Land Agents Regulations 2025

For the purposes of section 22(1)(a) of the Act, the audit period in respect of which an agent must have the accounts and records audited is the period from—

the end of the agent's last audit period (whether under the Act or the repealed Land Agents, Brokers and Valuers Act 1973); or

in the case of an agent being granted registration—the date of registration, until—

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

if the Commissioner fixes some other date at the request of the agent—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 agent has, during the period covered by the audit, complied with the Act and these regulations relating to the agent's accounts and records; and

ascertain whether a trust account under Part 3 Division 2 of the Act was kept by the agent during that period; and

make a general test examination of any trust account kept by the agent 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 agent to the agent's clients as shown by the agent's trust ledger accounts and the records kept under these regulations; and

the aggregate of the balances standing to the credit of the agent'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 22(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 agent'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 agent has complied with the auditor's requirements;

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

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

whether the auditor has received and examined the notice given to the auditor under regulation 25 and the result of that examination;

whether the agent has complied with section 13 of the Act;

if the agent uses a computer program to keep the agent'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 agent.

If the auditor in the course of auditing the agent'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 agent; 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 agent 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 22(3)(b) of the Act, an agent must lodge an audit statement or declaration within 2 months after the end of each audit period, or such longer period as may be determined by the Commissioner by notice in writing to the agent, after the end of each audit period.