How Often Does A Real-Estate Account Audit Need To Be Done?
In Australia, a real-estate audit in Williams Landing is mandated by law to be carried out once a year in order to guarantee transparency, compliance, and trust in real estate transactions. This procedure not only complies with industry norms but also improves the legitimacy and efficiency of your agency. The Significance of Annual Audits Every year, agents are required by Australian law to have their real estate trust accounts audited. Every year, from July 1 to June 30, all transactions are audited, and the report has to be submitted to the authorities within a certain amount of time. Failure to meet audit dates may result in penalties, postponed licensing renewals, or legal issues. Deadlines and Schedules The fiscal year begins on July 1 and ends on June 30. Your audit report must be turned in by September 30th in Victoria and New South Wales, or within 30 days after the end of the fiscal year in other regions. The audit should only be carried out by certified auditors who h...