If you have received or held trust money during the financial year ending 30 June 2017, you will need to have your trust account audited.
Licensees are reminded that the deadline for real estate audits is 30 September 2017. Qualified audits must be lodged within 3 months after the end of the audit period and for most agents, must be submitted with the Director-General by the due date.
If a qualified trust account audit is not lodged by the due date, licensees could be disqualified from holding a licence and possibly prevented from renewing a licence. Note that the auditor is now also required to lodge a copy of the qualified audit with Fair Trading within 14 days after providing the report to the licensee.
Audit documentation relating to the 2016/17 financial year will not be mailed to licensees. The latest information and required documentation can be found on the trust account audit requirements page on the NSW Fair Trading website.