Australian Capital Territory Numbered Regulations Australian Capital Territory Numbered Regulations(1) The following particulars must be recorded in a law practice's trust account payments cash book in relation to each payment of trust money by cheque:
(a) the date and number of the cheque;
(b) the amount ordered to be paid by the cheque;
(c) the name of the person to whom the payment is to be made or, in the case of a cheque made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
(d) details clearly identifying the name of the person on whose behalf the payment was made and the matter reference;
(e) details clearly identifying the ledger account to be debited;
(f) particulars sufficient to identify the purpose for which the payment was made.
(2) The following particulars must be recorded in a law practice's trust accounts payments cash book in relation to each payment of trust money by electronic funds transfer:
(a) the date and number of the transaction;
(b) the amount transferred;
(c) the name and number of the account to which the amount was transferred and the relevant BSB number;
(d) the name of the person to whom the payment was made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
(e) details clearly identifying the name of the person on whose behalf the payment was made and the matter reference;
(f) details clearly identifying the ledger account to be debited;
(g) particulars sufficient to identify the purpose for which the payment was made.
(3) The particulars in relation to payments must be recorded in the order in which the payments are made.
(4) The particulars in relation to a payment must be recorded not later than 4 working days after the day the payment was made.
Example
If the payment is made on Monday, that day is not counted in working out the day by when the particulars in relation to the receipt must be recorded. To comply with s (4), the particulars in relation to the receipt must be recorded not later than Friday.
Note 1 See the Legislation Act, s 151 (Working out periods of time generally).
Note 2 An example is part of the regulation, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).