Real Estate Trust Account Audit
Every Australian real estate agency that holds a trust account must have it audited annually by a qualified, independent auditor. The audit covers reconciliations, client ledgers, and bank statements — and results in a formal report lodged with the state regulator. AuditsPro completes real estate trust account audits from $549 + GST with a fixed fee confirmed before any records are submitted.
Deadlines and lodgement pathways differ in every state — this guide links directly to official regulator sources.
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Last reviewed
This guide was professionally reviewed on 5 June 2026 using official state regulator sources across all eight Australian states and territories.
Four things every agency needs to know
A real estate trust account audit is not optional, not interchangeable with trust accounting, and not something the agency can complete itself. These four points explain the obligation.
Statutory requirement
Required by legislation in every Australian state and territory. An agency that holds a trust account cannot opt out of the annual audit obligation.
Independent auditor only
The audit must be completed by a qualified, independent auditor — not the agency's bookkeeper, accountant who prepared the records, or any employee.
Annual and deadline-driven
A new audit is required every year. Deadlines differ by state — 30 September in NSW, VIC, TAS, NT, and ACT; 31 March in WA; licence-month based in QLD; and renewal-linked in SA.
Regulator-facing report
The audit results in a formal report lodged with the state regulator. In NSW, the auditor lodges directly. In VIC, the agency lodges after receiving the report.
What is a real estate trust account audit?
A real estate trust account audit is the annual independent review of the trust account records kept by a real estate agency. It is a statutory requirement under the property legislation of every Australian state and territory. The audit must be completed by a qualified, independent auditor — not by the agency's own staff, bookkeeper, or anyone involved in preparing the records.
The audit covers the full audit period. NSW, VIC, TAS, NT, and ACT commonly use a 1 July to 30 June period; Queensland is tied to the licence issue month; Western Australia uses the calendar year; and South Australia is linked to licence or registration expiry timing unless otherwise approved. Every agency that holds a trust account must arrange for the audit to be completed and the report to be delivered or lodged with the relevant state regulator before the deadline.
Real estate agencies cannot opt out of the audit requirement. If an agency held a trust account during the audit period — even if no transactions occurred — the audit obligation applies. In some states, an auditor can provide a nil-activity declaration for dormant accounts, but this is still a formal engagement with a qualified auditor.
- Required under state legislation in every Australian state and territory
- Must be completed by a qualified, independent auditor
- Applies to all agencies that held a trust account during the audit period
- Covers reconciliations, client ledgers, bank statements, receipts, and payment records
- Results in a formal audit report lodged with or delivered to the state regulator
- Nil-activity accounts still require a formal auditor engagement in most states
What does a real estate trust account audit cover?
The auditor reviews the records the agency has kept throughout the audit period. The scope is not limited to a single transaction or a sample — the auditor must obtain sufficient evidence to form an opinion on whether the trust account records are materially accurate, complete, and compliant with the applicable legislation.
In practice, the review involves checking that each monthly bank reconciliation agrees with the corresponding bank statement closing balance, that client ledgers accurately reflect every receipt and disbursement, that property management and sales trust transactions are recorded on separate ledgers, and that receipts and payment dockets support the amounts shown in the ledger.
Where records are missing, inconsistent, or cannot be reconciled, the auditor may issue a modified or qualified opinion. A qualified audit report can trigger follow-up from the state regulator, including compliance inspections or requests for further information.
- Monthly bank reconciliation reports checked against bank statement closing balances
- Client ledgers reviewed for accuracy and consistency across the full audit period
- Property management and sales trust transactions verified on separate ledgers
- Receipts, payment dockets, and disbursement authorities checked as supporting evidence
- Opening and closing trust account balances traced through the period
- Audit report prepared and lodged through the correct state pathway
The fastest audits are those where records are complete at submission. Missing reconciliations, gaps in bank statements, or ledgers that do not agree with the bank delay the review and increase the risk of a qualified finding.
How to prepare your real estate agency for a trust account audit
Most delays in real estate trust account audits come from incomplete records at submission — not from complexity in the records themselves. An agency with a single trust account and complete monthly reconciliations is straightforward to audit. The same agency with three months of missing reconciliations and unexplained ledger differences is not.
