A licensed conveyancer is required to maintain a trust account in an authorised deposit taking institution.
All monies received from clients must be deposited into this account.
A trust account must be audited each financial year.
An annual return for the period ending 30 June of that year must be provided to Building Standards and Occupational Licensing by 30 September each year.
The annual return must contain the following:
- name and location of any trust account in which trust money has been deposited;
- the total amount if all contributions to the trust account;
- a balance statement of the trust account;
- a report from the auditor stating the conveyancer has kept proper accounting records and other books during the period.
Visit the Department of Justice for more information.
Audit Period: 1 July to 30 June
Audit Due Date: A conveyancer who is required to maintain a trust account must arrange for the trust account to be audited in accordance with this section within 2 months after 30 June in each year.
Audit Report submitted to: Conveyancers are required to submit an Annual Return (which includes the audit report) to the Building Standards and Occupational Licensing by 30 September each year.
03 6173 0205
Building Standards and Occupational Licensing
PO Box 56
ROSNY PARK TAS 7018
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.