31 August 2022

Trust account audit procedures differ depending on the state or territory in which you operate. These requirements are set out in property legislation, with each regulatory body often outlining and summarising trust account obligations online via their websites.

Trust account audit guidelines exist to ensure that trust money held by agents is properly managed and can be accurately accounted for at all times. Serious penalties may be incurred by agents for the misuse of a client’s money, including heavy fines and imprisonment.

Agents operating in the following states and territories are required to lodge their agency trust account audit by 30 September each year.

• NSW

• The ACT

• Tasmania

• Victoria

Audit due dates for other states and territories are outlined below.

• The NT: As soon as is reasonably practicable after the completion of an audit pursuant to section 59 of the Agents Licensing Act 1979.

• QLD: Audit report must be lodged within 4 months after the end of your audit period (dependent on licence issue date) unless it is your last year of business where it must be lodged with us within 2 months after you stop carrying on a business.

• SA: 2 months after the audit period (dependent on licence expiration date).

• WA: 31 March.

For more information on trust account requirements and audit guidelines, it is best to contact your state or territory’s regulatory body.