29 June 2018
Updated trust account handbook
Consumer Protection recently updated the trust account handbook for settlement agents, to assist you with your trust accounting responsibilities.
You should read the handbook in conjunction with the other resources for settlement agents on Consumer Protection’s website.
New and updated sections
The handbook contains a range of new information, including new sections on electronic conveyancing and off-the-plan properties. A number of other sections have been updated to better reflect current requirements.
Look out for these common pitfalls
You must notify us in writing whenever a trust account is opened, closed or amended using the approved form.
If you need to notify us of a change in auditor, please ensure the change of auditor request form is completed. This needs to be signed by the agent, the new auditor and the outgoing auditor and submitted prior to the annual audit due date of 30 September 2018.
The annual audit report for the year 1 July 2017 to 30 June 2018, or part thereof, must be submitted to us by 5pm on 30 September 2018.
We encourage agents and auditors to submit their audit reports and statutory declarations via email. If you submit these electronically, you are not required to also submit a hard copy.
Tip: 30 September 2018 is a Sunday. Our office will close at 5pm on Friday 28 September 2018. If you are lodging documents via post or in person, please ensure you lodge them prior to that time.
Don’t get scammed at EOFY
Consumer Protection warns Western Australian consumers and businesses to be alert to tax scams which are usually prevalent in the months before and after the end of the financial year. Read the latest about tax scams.