Trust account audits (for licensees) |
Specifically for licensee's trust accounts under the Property Agents and Motor Dealers Act 2000 (the Act)
Audit period and due dates (refer Sections 400 and 402 of the Act)
The audit period is the 12-month period in each year ending on the last day of the audit month. Your audit period depends on when your licence expires. Check the table below to see when your audit report is due.
| Month of licence issued | Audit period (dd/mm) | Audit report due by |
| January | 01/10 - 30/09 | 31 January |
| February | 01/11 - 31/10 | 28 or 29 February |
| March | 01/12 - 30/11 | 31 March |
| April | 01/01 - 31/12 | 30 April |
| May | 01/02 - 31/01 | 31 May |
| June | 01/03 - 28/02 | 30 June |
| July | 01/04 - 31/03 | 31 July |
| August | 01/05 - 30/04 | 31 August |
| September | 01/06 - 31/05 | 30 September |
| October | 01/07 - 30/06 | 31 October |
| November | 01/08 - 31/07 | 30 November |
| December | 01/09 - 31/08 | 31 December |
Applying for an extension (refer Section 402(3) of the Act)
To apply for an extension to your lodgement deadline, make an application in writing using the contact details below before the audit report is due to be lodged.
The notice must state the reason for the extension and the extra time you require.
Lodging your audit report (refer Section 402(2) of the Act)
Any licensee operating a trust account is required to lodge an original signed audit report with the Chief Executive of the Office of Fair Trading (OFT) every year for every trust account used. Signed audit reports should be sent to:
Mail:
Financial Investigations Unit
Office of Fair Trading
GPO Box 3111
BRISBANE QLD 4001
Email:
financial.oft@justice.qld.gov.au
If you are renewing your licence, you must also attach a copy of your audit report to your renewal application, (refer Section 57(3)(a) of the Act) but the original must be lodged with the Chief Executive as above.
Remember, it is the licensee's responsibility to lodge the audit with the Chief Executive, not the auditor.
Changing an auditor (refer Section 397 of the Act)
If you change auditors, you must immediately notify OFT in writing and include the reason for the change.
Another auditor must be appointed within a month. OFT must also be advised in writing of the auditor´s acceptance of the appointment.
Ceasing to be a licensee or carrying on the business of a principal licensee (refer Section 406 of the Act)
You must lodge a final audit within two months after ceasing to be a licensee or carrying on the business of a principal licensee.
Unused trust accounts (refer Section 401 of the Act)
If a trust account is not used within a year, a statutory declaration stating that the account was not operated in that audit period must be submitted. An audit report is not required.
Statutory declarations should be sent to:
Mail:
Financial Investigations Unit
Office of Fair Trading
GPO Box 3111
BRISBANE QLD 4001
Email:
financial.oft@justice.qld.gov.au
Agents who have unclaimed trust money should contact the Public Trustee.
Penalties
Significant penalties may apply to licensees and auditors for breaches of the Act.
Last reviewed 01/03/2013 |
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