Trust account audits due 30 September: NSW, the ACT, Tasmania, Victoria

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Trust account audits due 30 September: NSW, the ACT, Tasmania, Victoria

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.

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New courses available for the ACT!

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New courses available for the ACT!

13 July 2022

On 1 July 2022, the ACT government introduced changes to the regulation of the real estate industry.

The reforms include changes to:

  • licence and registration categories

  • qualification and experience requirements for licences and registrations, and

  • restrictions on the activities each licence and registration group can undertake.

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Have your say on NSW laws for real estate, strata, assistant and stock and station agents

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Have your say on NSW laws for real estate, strata, assistant and stock and station agents

1 July 2022

NSW Fair Trading is inviting feedback on the proposed new Property and Stock Agents Regulation 2022.

The current Regulation supports the Property and Stock Agents Act 2002 and is due to expire on 1 September 2022.

The proposed new Regulation has been modernised and improved with more clarity, better consumer protections and less administrative load for agents.

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WA Consumer Protection: Audit period starts soon!

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WA Consumer Protection: Audit period starts soon!

29 June 2022

The Consumer Protection division of the WA Department of Mines, Industry Regulation and Safety has advised the following in their recent newsletter blast:

Reminder: Audit period starts soon!

Agents who hold a triennial certificate and have held monies in trust during the

2021-22 financial year will need to provide a Statement of trust account money - Annexure A to their appointed auditor following the end of the financial year after 30 June 2022.

Agents who have not held or received any trust funds during the financial year must lodge a statutory declaration to this effect in lieu of an audit report.

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An important update for students yet to complete their ACT course (CPP07 Property Services Training Package)

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An important update for students yet to complete their ACT course (CPP07 Property Services Training Package)

1 June 2022

An important update for students yet to complete their ACT course (CPP07 Property Services Training Package)

This update does not apply to you if you have already completed your ACT CPP07 course (e.g. units with ‘CPPDSM’ unit code).

This update is important if you have not yet completed your ACT course.

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NSW Fair Trading: a recap on recent important updates

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NSW Fair Trading: a recap on recent important updates

28 April 2022

  • Flood recovery rental support now open for applications

  • Free interpreting service for real estate agents

  • Strata information is now easier to find if you are selling or managing a strata property

  • Reminder: Real estate trust account audits due 30 September 2022

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