Real Estate Trust Account Audit QLD
One Missed Audit Deadline Can Suspend Your Licence. We Make Sure You’re Always Ahead of It
Running a real estate agency in Queensland means taking full legal responsibility for every dollar of trust money your business handles. Whether you are operating in Brisbane’s inner suburbs, managing a rent roll on the Gold Coast, or running a boutique agency in Cairns or Townsville, the obligations are the same.
Under the Agents Financial Administration Act 2014 and the Property Occupations Act 2014, all licensed real estate agents who operate a trust account must have it independently audited every year and lodge the report with the Queensland Office of Fair Trading (OFT) within the required timeframe.
At Number Solutions Tax & Accounting, we specialise in real estate trust account audits across all of Queensland. Our team understands what the OFT requires and delivers audits that are thorough, compliant, and completed well before your deadline.
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 with the OFT within four months after the end of that audit period. The specific due date depends on when your licence was first issued.
Audit Period Examples
Licence Issue Month | Audit Period | Lodgement Due Date |
|---|---|---|
July | 1 July to 30 June | 31 October |
October | 1 October to 30 September | 31 January |
January | 1 January to 31 December | 30 April |
April | 1 April to 31 March | 31 July |
Appointing an Auditor
You must appoint a qualified auditor within one month of opening your trust account and notify the OFT of that appointment within one month of the appointment date. Leaving this too late is itself a compliance breach.
No Trust Money Declaration
If you held a trust account during the period but did not receive any trust money, you must lodge a statutory declaration instead of an audit report. This is still a mandatory lodgement with the OFT.
Final Audit on Ceasing Business
If you stop trading, a final audit report must be lodged within two months of the date you ceased carrying on business. This applies even if the audit period has not ended.
Lodgement Options
You are responsible for lodging your own audit report. However, your auditor can lodge it on your behalf through the OFT’s online portal or by emailing Financial.OFT@justice.qld.gov.au. Extensions can be applied for in writing before the due date, but must state clear reasons and the additional time required.
We help Queensland real estate agencies stay compliant and audit-ready with an affordable, independent trust account audit.
- Dedicated trust account audit for QLD real estate agencies
- Fast turnaround before your OFT deadline
- Clear, practical fixes explained in plain language
What Happens When Agents Get It Wrong in QLD
The Queensland OFT takes trust account compliance seriously. Its financial audit unit actively examines all lodged reports, uses data cross-matching with financial institutions, and investigates any discrepancies. The consequences of non-compliance are not minor.
Some documented OFT enforcement outcomes include:
- A Cairns agent pleaded guilty to 13 charges under the Agents Financial Administration Act 2014 and the Property Occupations Act 2014, resulting in $8,500 in fines plus $4,894 in client compensation orders, largely stemming from audit failures and unauthorised deductions.
- A Sunnybank Hills agent (Julie’s Realty) received a $30,000 fine and a 10-year industry ban after the OFT found trust money was not banked correctly, receipts were falsified, and statutory bonds were not remitted to the RTA.
- A Brisbane agent was imprisoned in 2024 after misappropriating $1.4 million in trust funds and concealing them through false accounting.
- A Cairns letting agent was convicted of 437 separate offences involving $292,393 in misappropriated trust money and was prosecuted by the OFT.
Non-compliance risks include:
- Financial penalties and court-ordered fines
- Licence suspension or cancellation by the OFT
- Criminal prosecution for misuse of trust money (up to 2 years imprisonment under the Agents Financial Administration Act 2014)
- Being permanently disqualified from holding a real estate licence in Queensland
Staying current with your annual audit obligation is the only way to protect your licence, your reputation, and your clients.
Why Choose Number Solutions for Your Real Estate Trust Account Audit in QLD
Real estate agencies from South East Queensland to Far North Queensland trust us to manage their annual compliance. Here is why:
Deep Knowledge of QLD Rules
We understand the Agents Financial Administration Act 2014, the Property Occupations Act 2014, and how the OFT calculates audit periods and lodgement deadlines. We stay up to date with any changes to these requirements, so your audit is always fully compliant.
Affordable Audit Services
We offer transparent, upfront pricing for agencies of all sizes. There are no hidden fees. Whether you are a solo agent in Fortitude Valley or managing a multi-office network across the Sunshine Coast and Toowoomba, our pricing is designed to suit your business.
