ACT – Estate Agent’s Trust Accounts

A1 Audits > ACT – Estate Agent’s Trust Accounts

 

General Information

Access Canberra is responsible for licensing of real estate, business & stock and station agents under the Agents Act 2003.Under part 7 of the ACT, all licensed real estate, business and stock and station agents must hold trust money in a trust account kept at an authorised deposit taking institution in the ACT

At the end of each quarter a licensed agent must prepare a quarterly statement for the Commissioner. The quarterly statement must:

  • be prepared within 15 business days after the end of each quarter
  • be made as at the close of business on the last day of business to which the statement relates;
  • state the name of each person on whose behalf the licensed agent held trust money
  • state the amount of trust money held in the agent’s trust accounts on behalf of the person
  • state the amount of the trust money held in cash by the agent held on behalf of the person
  • state the amount in each trust account kept by the agent (in working out this amount, include cheques drawn on the account but not presented as taken to have been paid)
  • be kept for up to five years after the end of the quarter to which the statement relates
  • must be audited by a qualified auditor within three months after the end of the audit period (1 July to 30 June), or longer if allowed by the Commissioner.

Where a licensed agent (including a former licensed agent or personal representative of a licensed agent) held no trust money during the audit period, the agent must give the Commissioner a statutory declaration to that effect within three months after the end of the audit period.

Visit Access Canberra for more information.

 

Key details:

Audit Period: 1 July to 30 June

Audit Due Date: Within 3 months after the end of the audit period.

Audit Report submitted to: As soon as practicable after finishing the audit, the auditor must prepare a report of the result of the audit and give the report to the commissioner for fair trading and a copy to the licensed agent.

 

Email

agentcompliance@act.gov.au

 

Postal Address

Access Canberra

Commissioner for Fair Trading

GPO Box 158

Canberra Act 2601

 

Our Service

We are qualified trust account auditors and can provide independent assurance on the operation of your trust accounts. Our professional team provides their auditing service in a timely and effective manner allowing your firm to fully comply with the regulations without unnecessary hindrance to your staff. Our experienced audit team will:

  • Review your practices and procedures.
  • Identify potential issues with your trust account.
  • Provide you with the necessary audit report.

 

Our Fixed Fee

We charge a fixed fee as per our Schedule of Fees page.

Utilising best practice approach and with our experience in auditing trust accounts, we are able to employ the most efficient procedure with the value added services to achieve savings to your firm.

Give us a call on 1300 007 673 to speak with one of our fully qualified trust account auditors and benefit from our experience.