Conveyancers Regulations 2025

For the purposes of section 24(1)(a) of the Act, the audit period in respect of which a conveyancer must have the accounts and records audited is the period from—

the end of the conveyancer's last audit period; or

in the case of a conveyancer being granted registration—the date of registration, until—

2 months before the date next occurring on which the conveyancer must lodge an annual return; or

if the Commissioner fixes some other date at the request of the conveyancer—the date next occurring fixed by the Commissioner.

In carrying out an audit, the auditor must—

make checks that will enable the auditor to give an opinion as to whether the conveyancer has, during the period covered by the audit, complied with the Act and these regulations relating to the conveyancer's accounts and records; and

ascertain whether a trust account under Part 4 Division 2 of the Act was kept by the conveyancer during that period; and

make a general test examination of any trust account kept by the conveyancer and of the pass books and statements relating to any such account during that period; and

make a comparison as to no fewer than 2 dates (1 to be the last day of the period of the audit and 1 other to be a date within that period selected by the auditor) between—

the liabilities of the conveyancer to the conveyancer's clients as shown by the conveyancer's trust ledger accounts and the records kept under these regulations; and

the aggregate of the balances standing to the credit of the conveyancer's trust account; and

ask for such information and explanations as the auditor may require for the purposes of this regulation.

For the purposes of section 24(1)(b) of the Act, the statement relating to the audit must be prepared by the auditor and must include all matters relating to the conveyancer's accounts and records that should, in the auditor's opinion, be communicated to the Commissioner and, in particular, deal with each of the following matters:

whether the accounts and records appear to have been kept regularly and properly written up at all times;

whether the accounts and records have been ready for examination at the periods appointed by the auditor;

whether the conveyancer has complied with the auditor's requirements;

whether, at any time during the period of the audit, the conveyancer's trust account was overdrawn and, if so, the full explanation for that given by the conveyancer;

whether the conveyancer has, or has had, any debit balances in their trust account and the explanation or reason for such a debit given by the conveyancer;

whether the auditor has received and examined the notice given to the auditor under regulation 20 and the result of that examination;

whether the conveyancer has complied with section 15 of the Act;

if the conveyancer uses a computer program to keep the conveyancer's accounts and records—whether the program allows for the accounts and records to be conveniently and properly audited.

The statement prepared by the auditor for lodging with the Commissioner must include the name, number and relevant BSB number of each trust account included in the audit.

The auditor must give a signed copy of the statement to the conveyancer.

If the auditor in the course of auditing the conveyancer's accounts and records discovers—

that they are not kept in a manner that enables them to be properly audited; or

a matter that appears to the auditor to involve dishonesty or a breach of the law by the conveyancer; or

a loss or deficiency of trust money or a failure to pay or account for trust money; or

a failure to comply with the Act or these regulations, the auditor must, as soon as possible, give a report in respect of the discovery to the Commissioner and the conveyancer concerned. Maximum penalty: Maximum penalty: $2 500.

Subregulations (3) and (6)(c) do not apply in relation to losses and deficiencies in a trust account that have been promptly rectified and were due to inadvertence (provided that the total of the losses and deficiencies have not exceeded $100 in any 3 month period).

For the purposes of section 24(3)(b) of the Act, a conveyancer must lodge an audit statement or declaration within 2 months, or such longer period as may be determined by the Commissioner by notice in writing to the conveyancer, after the end of each audit period.