PROPERTY AGENTS BOARD OF TASMANIA
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Trust Accounting

Trust Accounting

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

"reporting period"
means the period of 6 months ending on 30 June each year; or
the period of 6 months ending on 31 December each year
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Special Purpose Audit Report and Checklist

A property agent must within 3 months after the end of the audit year cause an audit to be made by an auditor of the trust accounts and accounting records.

The property agent must provide their trust account records to their auditors with sufficient time for the audit to be complete and the Special Purpose Audit and Checklist to be lodged with the Board by 30 September.

A separate report and checklist is required for each trust account held by the property agent.
Special Purpose Audit Report and Checklist 2020

Information for Auditors

Information for Auditors 2020
Board Inspections 2019-2020

Audit Exemption

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.
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Audit 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.
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Trust Account Report ending 31 December 2020

Audit Report for closing business or trust account

The Special Purpose Audit Report - FINAL should only be used when a business ceases to trade or when a trust account is closed. 
Special Purpose Audit Report - Final

Approved Financial Institutions

Approved Financial Institutions

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  • Home
  • Making a complaint
  • Info for Agents
    • Application Forms
    • Approved Financial Institutions
    • Auction Notice
    • Code of Conduct
    • Continuing Professional Development (CPD)
    • Exams 2020
    • Fees and Charges
    • Mutual Recognition
    • Penalty and Infringement
    • PI Insurance
    • Qualifications
    • Regions
  • News
  • Publications
    • Annual Reports
    • Board Policy
    • Case Studies
    • Guidelines and Advice Notes
    • Information Bulletins
    • Legislation
  • Register of Property Agents
  • Trust Accounting
  • About Us
    • Our Staff
    • Our Board
    • Contact Us