5 March 2019

Reminder - 2018 audit report deadline approaching!

All agents who hold a current triennial certificate and have held or received monies in trust during the 2018 calendar year must lodge an audit report with the Commissioner for Consumer Protection by 31 March 2019.

Agents who have not held or received monies in trust during 2018 should submit a Declaration of no receipt of trust funds in lieu of an audit report.

An infringement notice may be issued where an audit report or declaration of ‘no receipt of trust funds’ is received after 31 March 2019, or not at all.

Agents who have held the roles of the agent in bona fide control, branch manager, licensed director, partner or licensed partner for another licensed trading entity may not be required to submit an audit or statutory declaration for their individual licence, for the period during which they held that role.

Agents operating a business under their individual licence and triennial certificate as a sole trader, who have held or received trust monies during 2018, will also need to follow the audit requirements for their trust accounts.

Avoid common problems:

• Disclose all trust accounts, including interest bearing trust accounts;
• Provide all records relating to discrepancies in trust accounts, regardless of how the error occurred or whether the department has already been notified; and
• Ensure the address provided in any statutory declaration is the agent’s current address.

For further information see A guide to auditing trust accounts: Real estate agents, business agents and settlement agents and business settlement agents.