Conveyancers Trust Account Audit QLD
The OFT Monitors Every Licensed Conveyancer in QLD. We Make Sure Your Trust Account Is Always Ready
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Managing client funds is one of the most legally sensitive parts of running a conveyancing practice in Queensland. Whether you are based in Brisbane’s inner suburbs, operating from the Gold Coast, or running a busy settlement practice in Toowoomba or Rockhampton, the rules are the same for every licensed conveyancer who holds trust money.
Under the Agents Financial Administration Act 2014 and the Property Occupations Act 2014, all conveyancers who operate a trust account in Queensland must have it independently audited every year and lodge the report with the Queensland Office of Fair Trading (OFT) within the required timeframe.
There is no grace period and no opt-out. Failure to lodge is treated as a breach of the Act and can result in financial penalties, licence suspension, or cancellation.
At Number Solutions Tax & Accounting, we specialise in conveyancer trust account audits across all of Queensland. We know exactly what the OFT requires and deliver audits that are compliant, timely, and straightforward from start to finish.
Time and Deadline for Submitting Your Conveyancers Trust Account Audit QLD
Annual Trust Account Audit
Every conveyancer who carries on business and operates a trust account during the audit period must have that account audited by a qualified, independent auditor. The audit must cover the entire audit period applicable to your licence.
Audit Period and Lodgement Deadline
Your audit report must be lodged within four months after the end of your audit period, unless it is your last year of business, when it must be lodged within two months after you cease business. The audit period end date depends on the month your licence was issued. Here is how it works:
Licence Issue Month | Audit Period End | Lodgement Due Date |
July | 30 June | 31 October |
October | 30 September | 31 January |
January | 31 December | 30 April |
April | 31 March | 31 July |
Appointing Your Auditor
An agent must appoint an auditor within one month of opening a trust account and advise the Office of Fair Trading within one month of the appointment. This obligation applies to conveyancers in the same way it applies to real estate agents. Delaying your auditor appointment is itself a compliance breach.
Lodgement Responsibility
A licensee is responsible for lodging their own audit reports, although auditors can lodge audit reports on their behalf. You remain legally responsible for on-time lodgement regardless of whether your auditor submits it on your behalf.
Unused Trust Accounts
If your trust account was open during the audit period but you did not receive any trust money, you may be able to lodge a statutory declaration instead of a full audit report. This must still be lodged within the same deadline. Ignoring the obligation entirely because the account was unused is not an option.
Final Audit on Ceasing Business
If you stop operating as a conveyancer, a final audit report must be lodged within two months of the date you ceased carrying on business. This applies even if your standard audit period has not ended.
Extension Applications
You can apply for an extension for lodging your audit report. You must notify in writing before the audit period report is due to be lodged, state the reasons for the extension, and tell the OFT the extra time you need. Extensions are not automatically approved and should not be relied upon as a regular strategy.
We help Queensland conveyancers stay compliant and audit-ready with an affordable, independent trust account audit.
- Dedicated trust account audit for QLD conveyancing practices
- Fast turnaround before your OFT deadline
- Clear, practical fixes explained in plain language
What Can Happen If You Miss Your Lodgement Deadline in QLD
The Queensland OFT actively monitors lodgement compliance and cross-checks data with financial institutions. Non-lodgement is unlikely to go undetected.
If an agent does not lodge an audit report or a statutory declaration, the agent can be fined or convicted of an offence, and the OFT can suspend or seek to cancel their licence.
Documented consequences for non-compliance in the Queensland property industry include:
- Financial penalties issued by the Office of Fair Trading
- Licence suspension pending compliance
- Licence cancellation for repeated or serious breaches
- Criminal prosecution under the Agents Financial Administration Act 2014 for serious trust money misuse, carrying penalties of up to two years imprisonment
- Inability to renew your conveyancer licence until all outstanding audit reports are lodged
Why Conveyancers Across Queensland Choose Number Solutions for Their Annual Trust Account Audit
Conveyancing practices from Brisbane CBD and South Bank to Cairns, Townsville, and the Sunshine Coast hinterland trust us to manage their annual OFT compliance obligations. Here is what makes us the right choice:
Expert Knowledge of QLD Trust Account Rules
We understand the Agents Financial Administration Act 2014 and the Property Occupations Act 2014, including how audit periods are calculated, what the OFT’s 25-point audit schedule requires, and what triggers a qualified or adverse audit report. You get an auditor who knows the rules in detail, not just in general terms.
Affordable and Reliable Audit Support
We offer transparent, upfront pricing with no hidden fees. Our services are designed to be accessible for sole conveyancers and multi-office practices alike. High-quality compliance does not have to cost you more than it should.
