Service
Real Estate Trust Account Audits in New South Wales
Get your agency's trust account audit done in New South Wales, from the first list of records to the signed audit report.
New South Wales at a glance
- Audit covers
- 1 July to 30 June
- Audit due
- 30 September
- Report lodged by
- The auditor, through Auditor's Report Online
More about New South Wales' rules
- Regulator
- NSW Fair Trading
- Audit period
- The audit period is the year ending on 30 June.
- When it is due
- The audit must be submitted within three months after the end of the audit period, and no later than 30 September.
- Lodging the report
- The auditor submits the audit online through the Auditor's Report Online portal. Before that, the agency approves the auditor's emailed request to lodge on its behalf. The agency receives a copy by email.
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 New South Wales 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 New South Wales the auditor lodges the report through Auditor's Report Online.
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 a trust account had no transactions in New South Wales?
If a trust account had no transactions and a zero balance during the audit period, the agency must email NSW Fair Trading a copy of the bank statement for the full audit period.
Who can audit our trust account in New South Wales?
The audit can be done by a registered audit company, an authorised company auditor, or a member of a professional accounting body (for example CPA Australia, Chartered Accountants Australia and New Zealand or the Institute of Public Accountants) who holds a public practice certificate.
Can NSW Fair Trading extend the audit deadline?
NSW Fair Trading extends the deadline only in exceptional circumstances that have existed over a period of time and can be supported by evidence.
What happens if the audit is lodged late in New South Wales?
Missing the due date makes the licensee a disqualified person under the Act and open to disciplinary action. NSW Fair Trading can instead issue a fine of $550 for an individual or $1,100 for a corporation.
How much does a trust account audit cost in New South Wales?
$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