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Reminder: your trust account audit is due!
Released 20 September 2010

Your audit and statutory declaration forms are due to be lodged by 30 September 2010 - so the deadline is fast approaching. It is imperative that licensees ensure that they are on track to comply. 

You should ensure that your trust account auditor is either a registered company auditor within the meaning of the Corporations Act 2001 (Cth) (you can search at www.search.asic.gov.au) or qualified under s 115(1)(b) of the Property, Stock and Business Agents Act 2002 (NSW) to conduct the audit.  

If a trust account audit report or statutory declaration is not lodged by the due date, licensees can be disqualified from holiding a licence and can be prevented from renewing a licence. In addition, failure to comply can result in monetary penalties and/or disciplinary action being taken or imposed by NSW Fair Trading.

This year, the audit report and statutory declaration forms will not be mailed to licensees by NSW Fair Trading. Instead, licensees must download the necessary forms form the NSW Fair Trading website - www.fairtrading.nsw.gov.au