Personalised Service
No two real estate businesses are the same. We tailor our audit process to your transaction volumes, your trust accounting software, and the way your business operates. We work around you, not the other way around.
Timely and Accurate Reporting
Deadlines are non-negotiable with the OFT. We complete your audit well before the due date, so late lodgement penalties are never a risk for your agency.
Clear Communication and Easy Reports
After each audit, you receive a clear, easy-to-read report explaining what was reviewed and any practical recommendations. We communicate in plain language without accounting jargon.
Remote and Nationwide Capability
We can complete your trust account audit remotely, making our services fully accessible to agencies in regional Queensland, including Rockhampton, Mackay, Townsville, Cairns, and Mount Isa, as well as metropolitan areas like Brisbane, Gold Coast, Ipswich, and Logan.
Key Requirements for Real Estate Trust Account Auditing in QLD
Understanding the core obligations helps ensure you stay compliant year after year. Here is what every Queensland real estate agent needs to know:
- Annual Audit Requirement: All real estate agents who operate a trust account must have it audited every year by a qualified and independent auditor. This is mandatory under the Agents Financial Administration Act 2014.
- Auditor Independence: Your auditor must be genuinely independent. You cannot use your own bookkeeper or accountant who also manages your day-to-day accounts. The OFT requires a fully independent qualified professional.
- Audit Report Lodgement: The completed audit report must be lodged within four months after the end of your audit period. For a final year audit, this is reduced to two months from the date you stopped trading.
- Record Keeping: All trust account records, ledgers, receipts, and reconciliations must be maintained accurately and made available for inspection on request. The OFT can audit your records at any time.
- Trust Account Reconciliation: While the OFT guidance does not prescribe a mandatory monthly reconciliation deadline, regular reconciliation of trust accounts is a legal obligation under the Act and is essential for a clean annual audit.
- Rent Banking Obligation: All rent collected must be deposited into the trust account before the next business day. Failure to bank promptly is one of the most commonly prosecuted breaches in Queensland.
- Notifying the OFT of Account Changes: If you open, close, or change the name of a trust account, you must notify the OFT using the approved form within two months.
What Documents Your Auditor Will Need
To complete your 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 receipts and disbursement records
- Trust ledger entries for each client
- Bank reconciliation records for the audit period
- Any statutory declarations or prior OFT correspondence relating to the trust account
- Records of any investments made from trust accounts (where applicable)
We guide you through gathering all required documents from the start, so nothing is missed.
Not Sure Where to Start for Your Real Estate Trust Account Audit in QLD?
We serve real estate agencies across all of Queensland, including Brisbane, Ipswich, Logan, Gold Coast, Sunshine Coast, Toowoomba, Rockhampton, Mackay, Townsville, Cairns, and all surrounding areas.
FAQs
All licensed real estate agents in Queensland who operate a trust account and carry on business during the audit period must have their trust account independently audited. This applies to sole agents, boutique agencies, and large multi-office firms. If you held a trust account but did not receive any trust money during the period, you still need to lodge a statutory declaration with the OFT confirming this.
The audit report must be lodged with the Office of Fair Trading within four months after the end of your audit period. The end date of your audit period depends on the month your licence was originally issued. For example, if your audit period ends on 30 June, your report is due by 31 October. If you stop trading, a final audit must be lodged within two months of ceasing business.
Your auditor must be an independent qualified professional who meets the requirements under the Agents Financial Administration Act 2014. They are typically a registered company auditor or 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 cannot have any involvement in the management of your trust accounts.
Yes. You can apply to the OFT for a lodgement extension in writing before your audit report is due. Your request must state the reason for the extension and the additional time needed. Extensions are not automatically granted and should not be relied on as a routine strategy. If you think you may miss a deadline, contact us early so we can complete the audit within your required timeframe.
Failing to lodge your audit report is a breach of the Agents’ Financial Administration Act 2014. The OFT can issue financial penalties, suspend or cancel your real estate licence, and refer serious matters for criminal prosecution. In documented Queensland cases, penalties have ranged from over $8,500 in fines to full licence cancellation and 10-year industry bans. The OFT uses data cross-matching with financial institutions to proactively identify non-compliant agents, so non-lodgement is unlikely to go undetected.
