LJ Hooker New Farm

Discussion in 'The Buying & Selling Process' started by Pumpkin, 26th Mar, 2019.

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  1. Pumpkin

    Pumpkin Well-Known Member

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    Pumpkin, 26th Mar, 2019
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  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Probably zero. The audit confirms that the individual accounts (tenant and owner ledgers) have been properly kept, commissions /maintenance works/strata levies/rates etc have been paid, monies receipted/disbursed.

    The fine is not for having mismanaged the trust accounts only for not filing the audit reports. There were no inconsistencies raised by the auditors which would be a breach of the Act.

    In NSW there is an obligation to undertake the audit but no obligation to lodge unless inconsistencies are found.
     
    Scott No Mates, 26th Mar, 2019
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  3. Pumpkin

    Pumpkin Well-Known Member

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    That's good to know. Mind I ask where you get this info from?

    In saying that, it seems a waste of a good $26k then?
     
    Pumpkin, 26th Mar, 2019
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  4. Scott No Mates

    Scott No Mates Well-Known Member

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    "LJ Hooker New Farm real estate agents Andrew William Clough and Brett William Greensill and their companies were ordered to pay $26,500 in fines by the Brisbane Magistrates Court today (22 March 2019) for failing to lodge multiple trust account audit reports."

    As for the audit, I have to pay $$ to our auditor annually to trawl through our accounts with a green pen.

    In NSW you can refer to: PSBAA 2002 Section 111
     
    Scott No Mates, 26th Mar, 2019
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  5. D.T.

    D.T. Specialist Property Manager Business Member

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    In SA we have to provide the audit results in order to get our annual license renewal - no audit no renewal and then you'd be operating illegally. I assume its similar in other states?
     
    D.T., 26th Mar, 2019
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  6. Pumpkin

    Pumpkin Well-Known Member

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    Ok, so my guess is the Audit was not done. If it was done ,why dont they just lodge it? They'd rather pay the $26k fine than lodge it? Hmmmm....
     
    Pumpkin, 26th Mar, 2019
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  7. TMNT

    TMNT Well-Known Member

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    so what happened to the case of the springvale lj hooker who the husband and wife owners did some dodgy stuff with the trust account?

    did they do all their naughty behavior before the audit happened?
     
    TMNT, 26th Mar, 2019
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