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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
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.

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.

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 2024

Information for Auditors

Information for Auditors 2024
Advice Note - Reconciliations
Usage of Electronic Signatures - Fact Sheet

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.
​
Audit Exemption Declaration

Trust Account Report - Please submit through the online portal


EXCITING NEW UPGRADE:

The Property Agents Board has moved to online trust account reporting.

The December 2024 Trust Account Report, and all future trust account reporting will be completed through the online portal.

To see a full list of all your trust accounts and complete the relevant reports login to your business licence through the portal here.

Property Agents who conduct 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.

​A hard copy will be available for the initial change over period. This can be found below.
​
Trust Account Report ending 31 December 2024

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
    • Automatic Mutual Recognition (AMR)
    • Application Forms
    • Approved Financial Institutions
    • Auction Notice
    • Continuing Professional Development (CPD)
    • Fees and Charges
    • Mutual Recognition
    • Penalty and Infringement
    • PI Insurance
    • Qualifications
    • Regions
  • Trust Accounting
    • Trust Account Report Guide
  • Publications
    • Annual Reports
    • Board Policy
    • Case Studies
    • Guidelines and Advice Notes
    • Information Bulletins
    • Legislation
    • News
  • Exams
  • Online Portal
    • Renewals 2025-2026
  • Register of Property Agents
  • About Us
    • Our Staff
    • Our Board
    • Contact Us