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 2021

Information for Auditors

Information for Auditors 2021
Board Inspections 2020-2021

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 2021

Audit Report for closing business or closing a 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

Trust Account Records - application to keep records at another place

The Property Agents and Land Transactions Regulations 2017 state that a property agent must keep the trust account records at the authorised place of business.

A property agent may apply to the Board to hold trust account records at a place other than the authorised place of business.  The Board must provide approval in writing before the records can be kept elsewhere.

Use this form to make the application.

Application for trust account records to be kept at a place other than the authorised place of business

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  • Home
  • Making a complaint
  • Disciplinary Action
  • Info for Agents
    • Application Forms
    • Approved Financial Institutions
    • Auction Notice
    • Continuing Professional Development (CPD) 2022
    • 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