Trust account audit + ASIC / state regulator submission
Holders of client trust accounts (real estate, legal, conveyancing) must lodge annual audited accounts.
Who must comply
Holders of statutory trust accounts.
What triggers it
Operating a trust account.
When due
Annual (state-specific submission deadlines).
Evidence required
Approved auditor's report; trust account records.
Max penalty
Suspension/cancellation; civil penalties; possible criminal for misappropriation
Summary
Statutory trust accounts held by real estate agents, lawyers, conveyancers + auctioneers must be audited annually by an approved auditor. Audit findings submitted to the relevant state Fair Trading regulator within prescribed time.
Enforced by
Industries
Topics
Related obligations
- CWLTHLodge an annual SMSF audit before lodging the SMSF Annual ReturnSelf-managed super funds must be audited by an ASIC-registered auditor each year.
- CWLTHComply with NDIS quality auditor cycle for registered providersRegistered NDIS providers must pass NDIS Quality auditor cycle (verification + certification audits).
- CWLTHMaintain auditor / financial reporting (Chapter 2M)Large proprietary, public and disclosing entities must prepare and lodge audited financial reports.
- NSWNSW + VIC solicitor trust account requirementsSolicitors holding client trust money face strict trust account + audit requirements.
Frequently asked questions
- Who must comply with Trust account audit + ASIC / state regulator submission?
- Holders of statutory trust accounts.
- What triggers Trust account audit + ASIC / state regulator submission?
- Operating a trust account.
- When is Trust account audit + ASIC / state regulator submission due?
- Annual (state-specific submission deadlines).
- What is the maximum penalty for Trust account audit + ASIC / state regulator submission?
- Suspension/cancellation; civil penalties; possible criminal for misappropriation
- What evidence is required for Trust account audit + ASIC / state regulator submission?
- Approved auditor's report; trust account records.
Source: https://www.fairtrading.nsw.gov.au. Rules Mate is not a law firm. Always verify against the live regulator source before acting.