All trust account audits for the 2023-24 financial year must be completed and submitted online by 30 September 2024.
It is essential to ensure your audit is completed and your report is lodged by this deadline. Failure to do so can result in a fine, disciplinary action, and licensees being disqualified from holding or renewing their licence. There is also the risk of reputational damage.
Last year NSW Fair Trading saw a 75% increase in the return of outstanding trust account audits following initiation of the disciplinary process, resulting in the following disciplinary actions:
- 42 reprimands
- 8 licence cancellations
- 11 disqualifications
- 40 fines imposed totalling over $349,000, and
- 12 directions imposing training conditions.
How you can stay on track
Proper preparation and understanding of the requirements are key to avoiding fines, disciplinary action, or even disqualification. By following the guidelines and using available resources, you can navigate the audit process with confidence. Below are some common questions and answers from REINSW’s Helpline team to help you stay compliant and make your audit process run as smoothly as possible.
Q: Who should submit the trust account audit?
A: The trust account audit should be completed and submitted by your auditor through the Auditor’s Report Online portal, and it’s your responsibility as the agent to make sure this is done on time.
Q: When must the audit be submitted?
A: All audits must be submitted within 3 months after the end of the audit period ending 30 June, and no later than 30 September of that year. You do not have to submit an audit report if your trust account has had a zero balance for the entirety of 2023-2024, but you will need to provide bank statements and your Unique Identifying Number.
Q: What do I do about unclaimed money in a trust account?
A: As a real estate agent in NSW, if you have held money for two years as of 30 June 2024 and if you have made reasonable attempts to contact the owner and return the money to them, you need to send the money to Revenue NSW by 31 October 2024, under the Property and Stock Agents Act 2002.
Useful links:
If you have any further questions, please contact the REINSW Helpline on (02) 9264 2343 or email [email protected].
Disclaimer: Any advice or recommendations we have provided are general in nature only and do not take into account your individual objectives, financial situation or needs. In this regard, you should seek independent legal and financial advice to ensure that you receive specifically tailored advice that suits your particular circumstances.