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
means the period of 6 months ending on 30 June each year; or
the period of 6 months ending on 31 December each year
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.
Information for Auditors
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.