Notification of opening a trust account - Settlement agent

Notification of opening a trust account - Settlement agents

SETTLEMENT AND BUSINESS AGENTS Part IV Settlement Agents Act 1981

Agents should advise the Commissioner for Consumer Protection as soon as practicable or within five working days when a trust account is opened. Note that this is not required for separate interest bearing trust accounts. Lodge this form by email to audits@demirs.wa.gov.au, by fax (08) 6251 2801, or by post to Locked Bag 100, EAST PERTH WA 6892.

The designation of the trust account must include the name of the holder of the triennial certificate, business name of the holder of the triennial certificate (if any), the description “SA Trust Account” and the letters “TC” followed by the triennial certificate number

Examples of Trust Account titling

Agents  are required to include the following information in the account  title:

Name type: Entity name trading as (or 'T/A'') and business name as recorded on the triennial certificate SA TRUST AC (the word account can be abbreviated or in full). TC followed by the triennial certificate number (up to five digits):

i.e. DEF Ply Ltd (ACN 234 567 890) T/A UVW Settlements SA Trust AC TC 87654

Agents may have more than one trust account, such as for a special project I strata etc, in which case account designators should appear after the words SA Trust AC:

i.e. DEF Ply Ltd (ACN 234 567 890) T/A UVW Settlements SA Trust AC- Strata Plan 99999 - TC 87654

Settlement agents may hold separate interest bearing trust accounts:

i.e. DEF Ply Ltd (ACN 234 567 890) T/A UVW Settlements In Trust For (may be abbreviated as "ITF") John Smith SA Trust AC TC 87654- 1B,

Settlement Agents Regulations 1982

6B. Designation  of trust accounts (Acts. 49(1))

1. For the purposes of section 49(1) of the Act, a trust account is to be designated in the manner provided for in this regulation.
2. The designation of a trust account, other than a separate account, is to include-
   1. the description "SA Trust Account";
   2. the name of the holder of the triennial certificate, and any business name of that holder, recorded in the register; and
   3. the letters "TC" followed by the triennial certificate number recorded in the register.
3. The designation of a separate account is to include-
   1. the description "SA Trust Account -1B";
   2. the name of the holder of the triennial certificate, and any business name of that holder, recorded in the register;
   3. the words "in trust for" followed by the name of the person who requested the separate account; and
   4. the letters "TC" followed by the triennial certificate number recorded in the register.

[Regulation 68 inserted in Gazette 25 Jun 1996 p. 2926.]