Real Estate Trust Account Audit Quotes Australia

What is a Real Estate Trust Account Audit?

A real estate trust account audit is a mandatory annual examination of the trust accounts held by real estate agents and property managers across Australia. These audits ensure that client funds – including rental income, bonds, and sale deposits – are properly managed, accounted for, and protected in accordance with state legislation.

Each Australian state has its own regulatory body and specific requirements for trust account audits. The audit must be conducted by a qualified auditor who is registered or approved by the relevant state authority.

State-by-State Requirements

Trust account audit requirements vary by state:

• NSW: Annual audit required under Property and Stock Agents Act 2002. Audit must be completed within 3 months of year-end.
• Victoria: Annual trust account audit under Estate Agents Act 1980. Due within 3 months of financial year end.
• Queensland: Annual trust account audit or examination under Property Occupations Act 2014.
• South Australia: Annual audit under Land Agents Act 1994. Must be lodged with Consumer and Business Services.
• Western Australia: Annual audit under Real Estate and Business Agents Act 1978.

What the Auditor Examines

A real estate trust account audit covers several critical areas:

• Reconciliation of trust account bank statements to trust ledgers
• Verification that all receipts are deposited within required timeframes
• Proper authorisation and documentation of all disbursements
• Adequate separation of trust funds from general business funds
• Compliance with record-keeping requirements
• Interest earned on trust accounts is properly handled
• Bond handling procedures meet regulatory requirements

Trust Account Audit Costs

Real estate trust account audit fees typically range from $800 to $2,500 depending on the volume of transactions, number of properties under management, and the state's specific requirements. Agencies with larger portfolios and higher transaction volumes will generally pay more due to the increased audit work required.

Through AuditLink, you can compare fixed-price quotes from auditors experienced with real estate trust account compliance in your state. This ensures you meet your regulatory obligations while getting competitive pricing.

Consequences of Non-Compliance

Failure to complete your trust account audit on time can result in serious consequences:

• Suspension or cancellation of your real estate licence
• Financial penalties and fines
• Reputational damage and loss of client trust
• Potential claims against professional indemnity insurance

Get Your Trust Account Audit Quotes

Post your real estate trust account audit job on AuditLink for just $39 inc GST. Receive 3-6 fixed-price quotes from qualified auditors within 24-48 hours. Our platform connects you with auditors who understand your state's specific requirements and deadlines.