Lodging your trust account report
The Board has moved to online trust account reporting. All trust account reporting is completed through the online portal — to see a full list of your trust accounts and complete the relevant reports, log in to your business licence through the portal. Property agents who have held money in trust must lodge a Trust Account Report within one month after the end of the reporting period. A late fee of $90.16 (46 fee units) applies for late lodgement.
- Log in. Managing Agents log into the Portal under the business licence — note these details differ from those used for your individual licence.
- Click ‘Trust Accounts’ to view all active trust accounts linked to the business.
- You will see all trust accounts linked to the business and their relevant reports (past, present and upcoming).
- The first time you visit this screen you will be required to update the details of linked trust accounts. Click ‘Update Account’ and enter the required information. These details are reviewed and approved by Board staff, so changes are not updated immediately.
- You can revisit this page and update trust account details at any time — please do so as soon as possible if anything changes.
- To begin the Trust Account Report, click the blue submit button next to each trust account once the relevant report opens.
- Read the declaration and each of the questions carefully.
- Answer each question ‘yes’ or ‘no’. If no funds were held during the reporting period, tick “No trust money held in this account during the period” — you still need to enter your name and submit. Where ‘no’ is selected, provide further information in the box below the question.
- Enter your full name as managing agent of the business. This declaration MUST be submitted by the managing agent of the entity conducting business.
- Click ‘Submit for Approval’ at the bottom of the page. Your Trust Account Report is now complete. If you have additional trust accounts, repeat from step 6.
If you have any questions regarding the Trust Account Report or the Portal, please contact the Board on (03) 6281 3480 or at board@propertyagentsboard.com.au.