General Information

Licensees under theConveyancers Licensing Act 2003are required to hold clients' funds in a trust account kept at an authorised deposit-taking institution in New South Wales and approved by the Director-General, Department of Finance, Services and Innovation.

Under the Act, the records of Conveyancers in relation to the handling of trust money must be audited.

The following people must submit an audit of their trust account toNSW Fair Trading, if they received or held trust money during the financial year ending 30 June.

• a licensee
• a former licensee, or
• a personal representative of a licensee.

The audit must be lodged within 3 months after the end of the audit period. The audit must be lodged withFair Trading no later than 30 September.

If a trust account audit is not lodged by the due date, licensees could be disqualified from holding a licence and possibly prevented from renewing a licence.

Key details:

Audit Period:01 July to 30 June

Audit Due Date:30 September

Audit Report submitted to:The auditor must lodge all audit results with Fair Trading via the Auditors Report Online portal.