Trust Account Audit Requirements for Estate Agents and Conveyancers during COVID 19
Consumer Affairs Victoria is offering extensions of time to help licensed real estate agents and conveyancers affected by COVIDSafe Settings submit their trust account audits.
Trust account audits are an important consumer protection measure and remain a core obligation for licensed agents and conveyancers.
However, Consumer Affairs Victoria also understands that current public health restrictions may have made it harder for audits to be conducted and completed in the usual timeframes.
If you are concerned about having your trust account/s audited and submitted by the required date due to COVIDSafe Settings, please follow the process outlined below to seek an extension time.
The Director of Consumer Affairs Victoria has determined that if you follow this process by the due date, you will not be subjected to compliance action for non-lodgement.
Note: This does not apply to agents or conveyancers who have a trust account audit outstanding from a previous year.
Process for seeking extension of time to submit your trust account audit
BEFORE your trust account audit report lodgement due date, send an email to firstname.lastname@example.org
In the email, you must include:
your estate agent's/conveyancer's details including:
o your licence number
o details of all relevant trust accounts that you operate and those you
have closed, if applicable
a short explanation of why your audit reports cannot be submitted by the due date
a future date, not beyond 31 December 2021, by which you anticipate the trust account audit/s will be submitted.
Once Consumer Affairs Victoria have received the email, they will respond to confirm that you can submit your trust account audit/s at a future date.
Requests for extensions of time for licensees with outstanding overdue audits for previous financial year periods will only be considered in extenuating circumstances.
Note: Once you have made this request and received an approval email, myCAV may generate automated reminder (and final warning) emails, leading up to and after the normal due date of your trust account audit. You may ignore these automated myCAV reminders.
The Director of Consumer Affairs Victoria reserves the right to take enforcement action against any estate agent or conveyancer who is found to have breached their responsibilities relating to trust account requirements, regardless of whether an email request for extended lodgement was sent to Consumer Affairs Victoria.