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The clock is ticking for real estate agents in New South Wales to complete their annual audit.
Agents have until 31 December to lodge their audits with Fair Trading to avoid repercussions.
Property agents are required to keep all the money they move on behalf of clients in a trust account. As a result, they need to be audited annually.
If the accounts are not audited, and money has not been kept track of, it creates a risk for the industry and can result in significant consumer detriment.
To take the hassle out of it, Fair Trading developed an online portal for audits to be lodged electronically by an appointed auditor.
“From 1 July 2019, audits of trust accounts managed by real estate agents and conveyancers need to be lodged with Fair Trading via the Auditors Report Online portal. Fair Trading no longer accepts paper-based audits,” a NSW Fair Trading spokesperson said.
As a result of the change, Fair Trading extended the regular deadline to the end of the year from its normal one of 30 September to support auditors as they get used to the new platform.
“The changes to trust account audits are part of reforms being rolled out in NSW to improve the skills of real estate and property professionals and raise the sector’s professional and education standards.”
If audits are not lodged on time, licences could be suspended until the audit is complete.
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