Does Trust account audit + ASIC / state regulator submission apply to real estate agents?
A computed answer from the Rules Mate applicability engine, with the exact condition, the outcome for every structure and size, and the primary source.
Short answer: Only if
Only if you hold money in a statutory trust account. Being in this industry makes the obligation worth checking (Industry: Real estate agents), but the trigger is a fact the industry alone does not settle.
The obligation in brief
Trust account audit + ASIC / state regulator submission. Trust account audits are a state-law obligation: each state sets its own audit period, auditor rules and lodgement process for agents who hold money on trust for clients. Victoria is the worked example here.
Trigger: A trust account holding or managing trust money at any time during the audit period. A Victorian account that held no trust money all year needs no audit, but the agent must confirm that in myCAV. Ceasing to operate triggers a final audit.
Why real estate agents get a different answer
Rules Mate runs its applicability engine across 9 business structures and 6 size bands for each of the 35 industries it maps. For 32 of those industries the answer for "Trust account audit + ASIC / state regulator submission" is no. Real estate agents is one of the 3 where the answer is different: only if.
The deciding fact for real estate agents: Industry: Real estate agents; applies only if you hold money in a statutory trust account.
About the industry: Selling agents, buyer's agents, and property developers involved in real estate transactions. From 1 July 2026 captured by AML/CTF Tranche 2 reforms.
Compare a professional services (general) business with 6–19 employees structured as a Pty Ltd company: the obligation does not apply (Requires client trust money and industry: Real estate agents / Lawyers & solicitors / Conveyancers).
Answer by business structure and size
Each cell is the engine's outcome for a business in real estate agents with that structure and size, assuming it sells to consumers and small businesses and holds customer contact details. "Check" means the obligation turns on a fact the industry does not settle.
| Structure | No employees | 1–5 employees | 6–19 employees | 20–99 employees | 100–499 employees | 500+ employees |
|---|---|---|---|---|---|---|
| Sole trader | Check | Check | Check | Check | Check | Check |
| Partnership | Check | Check | Check | Check | Check | Check |
| Trust | Check | Check | Check | Check | Check | Check |
| Pty Ltd company | Check | Check | Check | Check | Check | Check |
| Public company | Check | Check | Check | Check | Check | Check |
| Not-for-profit (unregistered) | Check | Check | Check | Check | Check | Check |
| Registered charity | Check | Check | Check | Check | Check | Check |
| Super fund | Check | Check | Check | Check | Check | Check |
| Foreign company | Check | Check | Check | Check | Check | Check |
What the obligation requires
- When due
- Victoria: audit of the 1 July-30 June period completed within 3 months after 30 June (a varied audit date can be approved, no more than 12 months after the previous report); audit report lodged within 10 business days of receipt. On closure, notify CAV within 28 days and have the trust accounts audited within three months.
- Evidence to keep
- Trust account records kept to allow a proper and convenient audit; a certified statement of trust money held on the last day of the audit period; the signed auditor's report on the approved form, retained for seven years and producible on demand; myCAV lodgement confirmation; nil-activity confirmation where no trust money was held.
- Maximum penalty
- In Victoria, failing to lodge the audit report within 10 business days is an offence with a penalty of up to 120 penalty units, and the Business Licensing Authority may suspend the agent's licence for failing to have trust accounts audited or to lodge the report
- Regulator
- NSW Fair Trading and Consumer Affairs Vic
- Jurisdiction
- Commonwealth (national)
Other obligations where real estate agents differ from the norm
- Comply with Australian sanctions law + screening (DFAT): Yes
- Customer due diligence (KYC) on every customer: Yes
- Designate an AML/CTF Compliance Officer: Yes
- Detect + enhance due diligence on Domestic + Foreign PEPs: Yes
- Enrol with AUSTRAC as a reporting entity: Yes
- Hold a current real estate agent licence (state-specific): Yes
- All 26 answers for real estate agents
Questions
- Does Trust account audit + ASIC / state regulator submission apply to real estate agents?
- Only if you hold money in a statutory trust account. Being in this industry makes the obligation worth checking (Industry: Real estate agents), but the trigger is a fact the industry alone does not settle.
- Is the answer the same for every industry?
- No. For 32 of the 35 industries Rules Mate maps, the answer is no. Real estate agents is one of 3 industries with a different answer.
Related
Sources
Computed by the Rules Mate applicability engine from the published obligation corpus; facts last checked 3 October 2026. Rules Mate is not a law firm and this is general information, not legal advice. Confirm your position with the regulator source or a qualified adviser before acting.