Real Estate Trust Inspection QLD – Annual Audit

Queensland Real Estate Trust Account Requirements

Queensland real estate agents and property managers are required to maintain trust accounts and have them inspected annually under the Property Occupations Act 2014 and Property Occupations Regulation 2014. The Office of Fair Trading (OFT) oversees compliance, and failure to meet trust account requirements can result in serious penalties.

A trust account inspection (audit) must be conducted by a registered company auditor or appropriately qualified person approved under the legislation.

Who Needs a QLD Trust Account Inspection?

The following Queensland property professionals require annual trust inspections:

• Real estate agents conducting sales
• Property managers handling rental income and bonds
• Auctioneers receiving sale deposits
• Pastoral house agents
• Motor dealers with trust account requirements

What the Inspector Examines

A Queensland trust account inspection covers:

• Trust account bank reconciliations are accurate and timely
• All trust money is deposited within required timeframes (next business day)
• Trust money is only withdrawn for authorised purposes
• Proper records are maintained for all trust transactions
• Client ledger balances match bank account balances
• No trust account deficiencies exist
• Interest earned on trust accounts is properly handled
• Compliance with the Residential Tenancies and Rooming Accommodation Act for bonds

QLD Trust Account Inspection Deadlines

Queensland real estate agents must have their trust accounts inspected annually. The inspection report must be submitted to the OFT within three months of your financial year end. For most agencies operating on a standard financial year (1 July - 30 June), the deadline is 30 September annually.

Trust Inspection Costs in Queensland

Queensland trust account inspection fees typically range from $700 to $2,000 depending on:

• Number of properties under management
• Volume of sales transactions
• Multiple trust accounts or office locations
• Quality of record-keeping systems
• Whether any prior compliance issues need attention

Through AuditLink, Queensland agents can compare quotes from multiple qualified inspectors to ensure competitive pricing.

Consequences of Non-Compliance

Failing to comply with Queensland trust account requirements can result in:

• Suspension or cancellation of your real estate licence
• Financial penalties up to $23,780 for individuals or $118,900 for corporations
• Claims against the Real Estate Agent Claim Fund
• Disciplinary action by the Office of Fair Trading
• Reputational damage and loss of client trust

Get Your QLD Trust Inspection Quotes

Post your Queensland trust account inspection job on AuditLink for just $39 inc GST. Receive 3-6 fixed-price quotes from qualified inspectors within 24-48 hours.