Ahead of the end of the Victorian lawyers’ trust account reporting year and the impending date for filing of auditors’ reports for WA Settlement Agents and NSW Conveyancers, it is timely to remind you that PEXA produces a Trust Account Authorisation Record setting out:
the date and number of the transaction;
the amount transferred;
the name and number of the account to which the amount was transferred and the relevant BSB number;
the name or BSB number of the ADI
This information can be entered into your trust accounting software, with:
the name of the person receiving the benefit of the payment (being the vendor in the transaction); and
particulars sufficient to identify the purpose for which the payment was made (e.g. to complete settlement of your client’s purchase)
PEXA has consulted with trust account regulators in all active jurisdictions and has provided information about PEXA financial settlements and the records produced by PEXA. Each regulator has reviewed the records produced by PEXA in the context of the applicable trust account obligations in their jurisdiction.
The combination of your client file and instructions, the Trust Account Authorisation Record (where applicable) and the Settlement Completion Record are all components of record keeping for a PEXA transaction.
An example of a PEXA Trust Account Authorisation Record is below.
Click here for a Help Guide on where to find these under the PEXA Tasks - Finance section.