Preparation should begin well before the state deadline. In states with a 30 September deadline — NSW, VIC, TAS, NT, ACT — agencies should engage their auditor and begin organising records by late July. In WA, where the deadline is 31 March, preparation should begin in January. In QLD, where the period is tied to the licence issue month, the preparation timeline depends on when the agency's licence was issued. In SA, check the personalised Annual Return or renewal documents and current CBS guidance.
AuditsPro provides a structured document checklist through the client portal, matched to the agency's state, licence type, and audit period. Uploading through the portal rather than email keeps records organised, reduces back-and-forth, and means the auditor can identify gaps before the formal review begins.
- Confirm all monthly bank reconciliations are complete for the full audit period
- Check that each reconciliation agrees with the corresponding bank statement
- Ensure client ledgers are up to date and match the bank records
- Prepare property management ledgers and sales trust ledgers separately
- Gather bank statements, reconciliation reports, and ledger printouts
- Arrange read-only software access for the auditor
- Engage the auditor at least six to eight weeks before the state deadline
Real estate trust account audit deadlines by state
The audit period, deadline, legislation, and lodgement pathway differ in every Australian state. Always confirm current requirements with your state regulator before the audit period ends.
| State | Legislation | Audit period | Deadline | Lodgement pathway |
|---|---|---|---|---|
| NSW | Property and Stock Agents Act 2002 | 1 July – 30 June | 30 September | Real estate auditor lodges directly via NSW Fair Trading Auditor's Report Online portal — agencies cannot lodge independently |
| VIC | Estate Agents Act 1980 | 1 July – 30 June | Audit by 30 Sep; agent lodges via myCAV within 10 business days of receiving the completed report | Agent creates myCAV account and lodges the report copy — set up the account in July, not late September |
| QLD | Agents Financial Administration Act 2014 | Tied to the licence issue month — not the financial year | 4 months after end of audit period; 2 months if the business is ceasing | Lodge audit report or statutory declaration with Office of Fair Trading QLD — confirm your exact period based on licence issue month |
| WA | Real Estate and Business Agents Act 1978 | 1 January – 31 December (calendar year) | 31 March | Real estate auditor delivers the verified report to the Commissioner for Consumer Protection; copy provided to the agent |
| SA | Land Agents Act 1994 | Usually ends 2 months before licence/registration expiry unless otherwise approved | Annual Return/renewal linked | CBS audit checklist and annual return instructions — confirm current CBS requirements |
| TAS | Property Agents and Land Transactions Act 2016 | 1 July – 30 June (annual); plus half-yearly reporting periods | 30 Sep (annual audit); 31 Jul and 31 Jan (half-yearly Trust Account Reports — separate obligation) | Property Agents Board of Tasmania portal; annual audit and half-yearly reports are entirely separate lodgements with different deadlines |
| NT | Agents Licensing Act 1979 | 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 | Agents Act 2003 | 1 July – 30 June (financial year) | 30 September | Agents Trust Account Audit form submitted to Access Canberra |
Source: State regulators — see Official Sources below. Always confirm current requirements with your regulator before the audit period ends.
Frequently asked questions
Plain-English answers to the questions real estate agencies ask about trust account audits.
Do real estate agents need a trust account audit?+
Yes. Every real estate agency that holds a trust account in any Australian state or territory is required by state legislation to have its trust account audited annually. The audit must be completed by a qualified, independent auditor and the resulting report must be lodged with or delivered to the relevant state regulator before the deadline — 30 September in NSW, VIC, TAS, NT, and ACT; 31 March in WA; 4 months after the audit period ends in QLD; and Annual Return or renewal-linked timing in SA.
What is a real estate trust account audit?+
A real estate trust account audit is the annual statutory review of the records kept in a real estate agency's trust account. A qualified, independent auditor checks that monthly reconciliations agree with bank statements, that client ledgers are accurate and complete, and that receipts and payments are properly supported. At the end, the auditor prepares the audit report required by the state regulator. Lodgement differs by state: for example, NSW uses auditor lodgement through Fair Trading, WA uses auditor delivery to the Commissioner, and Victoria requires the agent to lodge a copy in myCAV within 10 business days of receiving the report.
