Audit Period vs Audit Deadline — What's the Difference?
Two of the most commonly confused trust account audit concepts. The audit period is the 12 months of trust account records being reviewed. The audit deadline is the date by which the completed report must be lodged with the regulator. They are three months apart — and they are not the same thing.
Audit period ends
30 June
The common period end in NSW, VIC, TAS, NT and ACT. WA uses 31 December, QLD uses the licence issue month, and SA is renewal-linked.
Audit deadline
30 September
The common lodgement date in NSW, VIC, TAS, NT and ACT. WA: 31 March. QLD: 4 months from period end. SA: renewal-linked.
Review window
3 months
The time between the audit period ending and the lodgement deadline — July, August, and September. This window is shorter than it looks.
The audit period: the 12 months of records being reviewed
The audit period defines the span of time covered by the trust account audit. In many states, this is the standard financial year — 1 July to 30 June. Other states use different timing: WA uses the calendar year, QLD uses the licence issue month, and SA is linked to licence or registration expiry timing unless otherwise approved. The audit period is not the deadline. It is the scope of the review.
- NSW, VIC, TAS, NT, ACT: commonly 1 July to 30 June
- WA: 1 January to 31 December (calendar year — different from every other state)
- QLD: tied to the agency's real estate licence issue month — not the financial year
- SA: usually ends 2 months before licence or registration expiry unless otherwise approved
- All records for the full period must be available before the audit can be completed
- Bank statements for June may not be finalised until mid-July
- Monthly reconciliations must be complete and agree with bank statement closing balances
The audit deadline: when the report must be lodged
The audit deadline is the date by which the completed audit report must be submitted to the state regulator. In NSW, VIC, TAS, NT and ACT, this is generally 30 September. In WA, where the audit period is the calendar year, the deadline is 31 March. In QLD, where the audit period is tied to the licence issue month, the deadline is four months after the end of that period. In SA, audit documents are tied to Annual Return and renewal timing.
- NSW: 30 September — auditor lodges via Auditor's Report Online portal
- VIC: 30 September — agent lodges via myCAV within 10 business days of receiving report
- QLD: 4 months after end of audit period — period tied to licence issue month
- WA: 31 March — auditor delivers report to Commissioner for Consumer Protection
- SA: tied to annual licence renewal — confirm with Consumer and Business Services SA
- TAS: 30 September (annual); separate half-yearly reports by 31 Jul & 31 Jan
The 3-month window: shorter than it looks
The gap between 30 June (end of period) and 30 September (deadline) is just 13 weeks. Many agencies underestimate how much preparation and review time is needed within that window. Bank statements for June may not be finalised until mid-July. Monthly reconciliations must be complete and agreed before the auditor can begin. Software access must be arranged. Follow-up queries from the auditor take time to resolve. Agencies that engage their auditor in early July give themselves the best chance of completing the review and lodging well before the September deadline.
- Engage your auditor in early July — not late August
- Organise records through July so the auditor can start immediately
- Confirm all June bank statements are finalised and reconciliations are complete
- Arrange read-only software access before records are submitted
- AuditsPro completes most audits within 5–10 business days of receiving complete records
- Respond promptly to any queries from your auditor to avoid delays
WA and QLD: when both the period and the deadline differ
Western Australia and Queensland are the two states where both the audit period and the deadline differ from the standard financial-year model. In WA, the audit period is the calendar year (1 January to 31 December) and the deadline is 31 March — so agencies must begin organising January records immediately and engage an auditor by February. In QLD, the audit period is tied to the month the real estate licence was issued — which means different agencies have different audit period start and end dates, and each agency's 4-month deadline falls on a different date. The first step for any QLD agency is to confirm the exact period based on the licence issue month.
- WA: period 1 Jan – 31 Dec; deadline 31 March; auditor delivers to Commissioner
- QLD: period tied to licence issue month; deadline 4 months after period end
- QLD: same agent, same franchise — if licence issue months differ, periods differ
- QLD ceasing business: deadline shortened to 2 months after period end
- Do not assume your QLD audit period runs 1 Jul – 30 Jun
- Confirm your exact QLD period before planning your engagement
Who lodges the report: agent or auditor?
The lodgement pathway is different in every state — and confusing it with the audit period or deadline is a separate common mistake. In NSW, the auditor lodges the completed report directly through the NSW Fair Trading Auditor's Report Online portal. The agency does not lodge independently but must have formally authorised the auditor before any lodgement can occur. In Victoria, the agent lodges a copy of the completed report via myCAV within 10 business days of receiving it from the auditor — not when the audit period ends, and not on 30 September unless that is when the 10 business days fall.
