Real Estate Trust Account Audit QLD | Number Solutions Tax & Accounting
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Ensuring your real estate trust accounts are accurately audited is an essential part of running a compliant and trustworthy property business in Queensland. At Number Solutions Tax & Accounting, we specialise in providing Real Estate Trust Account Audits QLD that give you confidence that client funds are managed correctly and in line with regulatory expectations.
The Queensland Office of Fair Trading (OFT) requires real estate trust accounts to be independently audited, with results lodged on time to ensure trust money remains protected and transparent.
Time and Deadline for Submitting Your Real Estate Trust Account Audit QLD
Annual Audit Lodgement
Real estate trust account audits must be completed for each audit period, and the audit report must be lodged within four months after the end of that period. The specific due date depends on your audit period, which is generally linked to the month your licence was issued.
Audit Period Examples
For a standard period where the audit period ends on 30 June, the audit report must be lodged by 31 October. Other audit periods vary according to licence issue dates (e.g., 1 July to 31 March lodgement due by 31 July).
Responsibility for Lodgement
You are responsible for lodging your audit report, though your auditor can lodge it on your behalf through the Queensland Government’s online portal or by email.
Late or Missed Lodgement Risks
If your audit report is lodged late, you may face fines, licence suspension or cancellation, and regulatory action from the Queensland Office of Fair Trading.
Why Choose Us for Your Real Estate Trust Account Audit QLD
Choosing the right audit partner makes compliance simpler and gives you confidence that your trust accounts are accurate and secure. Here’s what sets Number Solutions Tax & Accounting apart:
Deep Knowledge of QLD Rules
Our team understands Queensland’s trust account legislation and audit requirements, including how audit periods and lodgement dates are calculated under the Office of Fair Trading’s guidance.
Affordable Audit Services
We provide quality, cost‑effective audit services designed for real estate businesses of all sizes, with transparent pricing and real support.
Personalised Service
Every trust account and property business is different. We tailor our audit approach to suit the way you operate and the timing of your reporting year.
Timely and Accurate Reporting
With strict deadlines in place, we work efficiently so your audit is completed and lodged when it’s due, helping you avoid unnecessary penalties.
Clear Communication and Easy Reports
After each audit, you’ll receive a clear, easy‑to‑read report that explains what was reviewed and makes recommendations where needed.
Key Requirements for Real Estate Trust Account Auditing in QLD
Understanding the core obligations for trust account audits in Queensland helps ensure you stay compliant year after year. Here’s what you need to know:
Annual Audit Requirement
Real estate trust accounts must be audited every year by a qualified and independent auditor. The Queensland Office of Fair Trading requires this for compliance purposes.
Appointment of an Auditor
An auditor must be appointed and notified to the Office of Fair Trading soon after setting up your trust account. The auditor must be an independent, qualified professional who is approved by the OFT.
Audit Report Deadline
Your audit report must be lodged within four months after the end of your audit period, unless it’s your final year of operating, in which case different rules apply. Ensure that you follow the specific deadlines based on your audit period.
Account Reconciliation
While Queensland’s guidelines do not mandate a specific monthly reconciliation deadline in the audit guidance, proper reconciliations are essential for audit accuracy and compliance with trust account obligations.
Record Keeping
Trust account records, ledgers, and reconciliations must be maintained meticulously in preparation for audit and regulatory reviews. The Queensland Office of Fair Trading requires these records to be available for inspection when requested.
Not Sure Where to Start for Your Real Estate Trust Account Audit QLD?
We’re ready to help you. Call us now at 02 9174 5327 or book online for a FREE consultation and get expert support with your audit.
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