amendment Regulations 2012 .
(1) Except as provided by this regulation, these regulations take effect on the day on which the making of these regulations is notified in the Gazette.(2) Part 3 takes effect on 1 July 2012.
PART 2 - Property Agents and Land Transactions Regulations 2006 Amended
In this Part, the Property Agents and Land Transactions Regulations 2006 are referred to as the Principal Regulations.
4. Regulation 3 amended (Interpretation)
Regulation 3(1) of the Principal Regulations is amended by omitting the definition of personal representative and substituting the following definition:personal representative, of a deceased person, means the executor or administrator of the estate of the deceased person;
5. Regulation 6 amended (Supervision of trust accounts)
Regulation 6(1)(c)(i) of the Principal Regulations is amended by inserting "complete and" after "is".
6. Regulation 9 amended (Trust account receipts to be issued)
Regulation 9 of the Principal Regulations is amended as follows:(a) by inserting the following subregulation after subregulation (3) :(3A) However, if a trust account receipt is not required to be issued on the receipt of trust money, the property agent must –(a) assign a unique reference number to the money received; and(b) in each place a trust account receipt number is required to be recorded, record the unique reference number in place of the trust account receipt number.(b) by inserting the following subregulation after subregulation (4) :(5) If an interim receipt is issued in respect of trust money, the interim receipt number must be recorded on any trust account receipt issued in respect of that trust money.
7. Regulation 10 amended (Form of trust account receipt)
Regulation 10(1) of the Principal Regulations is amended as follows:(a) by omitting subparagraph (i) from paragraph (a) and substituting the following subparagraph:(i) the property agent's name or the business name under which the property agent carries on business; and(b) by omitting from paragraph (b)(i) "the date on which the receipt was issued and";(c) by omitting subparagraph (ii) from paragraph (b) and substituting the following subparagraph:(ii) the name of the person on whose behalf the money was paid; and
8. Regulation 11 amended (Record of trust account deposit to be kept)
Regulation 11(2)(a) of the Principal Regulations is amended by omitting subparagraph (i) and substituting the following subparagraph:(i) the property agent's name or the business name under which the property agent carries on business; and
9. Regulation 13 amended (Trust account cheques)
Regulation 13(1)(a) of the Principal Regulations is amended by omitting subparagraph (i) and substituting the following subparagraph:(i) the property agent's name or the business name under which the property agent carries on business; and
10. Regulation 14 amended (Payments by electronic funds transfer)
Regulation 14(1) of the Principal Regulations is amended by omitting paragraph (b) and substituting the following paragraph:(b) the transfer is authorised by –(i) the person in charge of the business premises at which the payment is made; or(ii) a person acting for or on behalf of the person in charge of those business premises with the approval of the person in charge.
11. Regulation 16 amended (Receipt records in trust account cash books)
Regulation 16 of the Principal Regulations is amended as follows:(a) by omitting from paragraph (a) "the date on which the receipt is issued and";(b) by omitting from paragraph (b) "and the name of the person who pays the money if not that person";(c) by inserting in paragraph (f) "or any other direct deposit" after "transfer";(d) by omitting paragraph (g) and substituting the following paragraph:(g) if the money was received by electronic funds transfer or any other direct deposit, the unique reference number assigned to the trust money under regulation 9(3A) .
12. Regulation 17 amended (Payment records in trust account cash books)
Regulation 17(g) of the Principal Regulations is amended by omitting "institution for the funds transfer transaction" and substituting "institution, or a relevant journal or reference number, in respect of the payment".
13. Regulation 21 amended (Monthly reconciliations)
Regulation 21 of the Principal Regulations is amended as follows:(a) by inserting in subregulation (1) "at least once in" after "account";(b) by omitting from subregulation (2) "reconciles" and substituting "must reconcile";(c) by omitting paragraph (b) from subregulation (2) and substituting the following paragraph:(b) preparing a schedule to reconcile the balance of the trust account cash books calculated under paragraph (a) with the balance of the trust account –(i) as specified in the statements issued by the approved institution; and(ii) taking into account unpresented payments, deposits in transit and other adjustments; and(d) by omitting from subregulation (2)(c)(iii) "matched amount in paragraph (b) " and substituting "balances referred to in paragraphs (a) and (b) ".
14. Regulation 22 amended (Schedule of invested trust money)
Regulation 22 of the Principal Regulations is amended as follows:(a) by omitting from subregulation (2)(a) "joint";(b) by inserting in subregulation (2)(b) "for and on behalf of the parties to the transaction" after "invested";(c) by inserting in subregulation (3) "reconciled under regulation 21 " after "accounts".
15. Regulation 23 amended (Where trust account records are to be kept)
Regulation 23 of the Principal Regulations is amended by omitting subregulation (2) and substituting the following subregulation:(2) Despite subregulation (1) , if a property agent carries on business at more than one location, the trust account records for each place of business may be kept at the respective location if the Board approves.
16. Regulation 24 amended (Records may be prepared and stored electronically)
Regulation 24(2) of the Principal Regulations is amended by omitting paragraph (b) and substituting the following paragraph:(b) at least once in each calendar month, separate the electronic trust account records into individual accounts for each month; and
17. Regulation 28 amended (Trust account reports)
Regulation 28 of the Principal Regulations is amended as follows:(a) by omitting from subregulation (3)(d) "credit balances" and substituting "credit balances or debit transactions";(b) by omitting from subregulation (6)(d) "manager." and substituting "manager; or";(c) by inserting the following paragraph after paragraph (d) in subregulation (6) :(e) if the property agent is a general auctioneer and a body corporate, a director of the body corporate who is individually named in the Register as a general auctioneer.
18. Regulation 29 amended (Investment of trust money)
Regulation 29 of the Principal Regulations is amended by omitting paragraph (b) and substituting the following paragraph:(b) the trust money is invested for and on behalf of the parties to the transaction; and
19. Regulation 41 amended (Accounts and reports)
Regulation 41 of the Principal Regulations is amended by omitting subregulation (2) and substituting the following subregulation:(2) By 30 September in each year, the Trust is to prepare the financial statements for the immediately preceding financial year ending on 30 June and have those statements audited by an auditor.
PART 3 - Property Agents and Land Transactions Regulations 2006 Further Amended
In this Part, the Property Agents and Land Transactions Regulations 2006 are referred to as the Principal Regulations.
21. Regulation 44 amended (Fees)
Regulation 44(2) of the Principal Regulations is amended by omitting "inclusive" and substituting "exclusive".
Displayed and numbered in accordance with the Rules Publication Act 1953.
Notified in the Gazette on 27 June 2012
These regulations are administered in the Department of Justice.
EXPLANATORY NOTE
(This note is not part of the regulation)
These regulations amend the Property Agents and Land Transactions Regulations 2006 by –(a) specifying who is the personal representative of a person in certain circumstances; and(b) altering the reporting period for the Property Agents Trust from calendar year to financial year; and(c) simplifying certain record-keeping requirements; and(d) altering the GST status of fees specified in those regulations.