- NSW: auditor lodges via Auditor's Report Online portal (agency authorises first)
- VIC: agent lodges via myCAV within 10 business days of receiving report from auditor
- QLD: agent lodges with Office of Fair Trading QLD
- WA: auditor delivers verified report to Commissioner for Consumer Protection
- SA: agent lodges at annual licence renewal — confirm CBS SA current requirements
- TAS: annual audit and half-yearly Trust Account Reports are separate lodgements
Audit period, deadline, and lodgement by state
State-by-state comparison of audit period, deadline, and who lodges the report. Confirm current requirements directly with your state regulator before the deadline.
| State | Audit period | Deadline | Who lodges |
|---|---|---|---|
| NSW | 1 July – 30 June | 30 September | Auditor lodges via NSW Fair Trading Auditor's Report Online portal. Agency must authorise the auditor first. |
| VIC | 1 July – 30 June | 30 September (audit); agent must lodge via myCAV within 10 business days of receiving the report | Agent lodges via myCAV. Create myCAV account in July — not late September. |
| QLD | Tied to licence issue month — not the financial year | 4 months after end of audit period (2 months if business is ceasing) | Agent lodges with Office of Fair Trading QLD. Confirm exact period from licence issue month. |
| WA | 1 January – 31 December (calendar year) | 31 March | Auditor delivers verified report to Commissioner for Consumer Protection. Agent receives a copy. |
| SA | 1 July – 30 June | Annual licence renewal | Agent lodges at licence renewal — confirm current CBS SA audit checklist and requirements. |
| TAS | 1 July – 30 June (annual); half-yearly periods also apply | 30 September (annual audit); 31 July and 31 January (half-yearly Trust Account Reports — separate obligation) | Property Agents Board of Tasmania portal. Annual audit and half-yearly reports are entirely separate lodgements. |
| NT | 1 July – 30 June (most agents) | 30 September; nil-trust declaration by 30 August | Annual audit report emailed to the relevant board. Trust account opening notification sent separately. |
| ACT | 1 July – 30 June (financial year) | 30 September | Agents Trust Account Audit form submitted to Access Canberra. |
Frequently asked questions
What is the difference between the audit period and the audit deadline?
The audit period is the span of trust account records being reviewed. The audit deadline is the date by which the completed audit report must be submitted to the regulator. In NSW, VIC, TAS, NT and ACT the common deadline is 30 September; WA uses 31 March; QLD uses a rolling date based on licence issue month; and SA is linked to Annual Return and renewal timing.
When does the trust account audit period start and end?
In NSW, VIC, TAS, NT and ACT the audit period commonly runs from 1 July to 30 June each year. In Western Australia the audit period is the calendar year, running from 1 January to 31 December. In Queensland the audit period is tied to the month the agency's real estate licence was issued. In South Australia, the audit period usually ends two months before licence or registration expiry unless otherwise approved.
When is the trust account audit deadline in NSW?
The trust account audit deadline in NSW is 30 September each year. This is three months after the end of the audit period on 30 June. In NSW, the auditor lodges the completed report directly through the NSW Fair Trading Auditor's Report Online portal — the agency does not lodge independently. The agency must have formally authorised the auditor before the report can be lodged.
Can I start the audit before the audit period ends?
An auditor can begin reviewing records and performing preliminary procedures before 30 June, but the final audit report cannot be completed until after the audit period ends and all records for the period are available. In practice, the most effective approach is to have records organised and ready to hand over to the auditor immediately after 30 June so the review can begin in early July.
Why is there a 3-month window between the period end and the deadline?
The three months between 30 June and 30 September exists to allow time for the auditor to obtain all trust account records, perform the review, raise and resolve any queries, prepare the report, and lodge it with the regulator. In practice this window is shorter than it appears — bank statements for June may not be finalised until mid-July, reconciliations must be complete and agreed, and follow-up queries take time to resolve. Engaging an auditor in early July is the safest approach.
Is the audit period the same in every state?
No. In NSW, VIC, TAS, NT and ACT the audit period is commonly the financial year. In WA the audit period is the calendar year, with a 31 March deadline. In QLD the audit period is tied to the month the real estate agency licence was issued. In SA, the audit period is tied to licence or registration expiry timing unless otherwise approved.
What is the audit period in WA?
In Western Australia the trust account audit period is the calendar year — 1 January to 31 December. This is different from every other Australian state, which uses the financial year. The audit report must be delivered to the Commissioner for Consumer Protection by 31 March. WA agencies should begin organising records in January and engage an auditor by February to meet the 31 March deadline.
What is the audit period in QLD?
In Queensland the audit period is tied to the month the real estate agency's licence was issued — not the standard financial year. This means different agencies have different audit period start and end dates. The audit report must be lodged with the Office of Fair Trading within 4 months of the end of the audit period. QLD agencies should confirm their exact period by checking their licence issue month, then count forward to establish the deadline.
Who lodges the audit report — the agent or the auditor?
It depends on the state. In NSW the auditor lodges directly via the NSW Fair Trading Auditor's Report Online portal — the agency does not lodge independently, but must have formally authorised the auditor first. In Victoria the agent lodges a copy of the completed audit report via myCAV within 10 business days of receiving it from the auditor. In QLD the agent lodges with the Office of Fair Trading. In WA the auditor delivers the verified report to the Commissioner for Consumer Protection. Always confirm the lodgement pathway for your state before the deadline.
Related trust account audit resources
Trust Account Audit Deadlines — All 8 States
Complete state-by-state deadline guide for real estate agents across every Australian state and territory.
Can I Get an Extension on My Trust Account Audit Deadline?
What happens when the deadline is approaching — extensions, fines, and what to do right now.
Real Estate Trust Account Audit
How a real estate trust account audit works, what the auditor reviews, and how AuditsPro manages the process.
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