19 December 2018

Updated trust account handbook

Consumer Protection recently updated the "Real estate and business agents trust account handbook" to assist you with your trust accounting responsibilities.

You should read the handbook in conjunction with the other resources for real estate and business agents on Consumer Protection’s website.

New and updated sections

The handbook has been streamlined for easier reading and contains new information such as off-the-plan properties in addition to a range of other topics. A number of sections have been updated to better reflect current requirements.

Look out for for these common pitfalls

You must notify us in writing whenever a trust account is opened, closed or amended using the approved form.

• Opening a trust account form
• Closed or amended trust account form

If you need to notify us of a change in auditor, please complete the change of auditor form. The agent, the new auditor and the outgoing auditor need to sign and submit the form prior to the annual audit due date of 31 March 2019.

Reminder: Audit season approaches

The annual audit report for the year 1 January 2018 to 31 December 2018 (or part thereof) must be submitted to us by 5pm on 31 March 2019. Please note that this date is a Sunday and our office will close at 5pm on Friday 29 March 2019. If you are lodging documents via post or in person, please ensure you lodge them prior to that time.

We encourage agents and auditors to submit their audit reports and statutory declarations via email. If you submit these electronically, you are not required to also submit a hard copy.