Service
Real Estate Trust Account Audits in Tasmania
Get your agency's trust account audit done in Tasmania, from the first list of records to the signed audit report.
Tasmania at a glance
- Audit covers
- 1 July to 30 June
- Audit due
- 30 September
- Report lodged by
- The agency, by 30 September and within 7 days of receiving the report
More about Tasmania's rules
- Regulator
- Property Agents Board (Tasmania)
- Audit period
- The audit year is the 12 months ending on 30 June each year, so the audit covers 1 July to 30 June.
- When it is due
- The audit must be done within three months after the end of the audit year, which is by 30 September. The agency must give the audit report to the Property Agents Board within 7 days after receiving it from the auditor. The Board also says the Special Purpose Audit Report and Checklist is to be lodged with it by 30 September, and a late fee applies after the third business day following that date.
- Lodging the report
- The auditor prepares the audit report in a form approved by the Board and gives it to the agency. The agency then gives the report to the Property Agents Board, with a separate report and checklist for each trust account.
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 Tasmania 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 Tasmania the agency lodges the report by 30 September and within 7 days of receiving it.
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 does the Property Agents Board need if we held no trust money?
An agency that did not receive or hold trust money during the audit year does not need an audit if it gives the Board a declaration in the approved form. The declaration is due within three months after the end of the audit year, or within a longer period the Board sets.
Who can audit our trust account in Tasmania?
The auditor must be a practising public accountant who is a member of the Australian Society of Certified Practising Accountants, the Institute of Chartered Accountants in Australia or the Institute of Public Accountants in Australia.
When does the auditor report to the Property Agents Board directly?
The auditor must report to the Board as soon as practicable after finding an irregularity, such as a deficiency of trust money, records that cannot be properly audited, or something that appears to involve dishonesty or a breach of the law.
Do we also need to give the Property Agents Board six monthly trust account reports?
Separately from the audit, an agency that kept a trust account during a six month reporting period (ending 30 June or 31 December) must give the Board a written trust account report within one month after that period ends.
How much does a trust account audit cost in Tasmania?
$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