Real Estate Trust Account Audits Done Right & On Time: Tax Aid Profession
If you operate a real estate agency or handle client funds through a trust account, annual auditing is not optional. It’s a legal requirement. At Tax Aid Profession, we specialise in delivering fast, fully-compliant estate agent trust account audit services across NSW and beyond. Whether you manage residential rentals, commercial property, or strata funds, our audits ensure you stay on the right side of regulation while building trust with your clients.
Why Trust Account Audits Matter
All real estate businesses that receive trust money are legally required to submit a trust account audit to their state regulator. Across New South Wales, the rules fall under the Property and Stock Agents Act 2002. Non-lodgement or late submission can lead to serious consequences, including:
- Financial penalties
- Licence suspension or cancellation
- Public compensation claims
- Increased scrutiny or investigation by NSW Fair Trading
According to NSW Fair Trading, audits must be completed and lodged by September 30 each year for the financial year ending June 30. Failing to lodge can expose your agency to public disciplinary action, affect your professional standing, and in severe cases, result in loss or suspension of licence.
Trust Account Audits for Real Estate
Ensure compliance and instill trust in your real estate operations with our comprehensive Trust Account Audit Services. Our experienced team at Tax Aid Profession is dedicated to providing meticulous and very thorough audits for real estate agents, ensuring that trust accounts are managed in full compliance with regulatory requirements.
Who Must Get Audited and When?
Trust account audits apply to a wide range of property professionals, including:
- Licensed real estate agents receiving client money
- Property managers handling rental bonds or deposits
- Business brokers managing buyer or seller funds
- Strata managers receiving levies or maintenance funds
- Conveyancers managing transaction settlements (in some jurisdictions)
NSW-Specific Rules:
- Deadline: September 30
- Period Covered: July 1 – June 30
- Lodgement: Must be submitted via the NSW Fair Trading Auditor Portal
Similar requirements apply in other states. You can find audit rules here:
- Victoria – Consumer Affairs
- Queensland – Office of Fair Trading
- WA – DMIRS
Step-by-Step Audit Process
We handle everything from start to finish, giving you a clear roadmap with minimal disruption to your business.
External Audit
- Verification of all trust receipts, disbursements, and reconciliations
- Monthly bank reconciliation checks
- Review of client ledger balances and trust ledgers
- Spot-checks for irregularities or missing entries
Special-Purpose Audit (if required)
- Where directed by NSW Fair Trading or due to non-compliance in prior years
Lodgement to Regulator
- Final audit report is prepared and submitted via the Fair Trading Auditor Portal
- You receive a summary of findings and a certificate of compliance
Rectification Advice
- If issues are identified, we help you resolve them swiftly
- Guidance on system improvements to prevent future breaches
Internal Control Review
- We offer feedback on how your systems and processes can be tightened for better future compliance
What Our Trust Account Audit Covers
When you deal with Tax Aid Profession, you get more than just a tick-box service. Our audit reviews include:
- Full examination of your trust account records
- Audit report completed by a registered ASIC auditor
- Identification of breaches or non-compliance (if any)
- Assistance with rectification before lodgement
- Official lodgement to NSW Fair Trading on your behalf
- Support for internal controls and risk mitigation
Our service is designed for busy agents who want things done right, without chasing paperwork or dealing with confusing terms.
Who Performs the Audits?
Your audit is not passed to a junior or outsourced overseas. It’s carried out by qualified professionals:
- ASIC-registered company auditors
- Members of CPA Australia and Chartered Accountants ANZ
- Holders of Public Practice Certificates
We stay fully compliant with NSW Fair Trading’s auditor eligibility rules.
Let’s Get Your Audit Done!
Don’t leave it till the last minute. Contact Tax Aid Profession now to book your estate agent trust account audit or request a quote. Our team will guide you from documentation to lodgement, so you can stay focused on running your agency.