An agency held trust money during the year ending 30 June 2026. By when must its trust account audit report be lodged?
Correct Answer
D) No later than 30 September 2026
Section 112 of the Property and Stock Agents Act 2002 sets the audit period as the year ending 30 June. NSW Government guidance says audits must be submitted within 3 months after the end of the audit period and no later than 30 September, and late lodgement attracts penalties and can affect licence renewal.
Why This Is the Correct Answer
Three months after 30 June is 30 September, the lodgement deadline.
Why the Other Options Are Wrong
Background Knowledge for Finance Taxation
Exam Tip for Finance Taxation
Common Mistakes to Avoid on Finance Taxation Questions
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- → An agency records every sales deposit it holds in a single ledger headed 'Sales deposits'. What does the Regulation require instead?
- → A property manager receipts $1,800 cash rent on Tuesday and locks it in the office safe for the agency's usual Friday banking run. Is this compliant, assuming Wednesday banking was practicable?
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