| Audit Period: | 1 July to 30 June |
| Audit Due Date: | 30 September |
| Audit Report submitted to: | email to [email protected] |
Key information:
The Property Agents and Land Transactions Act 2016 (the Act) and Property Agents and Land Transactions Regulations 2017 (the Regulations) set out the requirements for holding money in trust and the reporting requirements.
The Regulations provided that the
– “audit year” means the period of 12 months ending on 30 June each year
If a property agent conducting business does not hold money in trust Regulation 32 provides for an exemption for the property agent from having to lodge an audit report, if they lodge an Exemption Declaration.
Trust Account Report (Form 7)
Property Agents who conducts business and has held money in trust is required to lodge with the Board within one month after the end of the reporting period to which the report relates a Trust Account Report.
Due date
A property agent must cause the trust account records kept by the property agent in an audit year to be audited by an auditor within 3 months after the end of the audit year.
Penalty: Fine not exceeding 50 penalty units.
Visit Property Agents and Land Transactions Act 2016 for more information