by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
REIQ Journal : December January 2009
12 Industry News Reminder: Do your trust accounting procedures add up? The Office of Fair Trading (OFT) has recently expressed concern at the number of audit reports that are lodged late or do not comply with all of the requirements set out in sections 371 to 428 of the PAMD Act. In order to monitor licensees’ management of trust funds, the OFT relies on the accuracy of a trust account auditor’s annual audit report. There is some misconception that licensees are only required to lodge audit reports on a three-year basis if they hold a three-year licence, rather than annually. Each year, more than 5,000 audit reports are lodged with the OFT and checked for compliance. On average, around 30 per cent of reports contain deficiencies which require clarification from the auditor and/or the licensee, or are referred to OFT inspectors for investigation. For the period 1 July 2007 to 30 June 2008, more than 200 infringement notices were issued for late lodgement. For the first quarter of this financial year, the number of late lodgements already exceeds 100. Licensees who fail to lodge their audit report within the prescribed timeframes are liable to a $300 infringement notice for the first offence and disciplinary action for repeated offences. It is important to note that – regardless of what arrangements have been agreed to with your auditor – the timely lodgement of trust account reports remains the licensee’s responsibility. For more detailed information on trust accounting procedures, refer to the legal section of the April 2008 REIQ Journal, which is available through the member-only website at www.memberlink.com.au Agents can also contact the Office of Fair Trading Financial Investigation Unit on (07) 3115 1723. Please note, officers are unable to provide legal advice. T cause concern Salespeople and property managers in rural areas are urged to exercise caution when advertising properties they believe may be suited to riding trail bikes. It is not illegal to own or ride a trail bike or similar vehicle in Queensland. However, it is illegal to ride trail bikes in certain circumstances, in certain places and at certain times. The Police Powers and Responsibilities (Motorbike Noise) Amendment Act 2005 imposes serious consequences on trail bike riders who cause excessive noise, dust or other inconvenience to anyone other than the rider. Police have the power to warn or fine trail bike riders, or impound trail bikes in response to nuisance complaints – regardless of whether the rider is on public land or private property. In some instances, trail bike riding has also been known to cause disruption to local wildlife, soil erosion, degradation of vegetation, and even physical danger to neighbours, local residents and wildlife. New phase of wharves consultation Lord Mayor Campbell Newman has identified the site of the Howard Smith Wharves, nestled in the shadow of the Story Bridge, as a major connection point between the CBD and New Farm. Based on two and a half years of intensive community input, plans have been drafted for the revitalisation of the wharves and include rock climbing, cafes, art galleries, restaurants, tour boat berths and a boutique hotel. Cr Newman said the area had the potential to be a new epicentre for Brisbane life, recreation and culture. “In five years or six years’ time the Howard Smith Wharves area could be one of the most exciting precincts of Brisbane,” he said. “The precinct will be activated with cafes, galleries and recreational space, which will make it a more vibrant and safer place for people who use Riverwalk and go though the area now.” REIQ Journal December 2008/January 2009