We take a practical approach to your audit compliance requirements…
Real Estate Trust Account Audits
It’s all we do!
Requirements for Real Estate Trust Account Audit
All Real Estate Agents in Queensland who open or operate a Trust Account, are responsible for ensuring each trust account is audited each year by a qualified auditor. The Qld Office of Fair Trading is the responsible Government Department for administering the applicable legislation, licensing and registration for Real Estate Agents.
Agents must set up and maintain their trust account(s) in accordance with the following Act and Regulations:
- Property Occupations Act 2014;
- Agents Financial Administration Act 2014; and
- Agents Financial Administration Regulation 2014
These laws exist to ensure trust money held by agents is properly dealt with and can be accurately accounted for at all times. Agents have a legal duty to their clients, and the controls imposed by the Act and Regulations increase public confidence in the protection of client money and the services of agents.
Trust Account Audit Report Due Dates
Other than the first and last year of operation, the audit reporting covers the same 12 month period each year.
Your audit report must be lodged within 4 months after the end of your audit period, unless it is your last year of business where it must be lodged within 2 months after you stop carrying on a business.
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About Us
We truly are Audit Specialists! We only provide professional audit services of Real Estate Trust Accounts in accordance with the Queensland legislative requirements. We are specialists because we don’t do anything else. We service all areas of Queensland, and aim to provide the best value trust account audits.
Our Audit consultants are semi-retired qualified accountants who generally have many years experience in running their own accounting practices including services to Real Estate Agencies. As such our overhead costs are low compared with typical accountancy firms our prices are far more cost effective.
We do not provide other business accountancy or taxation services and are not in competition to your existing accountants or taxation advisors. In fact in many instances we are able to work closely with your existing business accountants so they can concentrate on providing you with the best value from their services.