Dealing with trust accounts in the auction industry
Opening or closing trust accounts in the property, motor, auction and debt collector industry
You need a trust account if you collect debts on behalf of someone else. Find out what licensees need to do to administer a trust account.
Handling trust money in the auction industry
Use a trust account to handle money on behalf of someone else. Find out about receiving money, issuing receipts and withdrawing from a trust account.
Operate a special trust account for the sale of a property
You may choose to store money toward a property sale in a special trust account. Find out the rules for opening and dealing with this trust account.
Trust account audits for the auction industry
If you are an agent in the auction industry you must appoint an auditor who will inspect and report on your trust accounts. Find out how to lodge their report and when it is due.
Conducting trust account audits under the Agents Financial Administration Act 2014
A licensee submits their own audit report, except if the auditor finds serious irregularities. Find out what an auditor must immediately report to us.