Commercial agent trust accounts
Updated: 07 Apr 2020
- A commercial agent must maintain a trust account in an authorised deposit taking institution in Tasmania, for example a bank or credit union
- All money received from clients must be deposited into this trust account
- The trust account must be audited each financial year
- An audit report must be provided to CBOS by 30 September each year. The report must be returned even if the trust account balance is zero. The report should contain the following:
- the name and location of any trust account holding deposits
- the amount of all deposits in the trust account
- a balance statement of the trust account
- a report from the auditor stating the agent has kept proper accounting records and other books during this period.
- Audits are to be carried out by a person who is a member of:
- the Institute of Chartered Accountants or
- the Australian Society of Certified Practicing Accountants or
- the National Institute of Accountants.