Service
Real Estate Trust Account Audits in the Australian Capital Territory
Get your agency's trust account audit done in the Australian Capital Territory, from the first list of records to the signed audit report.
The Australian Capital Territory at a glance
- Audit covers
- 1 July to 30 June
- Audit due
- 30 September
- Report lodged by
- The auditor, to Access Canberra
More about the Australian Capital Territory's rules
- Regulator
- Commissioner for Fair Trading (Access Canberra)
- Audit period
- The audit period is each financial year, 1 July to 30 June, unless the Commissioner for Fair Trading fixes a different period by written notice to the agency.
- When it is due
- An agency that held trust money during the audit period must have its trust account records audited within three months after the period ends, which is by 30 September for a financial year, or within any longer period the Commissioner for Fair Trading allows.
- Lodging the report
- As soon as practicable after finishing the audit, the auditor gives the report to the Commissioner for Fair Trading, through Access Canberra using the Agents Trust Account Audit form, and gives a copy to the agency.
Fixed fee
$800 + GST per trust account
- A planning meeting before the audit, to agree the timetable and what we need
- A review of your trust account practices and procedures
- The audit of your trust records, with any problems flagged
- The signed audit report in the form your regulator requires
- A walkthrough of what we found, with practical fixes
For a trust account with more than 300 properties under management or more than 100 sales in the year, we agree a fixed quote with you before we start. If we find something that needs extra work, such as missing records, reconciliations to catch up or a suspected irregularity, we stop, explain it and agree the cost with you before going on.
Also available on request, for a separate fee: staff training on trust accounting, support through the year and updates when trust account rules change.
Get a quoteOur work
What we handle
- Money in and out Receipts and payments, and whether money was banked promptly
- Balancing the account Monthly reconciliations of the bank account against the trust records
- Client balances Client ledgers, including any that went into debit
- Payment authority The authority behind payments out of trust
- Everyday controls How your procedures and controls work in practice
Why OziDesktop
Why work with us
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We work to the trust account rules in the Australian Capital Territory and know what the regulator asks for in the audit report.
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We audit real estate agency trust accounts in Victoria, New South Wales, Queensland, Tasmania and the Australian Capital Territory, and the work can be done remotely.
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Your fee is agreed with you before we start.
How it works
Engagement
We confirm the audit period, your trust accounts and the reporting form, and agree a timetable that works back from the due date.
Audit fieldwork
We test transactions and reconciliations, and raise questions while there is still time to resolve them.
Report and follow-up
We issue the signed audit report and go through what we found with you. In the Australian Capital Territory the auditor lodges the report with Access Canberra.
What we need from you
- Trust bank statements for the whole audit period
- Receipt and payment records, including electronic transfers and how bonds and deposits were handled
- Client ledgers for landlords, tenants, vendors and purchasers, and the trust cash book or journal
- Monthly reconciliations and trial balances
- Access to your trust accounting software, or reports from it
- Details of every trust account the agency operated, opened or closed during the period
- Access to the licensee and the staff who manage the trust account
FAQs
Common questions
What if our agency holds no trust money in the Australian Capital Territory?
An agency that does not receive or hold trust money, and so has no trust account, must apply to Access Canberra for an exemption from keeping a trust account.
Who can audit our trust account in the Australian Capital Territory?
The auditor must be a chartered accountant holding a Certificate of Public Practice, a Certified Practising Accountant holding a Public Practice Certificate, a member or fellow of the Institute of Public Accountants, or a registered company auditor registered by ASIC under the Corporations Act 2001. The Agents (Qualifications for Auditors) Determination 2017 also refers to the auditor holding current professional indemnity insurance.
What are quarterly trust statements in the Australian Capital Territory?
Within 15 business days after each quarter of the audit period, the agency must prepare a quarterly statement of the trust money it holds, and give it to the auditor who audits that period.
What if our trust account is overdrawn in the Australian Capital Territory?
The agency must tell Access Canberra about an overdrawn trust account within 5 business days of finding out.
How much does a trust account audit cost in the Australian Capital Territory?
$800 + GST per trust account. For a trust account with more than 300 properties under management or more than 100 sales in the year, we agree a fixed quote with you before we start. If we find something that needs extra work, such as missing records, reconciliations to catch up or a suspected irregularity, we stop, explain it and agree the cost with you before going on.
Need something outside this scope?
Every business is different. If you need additional accounting, bookkeeping, advisory or specialist work, we'll explain what's required and agree the scope with you before proceeding.
Talk to an accountant about your business
- Fixed fees, agreed upfront
- We contact your old accountant
- Free discovery call