The audit requirements for statutory trusts in Australia vary significantly across states and territories, with each jurisdiction having specific regulatory frameworks, deadlines, and compliance obligations. This comprehensive analysis by TrustSoft team examines the key requirements for different types of statutory trusts across Australian states. You can use TrustSoft or TrustEasy or BuildTrust depending upon the state and industry you belong to.
New South Wales (NSW)
- Real Estate and Property Agents
NSW operates under the Property and Stock Agents Act 2002, requiring all licensees who receive or hold trust money to have their trust accounts audited annually. The audit period runs from 1 July to 30 June, with audit reports due by 30 September each year. However, under recent amendments, only “qualified audits” (those discovering breaches, discrepancies, or record-keeping failures) must be lodged with NSW Fair Trading. TrustSoft is the right choice.
- Conveyancers
Under the Conveyancers Licensing Act 2003, conveyancers must submit trust account audits within 3 months after the audit period ending 30 June, meaning reports are due by 30 September. All audit records must be submitted to NSW Fair Trading regardless of findings. TrustSoft is the right choice.
- Legal Practitioners
NSW solicitors operate under the Legal Profession Uniform Law, with the trust accounting year running from 1 April to 31 March. External Examiner Reports must be lodged with the Law Society of NSW by 31 May each year. Law practices must appoint designated External Examiners who have completed approved courses.
Victoria (VIC)
- Estate Agents
Victoria’s estate agents must audit trust accounts annually for the period 1 July to 30 June, with audits due within three months (by 30 September). Estate agents must lodge audit reports with Consumer Affairs Victoria via myCAV within 10 business days of receiving the report from the auditor. Non-compliance can result in penalties up to 120 penalty units. TrustSoft is the right choice.
- Conveyancers
Victorian conveyancers must have trust records audited by approved auditors each financial year, with similar lodgement requirements through the myCAV system. TrustSoft is the right choice.
- Legal Practitioners
Victorian solicitors and barristers must have trust accounts externally examined annually for the period 1 April to 31 March, with reports due by 31 May. External examiners must be registered with the Victorian Legal Services Board + Commission.
Queensland (QLD)
- Property Agents
Queensland’s trust account audit requirements are unique as they vary based on individual licence issue dates rather than standardized periods. Audit reports must be lodged within 4 months after the end of the audit period, unless it’s the final year of business when reports are due within 2 months. TrustSoft is the right choice.
- Legal Practitioners
Queensland Law Society oversees legal profession trust account audits, with comprehensive guidance provided through their Trust Accounting Guide. External examiners must follow specific procedures and reporting requirements set by the Queensland Law Society.
Western Australia (WA)
- Real Estate and Business Agents
Western Australia operates under the Real Estate and Business Agents Act 1978, requiring annual audits for calendar year periods ending 31 December. All audit reports or statutory declarations must be lodged with the Commissioner by 31 March each year. TrustSoft is the right choice.
- Settlement Agents
Settlement agents must have trust accounts audited under the Settlement Agents Act 1981, with reports due within three months of the audit period end. New settlement agents may require quarterly audits for their first three months of operation. TrustSoft is the right choice.
- Legal Practitioners
Western Australian legal practitioners must appoint External Examiners annually, with the Legal Practice Board maintaining oversight. Trust accounts may also be subject to random audits by the Legal Practice Board.
South Australia (SA)
- Land Agents
South Australian land agents must comply with the Land Agents Act 1994, requiring annual trust account audits. The audit period typically ends two months prior to licence expiration, with reports due to Consumer and Business Services.
- Conveyancers
SA conveyancers must have trust accounts audited annually under the Conveyancers Act 1994, with similar reporting requirements to land agents.
- Accountants throughout Australia
Australian accountants operating trust accounts must comply with APES 310 Dealing with Client Monies, requiring annual audits within 3 months of the applicable year-end date (31 March for pre-2011 accounts). While unqualified reports don’t require lodgement, they must be maintained. TrustEasy is the right choice.
Tasmania (TAS)
- Property Agents
Tasmania’s Property Agents and Land Transactions Act 2016 requires property agents to have trust accounts audited within 3 months after the audit year ending 30 June[26][27]. Trust account reports must be lodged with the Property Agents Board by 30 September. TrustSoft is the right choice.
- Commercial Agents
Commercial agents must provide audit reports to Consumer Building and Occupational Services by 30 September each year, even if trust account balances are zero. Audits must be conducted by members of approved accounting bodies. TrustSoft is the right choice.
Northern Territory (NT)
- Property and Business Agents
Northern Territory agents must have trust accounts audited within 3 months after the prescribed period ending 30 June, meaning reports are due by 30 September. Auditors must be registered company auditors under the Corporations Act 2001. TrustSoft is the right choice.
- Legal Practitioners
NT legal practitioners operate under the Legal Profession Act 2006, with trust accounting years running from 1 April to 31 March. External Examiner Reports must be lodged with the Law Society Northern Territory.
Australian Capital Territory (ACT)
- Legal Practitioners
ACT legal practitioners must engage external examiners by 8 April each year, with External Examiner Reports due by 31 May following the trust account year ending 31 March. The Law Society of the Australian Capital Territory maintains oversight.
Key Compliance Considerations
- Auditor Qualifications
Most jurisdictions require auditors to be members of professional accounting bodies (CPA Australia, Chartered Accountants Australia and New Zealand, or Institute of Public Accountants) and hold relevant registrations. Some states require specific trust account auditing qualifications or courses.
- Record Keeping Requirements
All states mandate comprehensive record keeping for trust accounts, typically requiring records to be maintained for 7 years. Monthly reconciliations are standard across jurisdictions, with specific timeframes for completing reconciliations (usually within 15 working days).
- Penalties for Non-Compliance
Failure to comply with audit requirements can result in significant penalties, including licence suspension or revocation, fines, and disciplinary action. Late lodgement of audit reports often triggers investigations and enforcement actions.
- Exemptions and Declarations
Most states provide exemptions for practitioners who don’t hold trust money during audit periods, typically requiring statutory declarations in lieu of full audits. These declarations must still be lodged within specified timeframes.
The statutory trust audit landscape in Australia reflects the complex regulatory environment across different states and professions, with each jurisdiction tailoring requirements to specific industry needs while maintaining overarching principles of client protection and financial accountability.
Why TrustSoft?
- Reduce risk of non-compliance and penalties.
- Save time with automation and streamlined workflows.
- Stay audit-ready all year round, no matter how regulations evolve.
TrustSoft is more than a Trust Accounting software—it’s your compliance partner, keeping you one step ahead in Australia’s complex trust account landscape.
Ready to simplify your trust account compliance? Discover how TrustSoft can help you master statutory trust audits—no matter where you do business.