Tailored to Your Practice
Whether you handle a small number of settlements per year or process a high volume of conveyancing transactions, we adapt our audit process to your transaction records, your accounting software, and your reporting calendar.
Efficient and Timely Reports
We build your audit timeline around your lodgement deadline from the start. You will never be scrambling to meet an OFT due date when you work with us.
Clear Communication and Support
After every audit, you receive a clear, easy-to-read report covering all findings and any practical recommendations. We communicate in plain language, not technical audit jargon. And if there are issues to address, we help you understand them and resolve them promptly.
Remote Service Available
We work with conveyancers across all of Queensland, including regional and remote areas, entirely remotely. You do not need to be in Brisbane or a major metropolitan area to access our services.
Key Requirements for Conveyancer Trust Account Auditing in QLD
Understanding your core obligations each year helps you stay compliant without last-minute stress. Here is what every Queensland conveyancer needs to know:
- Annual Audit Requirement: Any conveyancer who holds a trust account and carries on business during the audit period must arrange an independent audit every year. There is no threshold below which the audit obligation does not apply.
- Auditor Independence: Your auditor must be genuinely independent. They cannot have any involvement in managing your trust account records or your day-to-day financial administration.
- Qualified Auditor: Your auditor must meet the qualification requirements under the Agents Financial Administration Act 2014. This typically means holding a current registration as a company auditor under the Corporations Act 2001 or membership of a recognised professional accounting body with a current Public Practising Certificate.
- Audit Coverage: The audit must cover all trust account transactions for the entire audit period. Partial period audits or gap periods are not acceptable under the Act.
- Record Keeping: You must maintain complete trust account records, including receipt books, trust ledger entries, bank statements, and reconciliation records, and make them available to your auditor on request.
- Bank Reconciliations: Regular reconciliation of your trust account is a legal obligation under the Agents’ Financial Administration Act 2014 and is essential for a clean audit. The OFT can request your reconciliation records at any time.
- Account Notification: If you open a new trust account, you must notify the OFT using the approved form. You must also notify the OFT of any change of auditor within the required timeframe.
What Documents Your Auditor Will Need Access To
For a compliant trust account audit under the Agents Financial Administration Act 2014, you will need to provide:
- Trust account bank statements for the full audit period
- All receipt and disbursement records
- Trust ledger entries for each client matter
- Bank reconciliation records for the audit period
- Auditor appointment correspondence with the OFT
- Any prior OFT correspondence relating to the trust account
- Records of any investments or interest earned on trust funds (where applicable)
We guide you through preparing every document from the beginning, so nothing is missed and the process moves efficiently.
Not Sure Where to Start for Your Conveyancers Trust Account Audit in QLD?
We serve conveyancers across all of Queensland, including Brisbane, South East Queensland, Ipswich, Logan, Gold Coast, Sunshine Coast, Toowoomba, Rockhampton, Mackay, Townsville, Cairns, and all surrounding regional areas.
FAQs
Yes. Under the Agents Financial Administration Act 2014 and the Property Occupations Act 2014, every licensed conveyancer who operates a trust account and carries on business during the audit period must have that account independently audited each year. The audit must be conducted by a qualified, independent auditor, and the report must be lodged with the Office of Fair Trading within four months of the end of your audit period. If you held a trust account but did not receive any trust money during the period, you must still lodge a statutory declaration with the OFT confirming this.
Your audit period is determined by the month your licence was originally issued by the Office of Fair Trading. For example, if your licence was issued in July, your audit period runs from 1 July to 30 June, and your audit report is due by 31 October. If your licence was issued in October, your audit period runs from 1 October to 30 September, and the report is due by 31 January. Your lodgement deadline is always four months after the end of your audit period.
Under the Agents Financial Administration Act 2014, your auditor must meet specific qualification requirements. They must either hold a current registration as a company auditor under the Corporations Act 2001, or be a member of a recognised professional accounting body such as CPA Australia or Chartered Accountants Australia and New Zealand, holding a current Public Practising Certificate. The auditor must also be genuinely independent. You cannot use your own bookkeeper or a firm that also manages your everyday accounting records.
If you are unable to lodge your audit report before the due date, you must apply to the Office of Fair Trading in writing for an extension before the deadline passes. Your application must state the reasons for the extension and the additional time you need. Extensions are not automatically granted. If you think you may have difficulty meeting your deadline, contact us as early as possible so we can complete the audit within your required timeframe and avoid any late lodgement exposure.
Yes. We can lodge your completed trust account audit report directly with the Queensland Office of Fair Trading through the OFT’s online portal or by email to Financial.OFT@justice.qld.gov.au on your behalf. While the legal responsibility for on-time lodgement always remains with the licensee, having us manage the lodgement process removes one more step from your compliance workload and ensures the report reaches the OFT in the correct format and on time.
