SA – Estate Agent’s Trust Accounts

A1 Audits > SA – Estate Agent’s Trust Accounts

General Information

As a registered land agent you are required to deposit monies from your clients into a trust account in accordance with the rules set down under the Land Agents Regulations 2010.
For instance, you must:

    • Maintain a trust account – where you are accepting trust money, and depositing the money in an account approved by the Commissioner at a bank, building society or credit union.
    • Keep detailed records of trust money –

by compiling detailed accounts of receipts and disbursements.

  • Withdraw money from a trust account – only under circumstances set out in the Act.
  • Arrange for accounts and records to be audited – on an annual basis; from the end of your last audit period (in the case of a new registration, from the date of registration) until two months before the date upon which your annual return is due or, a date nominated by you and approved by the Commissioner.
  • Accept cooling-off notices from purchasers.
  • Verify vendor’s statements containing particulars in relation to land.
  • Supply to vendors copies of all written offers for purchase, contracts, agreements or documents.
  • Ensure that you do not have a beneficial interest in the purchase of land or a business you are commissioned to sell.

Audit check list

Visit Consumer and Business Services for more information.

 

Key details:

Audit Period: The Audit Period will end two months prior to the expiration of your registration/licence, unless otherwise approved. E.g: If your registration/licence expires 30 June 2017, the Audit Period will cover 1 May 2016 – 30 April 2017.

Audit Due Date: 2 months after the audit period

Audit Report submitted to: occupational@sa.gov.au

 

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.