New Trust Account Audit Requirements

From 1 July 2019, the way trust accounts managed by real estate agents and conveyancers are to be audited is changing.

Auditors will need to:

• Fill out and lodge their trust account audits with NSW Fair Trading online (rather than in paper form)

• Lodge all trust account audits with NSW Fair Trading (not just qualified audits)

To support auditors, real estate agents and conveyancers grow accustomed to such changes, NSW Fair Trading are also extending the deadline by when audits for the year ending 30 June 2019 are due. Audits will need to be lodged with NSW Fair Trading by 31 December 2019, instead of the normal deadline of 30 September.

Further information can be found here.

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