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Reminder - Trust account audit period has commenced: Real estate bulletin issue 169 (January 2018)
15 January 2018
Trust account audit period has commenced
All agents who hold a current triennial certificate and have held or received monies in trust during the 2017 calendar year, or part thereof, are required to have their trust accounts audited for the period by an auditor approved by the Commissioner for Consumer Protection (the Commissioner).
Agents who have not held or received monies in trust during the 2017 year should submit a Declaration of no receipt of trust funds in lieu of an audit report.
The annual audit report or statutory declaration for the year ending 31 December 2017 must be lodged with the Commissioner by 5pm on 31 March 2018.
An infringement notice may be issued where an audit report or declaration of ‘no receipt of trust funds’ is received after 31 March 2018, 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 not be required to submit an audit or statutory declaration for their individual licence, for the period of which they held that role.
Agents operating a business under their individual licence and triennial certificate as a sole trader, and have held or received trust monies during the 2017 year, will also need to follow the audit requirements for their trust accounts.
The following reminders may assist agents and auditors to fulfil their obligations under Section 70 of the Real Estate and Business Agents Act 1978.
Reminders for real estate agents
Reminders for auditors
For further information and details go to the publication A guide to auditing trust accounts: Real estate agents, business agents and settlement agents and business settlement agents on the Department’s website.
Agents and auditors are encouraged to submit audit reports and statutory declarations via email to firstname.lastname@example.org. You are not required to submit a hard copy of your audit report or statutory declaration if you have submitted it electronically.
Further information on auditing real estate agents is available on Consumer Protection’s website.
You can contact the audits team by email at email@example.com or by telephone on (08) 6251 2721 if you have any queries in relation to the audit process.
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