How often do real estate agencies need a trust account audit?+
Real estate agencies must arrange a trust account audit every year. The audit covers a defined audit period: NSW, VIC, TAS, NT, and ACT commonly use 1 July to 30 June; WA uses the calendar year; QLD uses a rolling period tied to the licence issue month; and SA is renewal-linked. A new audit must be completed each period, even if the trust account had low activity. Agencies that close their trust account mid-year still need an audit to cover the period the account was active.
I need a fast audit for my real estate agency. What are my options?+
The fastest real estate trust account audits are those where all records are complete and organised at submission. AuditsPro typically completes audits within 5 to 10 business days once all records are received in full — bank statements, monthly reconciliation reports, client ledger printouts, and read-only software access. To get the fastest result, submit complete records, respond promptly to any follow-up questions, and engage at least six to eight weeks before your state deadline. Contacting AuditsPro early in the audit period gives the most flexibility.
What happens during a real estate trust account audit?+
The auditor reviews the agency's trust account records for the full audit period. This involves checking that monthly bank reconciliations agree with bank statements, reviewing client ledgers for accuracy and completeness, verifying receipts and payment records, and tracing opening and closing balances. The auditor then forms an opinion on whether the records are materially accurate and compliant with the applicable state legislation. The audit concludes with the preparation and lodgement or delivery of the audit report.
How long does a real estate trust account audit take?+
AuditsPro typically completes real estate trust account audits within 5 to 10 business days from the date all records are received in full. The timeline extends when records are incomplete — missing monthly reconciliations, bank statements that do not cover the full period, or ledgers that do not agree with the bank will all require follow-up before the review can be completed. Engaging early and submitting complete records is the most reliable way to meet a state deadline.
How much does a real estate trust account audit cost?+
AuditsPro charges from $549 + GST for a standard real estate trust account audit. The fixed fee is confirmed before any records are submitted. Factors that can affect pricing include the state and applicable legislation, the number of trust accounts, transaction volume during the audit period, the completeness of records at submission, and whether an urgent deadline applies. A quote can be requested before uploading any documents — provide your profession, state, audit period, number of accounts, and deadline.
Need a quote or have a question about your state's requirements? Contact the AuditsPro team or call 03 4240 3424.
Transparent Fixed-Fee Pricing
Real estate trust account audit from $549 + GST
Fixed fee confirmed before any records are submitted. Eligibility and independence verified for your specific state and licence type. All eight Australian states and territories covered.
Official sources used for this guide
This guide relies directly on current state government and regulator frameworks. We monitor these sources because regulators periodically update lodgement portals, eligibility requirements, and audit deadlines.
NSW Fair Trading — Trust account audit requirements
Property and Stock Agents Act 2002; Auditor's Report Online portal and eligible auditor rules.
Consumer Affairs Victoria — Auditing trust accounts
Estate Agents Act 1980; approved auditor requirements and myCAV lodgement within 10 business days.
Office of Fair Trading QLD — Trust account audits
Agents Financial Administration Act 2014; rolling audit period tied to licence issue month and 4-month deadline.
Consumer Protection WA — Auditing real estate agents
Real Estate and Business Agents Act 1978; auditor delivers verified report to Commissioner for Consumer Protection by 31 March.
Property Agents Board of Tasmania
Annual Special Purpose Audit Report and separate half-yearly Trust Account Report obligations under Tasmanian legislation.
Access Canberra — Licensed agents
Agents Act 2003; 30 September annual audit and Agents Trust Account Audit form lodgement for ACT agents.
Related real estate audit resources
Real estate audit service
State-specific service pages with deadlines and pricing from $549 + GST
Real estate auditors
Qualifications, independence rules, and lodgement pathways by state
Trust accounting for agents
How receipting, reconciliation, and disbursement work throughout the year
Trust account audit cost
What affects audit fees and how to get a fixed-fee quote
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