Number Solutions

🏠 QLD Real Estate Trust Account Audit – What Every Principal Should Know

If your agency held trust money during your license year, you'll likely need to complete a trust account audit. Here's a quick guide.

📅 When is it due?
Your audit must be lodged within 4 months after the end of your license year.

📋 No trust transactions?
You may not need a full audit—but you'll generally need to submit a statutory declaration instead.

🔍 What will your auditor review?
✅ Monthly trust bank reconciliations
✅ Clear separation of trust and business funds
✅ Timely banking of trust money
✅ Accurate trust ledgers and supporting records
✅ No overdrawn trust accounts
✅ Proper authorisation for EFT transactions

👥 Who can conduct the audit?
Only a qualified ASIC-registered auditor can perform a Queensland real estate trust account audit.

⚠️ Stay compliant.
Late lodgement or non-compliance may result in fines or action affecting your license by the Office of Fair Trading Queensland.

Need help with your trust account audit?
Number Solutions provides professional, reliable audit services to help you meet your compliance obligations.

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