USEFUL INFORMATION
FOR AGENT TRUST
ACCOUNTS
RELEVANT LEGISLATION
Agents must set up and maintain their trust account(s) in accordance with the following Act and Regulations:
The Qld Office of Fair Trading is the responsible Government Department for administering the applicable legislation, licensing and registration for Agents.
OFFICE OF FAIR TRADING TRUST AUDIT REQUIREMENTS
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All Agents in Queensland who open or operate a Trust Account must appoint an auditor within one month of opening a trust account and notify the Office of Fair Trading within a month of making the appointment.
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For each audit period, auditors will:
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inspect and audit the agent’s trust accounts
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make an audit report for the agent for the audit period
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make two unannounced examinations of the agent’s trust account records if the agent is an agent for the whole of the audit period
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make one unannounced examination of the agent’s trust account records if the agent is an agent for less than the whole audit period, but more than six months of the period.
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A licensed agent’s first audit period will end on the last calendar day of the eighth month after their licence was issued. For example, if their licence was issued on 17 January, their first audit period will end on 30 September of that year.
Do you need an agent trust account auditor? Please contact us to discuss your requirements and obligations.