| Audit Period: | 1 July to 30 June |
| Audit Due Date: | 30 September |
| Audit Report submitted to: | The auditor must lodge all audit results with Fair Trading. |
Key information:
Under the Conveyancers Licensing Act 2003, the records of any trust money held by conveyancers must be audited.
The following people must submit an audit of their trust account to NSW Fair Trading if they received or held trust money during the financial year ending 30 June of each year:
- a licensee
- a former licensee, or
- a personal representative of a licensee.
The audit must be lodged within 3 months after the end of the audit period.
For the audit period ending 30 June, the audit must be lodged with NSW Fair Trading no later than 30 September of that year.
If a trust account audit is not lodged by the due date, licensees could be disqualified from holding a licence and possibly prevented from renewing a licence.
Auditors must be registered with the Australian Securities and Investments Commission (ASIC) or be qualified under section 79 of the Conveyancers Licensing Act 2003.