29 January 2020

Reminder - 2019 audit report deadline approaching!

All agents who hold a current triennial certificate and have held or received monies in trust during the 2019 calendar year must lodge an audit report with the Commissioner for Consumer Protection by 31 March 2020.

Agents who have not held or received monies in trust during 2019 should submit a Declaration of no receipt of trust funds - real estate and business agents in lieu of an audit report.

An infringement notice may be issued where an audit report or declaration of ‘no receipt of trust funds’ is received after 31 March 2020, or not at all.

Agents who have held the roles of the agent in bona fide control, branch manager, licensed director, partner or licensed partner for another licensed trading entity may be exempted from submitting an audit report or statutory declaration, for the period during which they held that role.

Agents operating a business under their individual licence and triennial certificate as a sole trader, who have held or received trust monies during 2019, will also need to follow the audit requirements for their trust accounts.

Avoid common problems:

• Disclose all trust accounts, including interest bearing trust accounts.
• Provide all records relating to discrepancies in trust accounts, regardless of how the error occurred or whether the department has already been notified.
• Ensure the address provided in any statutory declaration is the agent’s current address.

Change of Auditor

Where there is a change of auditor, please ensure the Change of auditor request - real estate and business agent is completed and signed by yourself, the new auditor and the outgoing auditor.  

Please note the Commissioner is unable to accept audit reports from auditors whose appointment has not been approved.  It is vital, anyone wishing to change auditor, complete this form as early as possible; no change of auditor requests for the current audit period will be accepted after 5pm 28th February 2020.

For further information see A guide to auditing trust accounts: Real estate agents, business agents and settlement agents and business settlement agents.