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It's trust account audit time!
Released 15 July 2010

Under the Property Stock and Business Agents Act 2002, licensees’ records in relation to the handling of trust money must be audited.

NOTE - Audit documentation relating to the 2009/2010 financial year will not be mailed to licensees. The required documentation should be downloaded here.

Who is required to submit an audit?

The following people must submit an audit of their trust account to the Director-General if they received or held trust money during the financial year ending 30 June 2010:
  • a licensee
  • a former licensee, or
  • a personal representative of a licensee.

When must the audit be lodged?

The audit must be lodged within 3 months after the end of the audit period. The audit for most agents must be lodged with the Director-General no later than 30 September 2010.

If a trust account audit is not lodged by the due date, licensees could be disqualified from holding a licence and possibly prevented from renewing a licence.

In most cases, it is the licensed corporation that receives and is responsible for trust funds. Therefore, in most cases, a trust account audit must be lodged by the licensed corporation. However, if an individual licensee receives and is responsible for trust money, then a trust account audit must be lodged by the individual licensee.

Who can conduct the audit?

Auditors must be registered with the Australian Securities and Investments Commission (ASIC) or be qualified under s.115(1)(b) of the Act.

For more information, go to NSW Fair Trading.