NSW Trust Account Audit Deadline Extension

What counts as an NSW extension reason?

NSW Fair Trading's published position is narrow: the circumstances must be exceptional, must have existed over a period of time and must be supported by evidence. The page should not suggest that an extension is a normal fallback for late audit preparation.

• Exceptional circumstances only
• Supporting evidence required
• Circumstances must have existed over time
• Auditor should already be appointed and authorised

Reasons NSW says are not acceptable

NSW Fair Trading specifically rejects common administrative explanations. Being unaware of the requirement, forgetting to give the auditor access, insufficient time, forgetting to lodge, the auditor being too busy, or the auditor forgetting are not acceptable extension reasons.

• Being unaware of the lodgement requirement
• Forgetting to provide auditor access
• Leaving insufficient time for the auditor
• Auditor too busy or forgetting to lodge

Authorise your auditor before relying on any request

A NSW extension request is not a substitute for appointing an auditor. The auditor still needs access to records and authorisation to lodge through Auditor's Report Online. If the date is close, get the engagement and authorisation started immediately.

• Confirm auditor appointment
• Complete NSW auditor authorisation
• Upload complete records
• Keep evidence for any exceptional-circumstances position

Late lodgement risk still applies

If the report is not lodged by 30 September, NSW Fair Trading may issue a penalty notice and late lodgement may affect licence renewal. The practical next step is to complete the audit quickly while separately dealing with any regulator position.

• $550 individual penalty notice risk
• $1,100 corporation penalty notice risk
• Disqualification and disciplinary risk
• Licence renewal may be affected

Frequently asked questions