Trust Audits

What is a Trust Account ?

A Trust Account is an account whereby the trustee holds the money in their respective trust account on behalf of their client. The trustee can be a

Solicitor
Accountant
Travel Agent
Real Estate Agent
Resident Letting Agent
an Auctioneer
Pastoral house
Motor dealer (if you sell used vehicles on consignment)
Debt collector or process server (if you collect debts on behalf of someone else).
As the money is held in trust by the respective trustee therefore as to fulfil the requirements of the legislation every Trust Account needs to be audited annually by qualified Trust Accountant Auditor.

All types of Trust accounts operating in Queensland have to follow the reporting requirements under Queensland legislation.

Trust Audits in Albany Creek, Brisbane, QLD is listed under the best Accountants offering services such as Tax Audits & Investigations.

Other services by Trust Audits include .

Contact Trust Audits to find out more information about our services.

Services

Real Estate Agents Trust Account Audit
All Real Estate Agents need to comply under the Property Occupations Act 2014 as it has replaced PAMD (Property Agents and Motor Dealers) Act on 1st Dec 2014. They need to submit the annual report to the Office of Fair Trading if the licensed agent is operating a Trust Account.

Solicitors Trust Account Audit
All Solicitors who set up and operate trust accounts in Queensland report to the Queensland Law Society. All Solicitors need to comply under the Legal Profession Act 2007 (QLD) when operating a trust account in Queensland.

Travel Agents Trust Account Audit
All licensed travel agents in Australia need to report to the Travel Compensation Fund with their Financial Statements and Trust Account audit report. An annual audit is a mandatory requirement for all the licensed Travel Agents in Australia.

Public Accountants Trust Account Audit
All Public accountants who practice in Queensland are required to annual reporting requirements to the Dept of Justice and Attorney General if operating a Trust Account. They need to comply with (Trust Accounts Act 1973) if operating a Trust Account.

Motor Dealers / Auctioneers Trust Account Audit
Any Motor Dealer / Auctioneer operating a Trust Account has to comply and full fill the annual reporting requirements to Office of Fair Trading under Motor Dealers and Chattel Auctioneers Act 2014 as it has replaced the Property Agents and Motor Dealers Act 2000 on 1st Dec 2014.

Resident Letting Agents Trust Account Audit
Any Resident Letting Agent operating a Trust Account has to comply and full fill the annual reporting requirements to Office of Fair Trading under Property Occupations Act 2014 as it has replaced the Property Agents and Motor Dealers Act 2000 on 1st Dec 2014.