Trust AccountingThe 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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Trust Account Audit - removal of records from the authorised place of business
In relation to the audit of trust account and associated records for compliance with Regulation 31 of the Property Agents and Land Transactions Regulations 2017, the trust account records can be provided to your auditor in order for the trust account audit to be completed.
There should be a record of the documents taken and an agreed time-frame in which the documents should be returned.
In relation to the audit of trust account and associated records for compliance with Regulation 31 of the Property Agents and Land Transactions Regulations 2017, the trust account records can be provided to your auditor in order for the trust account audit to be completed.
There should be a record of the documents taken and an agreed time-frame in which the documents should be returned.
Audit Reports No Longer Accepted From A1 Audits Pty Ltd
Following concerns raised with the Property Agents Board in regard to the quality of a number of trust account audit reports previously received from Mr Joseph Reddy of A1 Audits Pty Ltd, 302/32 Warleigh Grove, Brighton Victoria 3168, the Board determined at its meeting on 21 June 2023 not to accept trust account audit reports from this company for a period of 5 years, including for the financial year ended 30 June 2023.
After the period of 5 years has lapsed, the company will be required to submit an application to the Board to request the resumption of audit activities in Tasmania addressing the issues raised and providing assurance of professional practice.
After the period of 5 years has lapsed, the company will be required to submit an application to the Board to request the resumption of audit activities in Tasmania addressing the issues raised and providing assurance of professional practice.
Special Purpose Audit Report and ChecklistA 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 AuditorsAudit ExemptionIf 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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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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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.
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.
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.