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
Source: https://www.fairtrading.nsw.gov.au. Rules Mate is not a law firm. Always verify against the live regulator source before acting.