Make a reminder on the upcoming Trust Account Audit dates!
Every agent should know the audit period and the due dates.
This is to keep you on the hook and ensure that you stay one step ahead. Keep in mind that trust account audit requirements, period, and due dates vary depending on the state or territory in which the agent operates.
Some states and territories require more than one audit per trust year, through unannounced visits, so it is advisable for the agent to be prepared at all times.
New South Wales (For more information: NSW trust account audit requirements)
Audits for the year ending 30th June must be lodged by 30th September each year.
Queensland (For more information: QLD trust account audit requirements)
Varies for every agent since it depends on when the license was issued.
Audit report must be lodged within 4 months after the end of the audit period unless it is the last year of business, audit report must be lodged within 2 months after ceasing of business.
Victoria (For more information: VIC trust account audit requirements)
Trust accounts must b audited within three months after 30th June by an approved auditor using the new CAV-approved auditor form and must lodge a copy of the audit report within 10 days of receiving it from your auditor.
Australian Capital Territory (For more information: ACT trust account audit requirements)
The report is due within three months after the end of the audit period which is 30th September each year.
Tasmania (For more information: TAS trust account audit requirements)
Agent must provide their trust account records to auditors within sufficient time for the audit to be completed and the report lodged within the Board by 30th September each year.
Western Australia (For more information: WA trust account audit requirements)
Real estate business agents - Calendar year annual audit reports for must be lodged by 31st March of each year.
Settlement agents - Financial year annual audit reports for must be lodged by 30th September of each year.
Northern Territory (For more information: NT trust account audit requirements)
The report is due within three months after the end of the audit period which is 30th September each year.
South Australia (For more information: SA trust account audit requirements)
Depends on the license expiry date.
The report is due at the end of the month of license expiry.
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