Trust account is a special type of bank account. It is where money is held by the agent, including any staff of the agency's, on behalf of another person in relation to real estate, business, or settlement transaction.
The purpose of a trust account audit is to report on whether the records relating to trust monies have been properly kept, whether there are any discrepancies in trust monies and whether the trust account is compliant with legislation. Failure to comply can result in hefty penalties and even loss of license.
If you are a real estate agent and have not done your trust account audit, please do not hesitate to contact us at 1300 82 84 86.